HVAC & Mechanical Acquisitions in 2020

Gryphon Investors completed a majority acquisition of Right Time Heating and Air Conditioning from Clairvest Group Inc., acquiring Canada’s largest independent residential HVAC services provider. Right Time — founded in 2014 and based in St. Catharines, Ontario with ~400 employees and 11 locations — will keep its management team in place with management retaining a significant equity stake as Gryphon supports continued organic growth and add-on M&A.

NorthCurrent Partners, a New York–based private investment firm backed by family office capital, acquired Tri-State Water, Power & Air as a platform company in the home services sector. The deal closed on December 23, 2020; NorthCurrent will partner with Tri-State's management to support organic growth and pursue add-on acquisitions across the Midwest.

IES Holdings, Inc. acquired an 80% ownership interest in Bayonet Plumbing, Heating and Air-Conditioning, LLC, a Hudson, Florida-based residential HVAC and plumbing services provider. The Blankenship family will retain a 20% stake, and Bayonet — with trailing 12-month revenue of about $86 million and over 500 employees — will join IES's Residential segment to expand its Florida footprint and add HVAC and plumbing capabilities.

HomeServe USA acquired Sterling Air Services, a Mesa, Arizona-based HVAC and plumbing services provider, to expand its presence in the Phoenix East Valley. Sterling — founded by Joel and Anastasia Harris and operating with a ~12-technician team serving residential customers — will join HomeServe's regional operations to broaden service capacity and local coverage.

Caltius Equity Partners portfolio company Air Conditioning Innovative Solutions (ACIS) has acquired H.V.A.C. Team Mechanical Services (Team Services), expanding ACIS's geographic footprint into the Austin, Texas MSA. The acquisition adds Team Services' HVAC maintenance and service capabilities to the ACIS platform and enables the introduction of plumbing services to Team Services' customers.

An affiliate of The Resolute Fund IV (managed by The Jordan Company) acquired Heartland Home Services from North Branch Capital, with Cobepa taking a significant minority stake and North Branch remaining a minority investor. Carlyle's Global Credit platform led and structured the debt financing to support the transaction. The investment will provide Heartland with resources to drive operational efficiencies and pursue organic and inorganic growth across its Midwestern residential HVAC, plumbing, electrical and indoor air quality platform.

Heartland Home Services, a portfolio company of North Branch Capital, has acquired Action Plumbing (Sun Prairie, WI) and AC Engineers (Shelby Township, MI) as add-on acquisitions to expand its Midwest footprint. The deals expand Heartland’s residential HVAC, plumbing and electrical service presence in the Madison, WI market and Eastern Michigan.

Emerson has completed the acquisition of 7AC Technologies, a Beverly, Massachusetts-based startup that develops liquid desiccant air-conditioning technology. The deal expands Emerson's commercial and residential HVAC capabilities by adding 7AC's energy-efficient humidity and air-management solutions.

Alpine Investors has partnered with Jackson Mechanical Service Inc., a commercial and industrial HVACR and boiler services provider based in Oklahoma City, to form Orion Group, a new commercial facility services platform. Jackson will serve as the foundation of Orion; Alpine plans to invest from its recent fund to roll up family-owned commercial HVACR and plumbing businesses nationwide. Terms were not disclosed; Generational Equity served as Jackson's advisor.

OMERS Private Equity has acquired TurnPoint Services, a Louisville-based provider of HVAC, plumbing and electrical services, from Trivest Partners. The deal expands OMERS' U.S. private equity portfolio with a high-growth, multi-brand residential services platform; terms were not disclosed.

Climate Pros, a Saw Mill Capital portfolio company, has acquired The Hattenbach Company, a Cleveland-based commercial refrigeration and HVAC services provider. The add-on expands Climate Pros' branch network into northeast Ohio and increases its footprint across the Midwest.

Leonard Green & Partners acquired Service Logic from Warburg Pincus. Service Logic, headquartered in Charlotte, North Carolina, operates 76 branches across the United States as a leading provider of commercial HVAC aftermarket maintenance, repair and replacement services; the company will remain led by CEO Craig Steinke and management, and Leonard Green intends to support continued organic growth and strategic acquisitions. Terms were not disclosed; committed debt financing was provided by JPMorgan Chase, Morgan Stanley, Antares Capital, and Crescent Capital.

