HVAC & Mechanical Acquisitions in 2021

Zone Climate Services, a Wind Point Partners-backed platform, has acquired Total Line Refrigeration, a family-owned commercial refrigeration and HVAC services provider based in Cleveland, Ohio. The add-on expands Zone’s Midwest footprint into Ohio and broadens its end-market coverage in food service, grocery/retail and commercial kitchen customers.

3Phase Elevator has merged with Gable Elevator, adding the Cleveland/Columbus-based elevator maintenance, repair and modernization business to its platform. The transaction expands 3Phase’s presence into Ohio; terms were not disclosed and the existing Gable leadership team will remain in place while founder Rick Gable retires.

Atlantic Street Capital completed a majority recapitalization to acquire a controlling stake in ACIS (Air Conditioning Innovative Solutions), a leading commercial facility services and HVAC provider in Texas. Caltius Equity Partners, ACIS' prior institutional investor, will remain an investor and on the board while Atlantic Street will support growth initiatives including salesforce investment, data-driven operations, geographic expansion and add-on M&A.

Sila Services, a home services platform, has acquired Adam Mechanical Heating, Air Conditioning & Plumbing, a residential HVAC and plumbing contractor based in Haverford, Pennsylvania. The add-on expands Sila's home comfort services footprint in the Greater Philadelphia market and strengthens its local service offerings.

Sunny River Management (SRM), a private investment firm, has partnered with Palmetto Air & Water Balance, a Greenville, South Carolina-based provider of HVAC testing, adjusting, and balancing (TAB) services. As part of the transaction Rodney Hinton will become CEO while founder Penny Hinton remains President; SRM plans to accelerate growth through organic expansion and add-on acquisitions, with financing provided by Deerpath Capital Management.

Building Controls & Solutions (BCS) has acquired Interstate HVAC Controls, a Brighton, MA-based provider of building automation systems and components. The acquisition expands BCS's technical capabilities and establishes a New England presence to provide broader coverage and deeper service to commercial building customers across the United States.

Thompson Street Capital Partners portfolio company Len The Plumber has acquired Russo Bros. & Co., a residential HVAC, plumbing, electrical and indoor air quality services provider based in East Hanover, New Jersey. The deal is an add-on to expand Len The Plumber’s service footprint into northern New Jersey; co-owner Matt Russo will remain to run the business while co-owner Mark Russo will transition out and retire. Terms were not disclosed.

Fix-It 24/7, a New Harbor Capital portfolio company, has completed the acquisition of On Time Experts to expand the platform into the Dallas–Fort Worth market. The acquisition is an add-on in Fix-It's multi-branch operating strategy; On Time Experts is a 50+ employee HVAC and plumbing services provider founded in Dallas in 1965, whose owner Randy Kelley will transition the business and employees to Fix-It.

The Master Group Inc., Canada’s largest private HVAC/R distributor, has acquired Value Added Distributors (VAD), a Midlothian, Virginia–based HVAC solutions and distribution platform with 19 branches and nearly 200 employees. The acquisition establishes The Master Group’s entry into the United States and positions VAD as the platform for future U.S. growth.

Right Time Group of Companies, a Gryphon Investors–backed residential HVAC platform, acquired Climate Air Heating & Air Conditioning, a family-owned residential HVAC business serving Barrie, Ontario. The transaction expands Right Time's footprint in Ontario and brings Climate Air's management and employees into Right Time's network; terms were not disclosed.

3Phase Elevator has merged with Headrick Elevator, bringing the family-owned Pittsburgh elevator services business into 3Phase's network to bolster its presence in the Pittsburgh market. The Headrick team will remain in place and continue operating under the Headrick Elevator brand; financial terms were not disclosed.

Wrench Group, a national home services platform, has acquired Buckeye Heating & Cooling, a Columbus-area HVAC provider founded in 1948. Buckeye will operate under the Williams Comfort Air service umbrella as part of Wrench's Midwest expansion; financial terms were not disclosed.

Tech24, a national provider of foodservice and commercial HVAC repair backed by HCI Equity Partners, acquired RMS Mechanical Services of Ambridge, Pennsylvania on December 3, 2021. The acquisition is Tech24’s seventh add‑on and expands its presence and customer base in the greater Pittsburgh foodservice repair and maintenance market; financial terms were not disclosed.

