HVAC & Mechanical Acquisitions in 2018

Johnson Controls has acquired the assets of Lux Products Corporation, a maker of residential thermostats and smart-home products, to strengthen its thermostat product and technology portfolio. The deal brings Lux's brands (including Kono and Geo) and US-based development and distribution capabilities into Johnson Controls' Building Technologies & Solutions business to accelerate product development and expand offerings in the residential channel.

Baum Capital Partners has partnered with Goettl Air Conditioning CEO Ken Goodrich to complete a recapitalization of Goettl, a leading residential HVAC and plumbing services provider headquartered in Las Vegas. The deal includes an equity co-investment from Tree Line Capital Partners and debt financing from Tree Line and Bridge Bank, with capital intended to accelerate Goettl's U.S. expansion and support organic growth and strategic acquisitions.

Montlake Capital completed a recapitalization and strategic investment in Fast Water Heater Company, a Bothell, Washington-based provider of residential and commercial water heater and plumbing services. The transaction will provide growth capital and strategic guidance to scale the business while keeping Jason Hanleybrown in his role as CEO.

AAON, Inc. (NASDAQ: AAON) purchased substantially all of the assets of WattMaster Controls, Inc. on February 28, 2018, acquiring intellectual property, receivables, inventory and fixed assets and hiring substantially all WCI employees. AAON funded the acquisition with cash on hand and entered into a lease for the former WCI facility in Parkville, Missouri to operate the acquired controls business in-house to accelerate development of its own controls.