CenterOak Partners-backed Service Champions has acquired three Southern California home‑services businesses — Adeedo!, JW Plumbing Heating & Air and A‑Avis Home Services — expanding the platform's footprint in Los Angeles and Riverside. The transactions are add‑on acquisitions to Service Champions' platform and will be followed by investments in facilities, IT and technician training to support continued growth.

Dunes Point Capital (DPC) has formed Best in Class Technology Services (BCTS), a commercial HVAC services platform headquartered in Birmingham, Alabama, through investments in Vulcan Heating and Air Conditioning Service, P1 Services, LLC, and Rieck Services, LLC. DPC’s Fund II provided the controlling equity and M&T Bank provided debt financing; the acquisitions combine ~12 locations across six states and roughly 450 employees under the new platform.

Temp-Con, a portfolio company backed by Centerfield Capital Partners and Caymus Equity Partners, acquired Hamilton Service Company, a commercial refrigeration and HVAC services provider based in Lincoln, Nebraska. The add-on acquisition, which closed October 9, 2020, expands Temp-Con's Midwest footprint and broadens its commercial refrigeration and HVAC service capabilities.

Champion Elevator has acquired New York-based Westech Elevator, a provider of elevator service, repair, modernization and inspections. The deal — which brings Westech’s ~40 employees and 775 units under Champion’s footprint — supports Champion’s New York geographic expansion and strengthens its service capabilities for building owners and facility managers.

Wrench Group, a national home services operator based in Marietta, Georgia, acquired Collins Comfort Masters, a Gilbert, Arizona-based HVAC and plumbing services provider. The acquisition expands Wrench Group's footprint in the Phoenix metropolitan area and adds local HVAC, plumbing and drain-cleaning capabilities to its existing Phoenix brands.

Reedy Industries, a Glenview, Illinois-based provider of commercial and industrial HVAC, plumbing and building controls services, has acquired Colorado Mechanical Systems of Centennial, Colorado. The acquisition expands Reedy's footprint into the Mountain West (Denver metro) and preserves CMS's leadership and management, with CMS President Josh Skinner remaining in his role.

GI Partners is making a majority investment in American Residential Services (ARS), with existing investor Charlesbank Capital Partners and ARS management also making significant new investments. ARS, based in Memphis, Tennessee, operates more than 70 locally managed service centers across 23 states with approximately 6,500 employees and is the largest residential HVAC and plumbing services provider in the U.S. GI Partners said it will work with management and Charlesbank to accelerate growth and expand ARS’s national footprint both organically and via add-on acquisitions; the transaction is expected to close in Q4 2020.

NearU HVAC Services acquired Hagan Heating and Air, a 33-year-old Anderson, South Carolina-based residential and light commercial HVAC contractor. Hagan will join NearU's existing Carolina Heating Services operations in Upstate South Carolina, with founder Paul Hagan remaining on the team to lead customer service.

Dubin Clark & Company’s HVAC platform Astar Heating & Air completed acquisitions of Sila Heating & Air Conditioning (King of Prussia, PA) and Jones Services (Goshen, NY) and will rebrand the combined platform to Sila Heating & Air. The deals expand the platform’s footprint across the Northeast and mid‑Atlantic and add HVAC, plumbing, water treatment and electrical services to the platform's residential service offering.

Service Champions, a CenterOak Partners-backed home services platform, has acquired ASI Hastings Inc., the largest residential HVAC and plumbing services provider in San Diego. The ASI owners Phil and Ken Justo will remain in leadership roles and become shareholders as Service Champions continues to expand its footprint across California and the Western U.S.

HomeServe USA announced the acquisition of Birmingham, Alabama-based Worry Free Comfort Systems, Inc., which does business as Freedom Heating and Cooling. The deal brings Freedom's team of more than 50 employees into HomeServe's expanding network as the company makes its first HVAC acquisition in Alabama and first move into the southeastern U.S.

PowerVac of Michigan (PVM), together with Peninsula Capital Partners and management, has acquired Fire & Ice Mechanical, a Sterling Heights, Michigan-based full-service commercial and industrial heating and cooling contractor. The acquisition expands PVM's service capabilities and geographic presence in Southeast Michigan by adding F&I's emergency service, preventive maintenance and system upgrade offerings.