Daikin North America LLC has acquired Washington-based Thermal Supply, Inc. (a multi-location HVAC distributor) and AirReps, LLC (a long-tenured manufacturer's representative firm) to strengthen its residential and commercial presence in the Pacific Northwest. The transactions expand Daikin’s distribution footprint and manufacturer representation across Washington, Oregon, Idaho, Montana and Alaska, improving service and go-to-market coverage for both residential and commercial customers.

Munch's Supply, a Ridgemont-backed North American HVAC, plumbing and sheet-metal distributor based in New Lenox, Illinois, has acquired TML Supply and its 13 branches across Ontario, Canada. The deal expands Munch's footprint to 64 locations across 16 U.S. states and one Canadian province, strengthening its presence in the Ontario HVAC and plumbing market.

Cortec Group (via Cortec Fund VII) completed a growth recapitalization of Goettl Home Services on December 10, 2021, partnering with CEO Ken Goodrich and his management team. The deal, in which Baum Capital Partners sold Goettl, will provide capital and support for Goettl’s organic growth and a pipeline of regional HVAC and plumbing add-on acquisitions across the Southwestern United States.

Custom Air Conditioning Ltd., a portfolio company of CAI Capital Partners, has acquired Britech HVAC Ltd., a Kelowna-based provider of HVAC and mechanical services. The acquisition expands CustomAir's presence in the Interior/Okanagan region of British Columbia and broadens the service offering and technician capacity available to Britech's customers.

NearU Services, a founder-led home services platform based in Charlotte, North Carolina, has acquired Action Air Conditioning, Heating and Solar, a long-standing HVAC and solar services provider headquartered in San Marcos, California. The acquisition expands NearU's footprint to the West Coast while Action A/C will continue operating under its existing local brand and management team.

NearU Services, a founder-led home services platform based in Charlotte, North Carolina, has acquired American Mechanical, Inc., a Virginia Beach-based provider of HVAC, plumbing, and electrical services. The acquisition will allow NearU to expand its Virginia footprint, retain local management and employees, and bring NearU's training and technology to American Mechanical's operations.

User Friendly Home Services has acquired Tom Hundley Heating & Cooling, adding the Tulsa-area HVAC and home services business to its national network of local HVAC and plumbing brands. The acquisition brings the Hundley family operations into User Friendly's platform to support growth and expanded service capabilities across residential and commercial customers.

NearU Services, a founder-led home services platform based in Charlotte, acquired Premium Home Services, a Warrenton, Virginia-based HVAC, plumbing, and electrical contractor, to expand its service footprint into Virginia. Premium will continue operating under its local brand with Tom Noland remaining in management while NearU applies its operations, technology, and training resources to grow the business.

Friendly Group, a home services platform, has acquired Western Heating & Air, an HVAC company with branches in Orem and Lehi, Utah. The deal expands Friendly Group's footprint in Northern Utah; Western will continue to operate under its brand with owner Ryan Snow remaining at the helm, and Friendly Group's board includes representatives from Alchemy Capital Partners and RFE Investment Partners.

Therma Holdings, a Blackstone portfolio company, has acquired Phoenix-based Bel-Aire Mechanical to expand its mechanical and plumbing services footprint in Arizona. The acquisition adds over 400 professionals and broadens Therma's capabilities and geographic reach across mission-critical end markets such as data centers, semiconductors, and biopharma.

Royal House Partners, a holding of CPS Capital, acquired Tiffany Air, LLC (dba Metro Service Company), a Bethany, Oklahoma-based HVAC contractor, with the transaction closing on November 10, 2021. The deal expands Royal House Partners/CPS’s footprint in residential and commercial HVAC, plumbing and electrical services as an add-on to its existing platform.

American Refrigeration Company (ARC), a Southfield Capital-backed HVAC and refrigeration platform, has acquired Global Mechanical, a Newburyport, Massachusetts-based regional provider of commercial refrigeration and HVAC design, installation, and service. The deal expands ARC’s commercial refrigeration and HVAC capabilities across New England; Deerpath Capital Management provided debt financing.

