HVAC & Mechanical Acquisitions in 2019

Capitala Group has closed a credit investment in Chief Fire Prevention & Mechanical Corp, a Mount Vernon, New York-based provider of commercial kitchen exhaust and pre-engineered fire suppression system services. The investment was made in partnership with Trinity Private Equity Group to support Chief Fire's management team and enable continued market-share growth organically and through acquisitions.

TurnPoint Services acquired Sunny Service Heating and Air Conditioning of Hurst, Texas on December 16, 2019. The acquisition is an add-on to TurnPoint's platform to expand its footprint into the Dallas–Fort Worth market while retaining Sunny Service's operational leadership and brand.

Temp-Con, a portfolio company of Caymus Equity Partners, has acquired Cobb Refrigeration LLC, a provider of commercial and laboratory refrigeration installation and maintenance based in Lenexa, Kansas. The add-on expands Temp-Con’s Midwest presence and enhances its refrigeration service capabilities.

TurnPoint Services Group has acquired Corley Plumbing Air Electric, a Greenville, South Carolina provider of residential and commercial plumbing, HVAC and electrical services. The acquisition expands TurnPoint's footprint into the South Carolina Upstate and adds a local platform for growth in the Carolinas; terms were not disclosed.

Huron Capital-backed Pueblo Mechanical & Controls (an ExecFactor platform) acquired Niemeyer Brothers Plumbing, a full-service commercial plumbing provider in the greater Phoenix area. The add-on expands Pueblo's service offering by adding plumbing as a new service line; financial terms were not disclosed and Niemeyer leadership will remain in place.

New Mountain Capital has acquired Horizon Group Holdings, LLC (Horizon Services) from an affiliate of Sun Capital Partners. Horizon, a Newark, Delaware-based residential provider of heating, air conditioning, plumbing, and electrical services with a ~1,400-employee team, will remain managed by founder Dave Geiger and management, and will use New Mountain's capital and resources to accelerate organic and acquisition-led growth.

Apex Service Partners has partnered with Southern Air Heating & Cooling, a residential HVAC and plumbing services company headquartered in Ball, Louisiana, to add the business to its national HVAC, plumbing and electrical services platform. The Preuett family (founder Ira Preuett) will continue to operate the business under its current brand while Apex (a platform backed by Alpine Investors) supports further growth and geographic expansion across Louisiana and Mississippi.

National Fire & Safety, a Denver-based fire protection platform backed by Highview Capital, has acquired Elite FPS, a full-service fire sprinkler contractor in the Dallas metro area. The add-on expands National Fire & Safety's footprint into major Texas metros (Dallas, Houston, Austin, San Antonio); Elite will continue operating under its current brand with Ken Tabor remaining as president.

Aterian Investment Partners, a New York-based private investment firm, has entered into a strategic partnership with PJ Mechanical, a leading full-service mechanical contractor based in New York City. The investment will support PJ Mechanical's next phase of growth while preserving the company's family-led culture and continuing to serve large commercial, healthcare and infrastructure clients across the NYC market.

Dubin Clark & Company, Inc. acquired Astar Heating & Air, LLC, a regional provider of HVAC replacement, maintenance and plumbing services serving more than 20,000 residential homeowners in New York’s lower Hudson Valley. Midwest Mezzanine provided subordinated debt and equity to support the transaction.

Huron Capital-backed Pueblo Mechanical & Controls (the ExecFactor platform) has acquired Innovative Mechanical Systems, a Phoenix-based commercial HVAC installer and service provider. The undisclosed add-on deal expands Pueblo's service offerings and geographic reach in the Phoenix market and adds experienced technicians and preventative maintenance capabilities to the platform.

Albireo Energy, the building automation and energy services platform backed by Huron Capital, has acquired Alabama Controls, a Pelham, Alabama-based provider of building automation and HVAC control solutions. The add-on expands Albireo's footprint into the southeastern U.S., deepens relationships in the government and higher education sectors, and retains current Alabama Controls management; financial terms were not disclosed.

Alpine Investors has invested in Best Home Services, a Naples, Florida-based residential HVAC, plumbing and electrical services company. The partnership will keep co-CEOs Chadd and Keegan Hodges in place and provide capital and resources to accelerate Best's expansion across Florida, including investments in facilities and equipment.

ACCO Engineered Systems has acquired Smith Electric Service (also known as Smith Mechanical, Electrical & Plumbing), a specialty contractor based in Santa Maria, California. Smith MEP will continue to operate as a subsidiary, expanding ACCO’s presence and service capabilities on California’s Central Coast.

Arco Distributing & Heating & Cooling, a Greenleaf Capital Partners portfolio company, has acquired Northgate Parts, Inc., a manufactured housing and recreational vehicle parts distributor that also provides air conditioning servicing. The add-on acquisition expands Arco’s distribution reach and HVAC service capabilities in the manufactured housing and RV markets; terms were not disclosed.