Fix-It 24/7, a New Harbor Capital–backed provider of residential home maintenance services, has completed the acquisition of Builder's Heating and Air Conditioning, a long-established HVAC services provider in the Denver metropolitan area. The add-on deal expands Fix-It's footprint and service capacity in the Denver market.

North Branch Capital acquired Blind & Sons, LLC (which combines Blind & Sons and Superior Drainage) and added it to its Heartland Home Services platform. Midwest Mezzanine Funds provided subordinated debt and an equity co-investment to support the transaction. The businesses provide residential HVAC, plumbing and electrical services in northeast Ohio.

Gilde Equity Management, together with HC Groep management, has acquired HC Groep — a Netherlands-based indoor climate technology and HVAC specialist — from the Airvance Group. The private equity-backed buyout positions HC Groep to accelerate growth across the Netherlands, Germany and the UK by expanding its climate ceiling, air handling, controls and carpark ventilation capabilities.

NearU HVAC Services has acquired Bass Air Conditioning of Fayetteville, North Carolina, marking NearU's third acquisition in 2020 and more than doubling its workforce in the eastern North Carolina market. Bass will continue to operate under its local brand while NearU leverages Bass's in-house training facilities to expand customer service capabilities and career opportunities for employees.

Wrench Group, a national home-services platform and portfolio company of Leonard Green & Partners, has acquired Service Champions North, a residential HVAC provider based in Pleasanton, California. The deal gives Wrench its first presence in California; Service Champions' founder Kevin Comerford and his management team will continue to lead the business.

Right Time Heating and Air Conditioning Canada acquired Moore & Russell Heating Ltd (M&R Heating), a residential HVAC and hot water services provider operating from Coquitlam, British Columbia. The acquisition, announced July 17, 2020, is an add-on to Right Time (which is partnered with Toronto-based private equity firm Clairvest Group) as Right Time expands its residential HVAC replacement footprint into the Vancouver market.

Service Champions, a CenterOak Partners-backed home services platform, has acquired ABC Cooling Heating & Plumbing, a long-tenured residential HVAC and plumbing provider headquartered in Hayward, California. The add-on expands Service Champions’ footprint into the East Bay, adds customers and employees to the platform and helps grow its statewide base of residential service agreements.

Reedy Industries, a Glenview, Illinois-based provider of commercial and industrial HVAC, plumbing and building controls services, has acquired Arctic Engineering of Merrillville, Indiana. The acquisition expands Reedy's service footprint in Indiana and preserves Arctic's leadership team, with President Bill Mitchell remaining in his role.

Wrench Group has acquired Easy A/C, a locally owned HVAC, electrical and plumbing services provider based in Tampa, Florida. Easy A/C’s operations will be combined with CoolToday (a Wrench Group brand) and rebranded as Easy CoolToday to expand Wrench Group’s presence in the Tampa–St. Petersburg markets.

McCain Capital Partners has partnered with Rick Berwick, founder and CEO, to make a long-term investment in Classic Fire Protection, a fire and life-safety services provider operating in the Greater Toronto Area. The partnership provides permanent capital to support investment in Classic’s people, products and technology and to accelerate the company’s service capabilities and growth across Southern Ontario and Canada.

New Harbor Capital has made a majority investment in Fix-It 24/7, a Denver-area residential HVAC, plumbing and electrical services provider, to form a residential home services platform. The partnership will support Fix-It’s growth through investments in technology, infrastructure and strategic acquisitions while preserving the company's owner-operator leadership.

Astar Heating & Air, a Dubin Clark portfolio company, has acquired the residential HVAC, plumbing and related assets of Petcosky & Sons Plumbing, Heating & A/C, Inc., carving out the residential business while the Petcosky family retains the commercial operations. The deal expands Astar's residential footprint in Broome County and surrounding areas of New York, furthering its strategy as a regional consolidator of home services businesses.

Riverside-backed CertaSite has acquired Field's Fire Protection, a Grand Rapids-based fire protection and life safety company. Field's assumed the CertaSite brand, founder Mike Field remains on staff, and 31 employees retained as CertaSite continues to roll up regional fire-protection businesses to expand its Midwest footprint.