Tech24, a national provider of foodservice equipment repair backed by HCI Equity Partners, acquired Commercial Kitchens, Inc., a founder-owned commercial kitchen repair and preventative maintenance provider based in Milford, Connecticut, on November 3, 2021. The add-on expands the Tech24 platform's presence in the Tri-state area and strengthens its capability to serve institutional customers in healthcare, education and other contract markets.

Strikepoint Group Holdings (SGH) has acquired Performance Air Conditioning, Electrical & Plumbing, a Largo, Florida-based residential HVAC, plumbing and electrical services provider. The deal is SGH’s ninth acquisition of 2021 and is intended to expand SGH’s home‑services footprint and add complementary service capabilities in the Tampa Bay area.

Burton Plumbing Services, a ShoreView portfolio company, completed three add-on acquisitions: Blue Dot Services of Kansas, Degree Heating and Air Conditioning, and Hartlaub Plumbing, expanding its HVAC, plumbing and electrical service footprint into Topeka (KS), Lincoln (NE) and Milwaukee (WI). The transactions are Burton's fourth through sixth add-ons since ShoreView's March 2020 investment and add meaningful scale to Burton's field technician staff and service vehicle fleet.

The Riverside Company has invested in Done Service Group (Done), an Aurora/Denver-area provider of residential plumbing, HVAC and excavation/sewer services, as an add-on to its Radiant Plumbing and Air Conditioning platform. Done completed more than 15,000 jobs in the last year and brings a high repeat-customer base and membership program to support Radiant’s expansion in home services across the Denver metro area.

Service Champions Group, a portfolio company of Odyssey Investment Partners, has acquired two Phoenix-metro HVAC businesses: Howard Air and Scottsdale Air Heating & Cooling. The add-on deals expand Service Champions' footprint and capabilities in the southwestern U.S., bringing established residential and light-commercial HVAC operations and experienced leadership into its platform.

Harris, a national mechanical contractor headquartered in Saint Paul, Minnesota, has acquired Emtech Incorporated, a Northern Virginia building automation company. The acquisition brings Emtech's building automation, controls integration and service capabilities into Harris and expands Harris’ workforce and regional footprint across the Mid-Atlantic.

Fidelity Building Services (Fidelity BSG), a portfolio company of Oaktree Capital Management, has acquired AIR Technologies, an Oklahoma City–based mechanical/HVAC service provider. The add-on deal (effective October 8, 2021) expands Fidelity BSG's geographic footprint into Oklahoma and enhances its HVAC, sheet metal fabrication, and building-automation capabilities.

Right Time Group of Companies, a Gryphon Investors–backed Canadian residential HVAC platform, has acquired furnaceguys Home Heating & Cooling, a Saskatoon-based residential HVAC services provider. The deal—terms undisclosed—marks Right Time's tenth acquisition and its first in Saskatchewan; the seller-owners Dennis McKee and Kathleen Brannen and furnaceguys' employees will join the Right Time team.

Hampton Roads Mechanical of Virginia (HRMVA), a Chesapeake-based commercial and industrial mechanical contractor, was acquired and rolled into MechanAir—a newly formed HVAC/mechanical platform sponsored by Delos Capital and Amalgam Capital. The deal closed September 2, 2021 and establishes HRMVA as a regional division of MechanAir as the partners pursue national consolidation of HVAC, mechanical and plumbing contractors.

3Phase Elevator and Advanced Elevator have merged, with Advanced joining the 3Phase family to strengthen 3Phase's presence in the Greater Washington, D.C. and Baltimore markets. The deal allows Advanced to remain led by founder Stanley Smentkowski Sr. (with his son) while leveraging 3Phase's digital capabilities and automation to support growth and service delivery.

Midway Mechanical Services, a member of The Midway Companies, acquired Wood Air Conditioning, Inc., a Mount Pleasant, Texas-based residential and commercial HVAC company. The transaction closed on October 12, 2021; Generational Equity served as the sell-side advisor.

Daikin Applied, a division of Daikin Industries, has acquired Dynamic Controls, Inc., a St. Louis–based building systems integrator with offices across the Midwest and Rocky Mountains. The acquisition adds building-integration and controls expertise to Daikin Applied's commercial and industrial HVAC offerings to enable more connected, energy-efficient and sustainable building solutions.