CAI Capital Partners portfolio company Custom Air Conditioning Ltd. has acquired Mavco Plumbing and Heating Ltd., a Penticton-based provider of HVAC, refrigeration and plumbing services. The deal expands CustomAir's presence in the Interior of British Columbia and broadens the service offering and technician capacity available to Mavco's residential, commercial and institutional customers.

Huron Capital-backed Pueblo Mechanical & Controls has acquired the Arizona operations of Denver-based Westover Corporation, expanding Pueblo’s HVAC controls capabilities and technician capacity in the Phoenix market. The transaction is the fourth add-on for Pueblo's ExecFactor platform as the company continues a buy-and-build strategy in the Southwestern U.S.; financial terms were not disclosed.

Climate Pros, a Glendale Heights, Illinois-based refrigeration and HVAC services platform backed by Saw Mill Capital, acquired Norfoxx Refrigeration, Inc. and Tri-Temp Refrigeration, Inc. in Texas. The add-on acquisitions expand Climate Pros' geographic footprint across six new Texas regions (Dallas/Fort Worth, Austin, San Antonio, Corpus Christi, McAllen and Houston) to better serve grocery retailers and other cold‑chain customers.

The Arcticom Group (TAG), a Walnut Creek-based commercial refrigeration and HVACR services provider, has acquired Denver-based Victory Construction and Refrigeration. The acquisition expands TAG's operations into Colorado and strengthens its footprint across the Western United States; financial terms were not disclosed.

Ridgemont Equity Partners acquired Munch's Supply, a Midwest wholesale distributor of HVAC equipment and parts, with first‑lien and equity financing provided by Stellus Capital Management. Munch's, headquartered in New Lenox, Illinois, operates multiple branch locations across the Midwest and will be positioned for further growth under Ridgemont's ownership.

Aterian Investment Partners has entered into a strategic partnership with The Pace Companies, a Brooklyn-based plumbing, HVAC/mechanical and fire protection contractor. The transaction will provide Pace with capital and operational support to pursue growth initiatives while preserving the company's leadership and culture.

Audax Private Equity recapitalized Reedy Industries, Inc., partnering with the Reedy family and management to support the company's next stage of growth. Reedy, headquartered in Glenview, Illinois, provides commercial HVAC, mechanical services, and energy solutions across the Midwest and will pursue organic growth and strategic acquisitions with Audax's resources.

Saw Mill Capital, in partnership with the management of its portfolio company Climate Pros, has acquired Market Mechanical, a Minneapolis–St. Paul regional supplier of refrigeration and HVAC services founded in 1986. The acquisition expands Climate Pros' geographic footprint in Minnesota, adds technicians and new customers, and supports the platform's strategy to broaden service offerings in the cold-chain/grocery retail market.

Value Enhancement Partners has acquired Frimex, the Dutch market leader in food retail cooling, electrical and climate technology installation and services, from Mentha Capital. Frimex is headquartered in Moordrecht, the Netherlands, employs over 300 FTE and will partner with VEP to pursue further growth and market expansion.

Pueblo Mechanical & Controls, a Huron Capital-backed HVAC platform, completed add-on acquisitions of Newgaard Mechanical Inc. (Chandler, AZ) and CFM Mechanical LLC (Phoenix, AZ). These transactions expand Pueblo's HVAC installation, retrofit, service and controls capabilities in Arizona and help the platform surpass $100 million in annual revenue.

Service Logic, a Warburg Pincus portfolio company, acquired Atlantic Cooling Technologies and Services, LLC; the transaction closed on January 17, 2019. Akerman LLP advised Atlantic Cooling Technologies on the sale as Service Logic expands its HVAC/mechanical services platform.

Therma Holdings LLC, a Gemspring Capital-backed Bay Area mechanical services platform, has acquired Yearout Mechanical, a design-build HVAC, plumbing and piping services provider based in Albuquerque, New Mexico. The acquisition expands Therma's geographic footprint into the New Mexico market and adds in-house fabrication and design-build capabilities to its platform.

Unica, a Triton Fund IV company, has acquired Boele Fire Protection, a Dutch specialist in water supply and sprinkler pump sets, strengthening Unica's Unica Fire Safety capabilities. Boele, a family business based in Ede with more than 25 employees, will expand Unica's fire protection product and service offering; the purchase price was not disclosed.

Huron Capital’s HVAC platform Pueblo Mechanical & Controls has acquired Commercial Air, Inc., a Phoenix-based commercial HVAC installation, maintenance and repair contractor founded in 1996. The deal is an add-on to Pueblo’s buy-and-build strategy to expand its commercial HVAC footprint across Arizona and the surrounding Southwestern states.