CertaSite, a PE-backed commercial fire protection and life safety platform, has acquired Spears Fire & Safety, a family-owned fire protection business based in Ann Arbor and Jackson, Michigan. The deal expands CertaSite's Midwest footprint, retains Spears employees, and folds the business into CertaSite's platform to enable service expansion and career development for staff.

Coltala Holdings' home-services platform Trudela Partners acquired two Dallas–Fort Worth residential HVAC businesses — North Texas Heating and Air Conditioning (Denton) and Big Bear Air Conditioning and Heating (Frisco) — expanding Trudela's coverage in the Metroplex. The add-ons strengthen Trudela's residential service footprint and technician capacity across the northern corridor of the DFW market.

PMC Capital Partners, through a newly formed platform Arctic Cooling Systems, acquired the Chino branch of The AMS Group (a Hill PHOENIX / Dover Food Retail business unit). The carve-out will be operated by Arctic Cooling's existing management team and PMC said it will support organic growth and pursue add-on acquisitions to expand the company's commercial and industrial refrigeration and HVAC services.

Thermogenics Inc., an Ironbridge Equity Partners portfolio company, has acquired Yown's Boiler & Furnace Service, Inc., a Jacksonville, Florida-based full-service industrial boiler and burner service provider. The acquisition is an add-on to Thermogenics' platform intended to expand the company's presence in the U.S. Southeast and broaden its service and product offering for industrial, commercial and institutional customers.

CertaSite, a Riverside-backed commercial fire protection and life safety platform headquartered in Indianapolis, has acquired County Fire Protection, a Kent, Ohio-based fire protection and life safety company. The add-on expands CertaSite's footprint in the Midwest and retains County Fire Protection's team while broadening service and market coverage.

TurnPoint Services Group has acquired Ellington A/C & Heat, Inc., an HVAC services provider based in Rockledge, Florida. The founder, Jason Ellington, will continue to lead operations under the Ellington brand as TurnPoint expands its HVAC capabilities and presence in Florida; terms were not disclosed.

Wrench Group has acquired Florida Cool, Inc., a locally owned home services provider based in Naples, Florida, to expand its Southwest Florida footprint. Florida Cool will combine operations with CoolToday (another Wrench Group brand) and Tom Caprio will remain managing the Naples operation as market president.

ShoreView Capital Partners activated its $425 million Fund IV and made its first investment by providing growth capital to Burton Plumbing Services, LLC. ShoreView partnered with the company's owner to support Burton's expansion and pursue regional add-on acquisitions; Burton is an Omaha-based provider of HVAC and plumbing services to residential and commercial customers.

Thompson Street Capital Partners (TSCP) has partnered with management to acquire Len the Plumber, a full-service residential plumbing and HVAC provider serving the Baltimore–Washington metro area. Terms were not disclosed. TSCP intends to support the company’s growth and execute an aggressive add-on M&A strategy to expand the platform.

Perfect Home Services, a Chicago-area heating, cooling and plumbing company, has acquired family-owned Air Medics Heating & Cooling, Inc. of Oswego, Illinois to expand its presence and streamline operations in the Kendall County / Chicagoland area. The seller was founder Billy Lumino and the deal is part of Perfect Home Services' ongoing regional growth strategy.

Service Champions, a CenterOak Partners-backed residential home services platform based in Orange County, California, has acquired Bell Brothers Plumbing, Heating and Air, the largest residential HVAC and plumbing provider in the Sacramento area. The deal expands Service Champions' footprint and adds to its portfolio of residential service agreements while Bell Brothers' co-founders Kenny and Jerry Bell will remain in leadership roles and become shareholders in the combined company.

Service Logic, a portfolio company of Warburg Pincus, has acquired Huckestein Mechanical Services, a Pittsburgh-based mechanical and HVAC services provider. Huckestein offers HVAC design-build, contract-secured maintenance, and repair services to institutional, commercial, and government customers across Pennsylvania, Ohio, West Virginia and Maryland; terms were not disclosed.

Tate Engineering Systems, Inc., headquartered in Baltimore, announced on January 21, 2020 that it has acquired Site Support Services, Inc. (SSS), a Towson-based specialist in precision cooling, power solutions and mission-critical facility services. R. Donald Mellinger, CEO and owner of SSS, sold the business and will continue with the combined organization; terms were not disclosed.