Southern Home Services Corporation has acquired The Plumbing & Air Service Company, a Kernersville, North Carolina-based plumbing, heating and air conditioning services provider. The acquired company will retain its branding while gaining access to Southern Home Services’ sales, back-office and operational support as an add-on to Southern’s platform.

Gryphon Investors has acquired a majority interest in Southern HVAC from MSouth Equity Partners and placed the business alongside Right Time under a new holding company, North American Essential Home Services (NAEHS). Southern HVAC, based in Orlando, Florida, operates 15 brands across the Southeastern and Midwestern U.S. and Texas with over 650 employees; the incumbent management team will remain and retain a meaningful equity stake. Financial terms of the transaction were not disclosed.

Sila Services LLC, a Philadelphia-based home services operator, acquired Fahrenheit HVAC (headquartered in Bucks County/Feasterville-Trevose, Pennsylvania) to expand its footprint in the Northeast and Mid-Atlantic. The deal adds Fahrenheit’s residential and commercial HVAC repair, installation and maintenance capabilities to Sila’s existing HVAC, plumbing and electrical platform.

Generational Equity advised the sale of Sharp-Long Heating & Air Conditioning, Inc. to a private investor, with the transaction closing on September 24, 2021. Sharp-Long, a Lees Summit, Missouri-based residential HVAC installer and service provider with nearly 50 years in business, was sold to an unnamed private investor.

Tech-24, a national provider of foodservice and commercial HVAC repair services backed by HCI Equity Partners, acquired Yukon Refrigeration on September 20, 2021. The add-on expands Tech-24's footprint in Southern Illinois by adding Yukon’s tenured technician base and established customer relationships; financial terms were not disclosed.

Neighborly, the global home services franchisor based in Waco, Texas, acquired London-based Pimlico Plumbers, a leading residential and commercial service and maintenance company. Pimlico — founded in 1979 and operating with more than 400 associates and nearly $70 million in annual revenue — will join Neighborly's portfolio as a corporate-owned subsidiary to expand the company's international footprint.

Fort Lauderdale-based Air Pros USA acquired Hansen Heating and Air, a Mobile, Alabama-based HVAC and home services provider. The deal expands Air Pros' Gulf Coast footprint and increases its technician and vehicle base as Hansen's owner, Chad Setchell, will remain to lead Gulf Coast operations.

The Arcticom Group (TAG) has acquired Chiller Systems Service (CSS), a Lakewood, Colorado-based commercial and industrial HVAC services provider. The acquisition expands TAG’s mechanical services footprint in the Colorado Front Range and adds CSS’s expertise in chiller and refrigeration maintenance, preventative programs and energy optimization; financial terms were not disclosed.

Service Champions Group, a PE-backed home services platform based in Brea, California, has acquired Timo's Air Conditioning & Heating, a family-owned HVAC services provider serving the Coachella Valley. The add-on expands Service Champions' Southern California footprint and brings additional local HVAC repair, replacement and maintenance capabilities to its portfolio.

Bonney Plumbing, Electrical, Heating and Air (Bonney), a Rancho Cordova-based home services company, acquired Concord-based Big Air Heating & Air Conditioning to expand its service territory into Contra Costa County and the San Francisco Bay Area. Big Air will continue to operate locally under its brand while receiving operational support and capital from Bonney.

Air Pros USA, a residential HVAC and home services company based in Hollywood, Florida, received strategic growth financing from an affiliate of Peak Rock Capital to support continued expansion and targeted add-on acquisitions. The financing will fund growth across existing markets (Florida, Colorado, Georgia, Texas and Washington) and enable Air Pros to add locations and personnel; the company employs over 250 people across 10 service locations.

Hidden Harbor Capital Partners, a Boca Raton-based private equity firm, acquired Air Conditioning Specialist, Inc. (ACS), a Georgia-based HVAC service provider with locations in Milledgeville and Covington. The transaction closed on August 31, 2021 (terms undisclosed); Hidden Harbor said it will support ACS’s growth and expansion of service offerings across Georgia and the southeastern United States.

The Sterling Group, a middle-market private equity firm, has completed the acquisition of L&S Mechanical, a tri‑trade provider of plumbing, HVAC and electrical installation services headquartered in Richardson, Texas. Sterling said it will partner with L&S management to expand the company’s tri‑trade turnkey model across Texas and into other states and accelerate growth.