HVAC & Mechanical Acquisitions in 2022

P1 Service Group, a portfolio company of Edgewater Growth Capital Partners, has acquired Sky Heating, AC, Plumbing & Electrical, a Portland-area residential HVAC, plumbing and electrical services provider. The acquisition expands P1's platform into the Pacific Northwest; Sky's owner and president Travis Smith will continue to lead the business and remain a shareholder.

Smart Care, a Wind Point Partners–backed platform, has acquired Refrigeration Anytime, a Manor, Texas–based commercial refrigeration and HVAC repair provider. The add-on expands Smart Care’s Climate Solutions presence in Texas, marking the platform’s third Texas acquisition and eighth since partnering with Wind Point.

GHC Mechanical, an Elk Grove Village, Illinois commercial HVAC/R contractor, formed a partnership with Eagle Hill Partners and Jensen's Plumbing & Heating on November 22, 2022. Generational Equity advised GHC on the transaction; Eagle Hill will provide capital and strategic support while Jensen's joins as an operating partner to support growth and service expansion.

Service Champions Group, a PE-backed home services platform, has agreed to acquire locally owned M and M Heating, Cooling, Plumbing & Electrical of Longmont, Colorado. The add-on strengthens Service Champions' footprint in the greater Denver market and expands its residential and commercial HVAC, plumbing and electrical capabilities.

Right Time Group of Companies acquired Waterloo-based Dunn Heating ClimateCare (now operating as Dunn Heating and Air Conditioning). The small, residential HVAC business founded in 1973 will join Right Time's network (a Gryphon Investors-backed platform) as management, including former owner Rick Dunn, remain with the business; terms were not disclosed.

LP First Capital and Trive Capital partnered with an experienced management team to form Cascade Services, a residential tri-trade platform focused on HVAC, plumbing and electrical contractors. Cascade has completed four Florida acquisitions — Mid-Florida Heating and Air, Aztil Air Conditioning, Extreme Air & Electric, and Air Boca — as part of a platform-build strategy to pursue add-on opportunities across the Southern United States.

Smart Care, a Wind Point Partners portfolio company, has acquired Finley's Facilities Services, a family-owned commercial kitchen equipment repair business based in Mt. Gilead, Ohio. The deal expands Smart Care's Equipment Solutions footprint in Ohio and strengthens its emergency repair, preventative maintenance and installation capabilities across hot- and cold-side kitchen equipment, refrigeration and HVAC.

Unique Indoor Comfort, a home-services platform backed by Grove Mountain Partners, acquired four regional businesses: All-Phase Electrical (Philadelphia, PA), Dick Hill & Son (Richmond, IN), Carolina Custom Air (Mount Pleasant/Awendaw area, SC) and Rye Heating & Air Conditioning (Lincolnton, NC). The deals expand Unique’s geographic footprint and service capabilities (including electrical work); each former owner will remain as president of their respective business.

Service Experts Heating & Air Conditioning LLC acquired substantially all of the assets of Stan Gelber & Sons, Inc., a residential HVAC company based in Uniondale, New York, to expand its coverage in the state. The acquisition complements Service Experts’ existing New York centers and brings the company’s total U.S. locations to 88.

Fidelity Building Services Group (Fidelity BSG) acquired Air One Industries, a North Carolina-based mechanical/HVAC provider, adding the company to Fidelity’s integrated building solutions platform. The acquisition expands Fidelity BSG’s service footprint in the Southeast and brings Air One’s capabilities in HVAC installation, chiller/process cooling, building automation, and 24/7 maintenance into its family of companies.

Valesco Industries, a Dallas-based private equity firm, acquired North American Kitchen Solutions, Inc. (dba Hoodmart), a factory-direct manufacturer of commercial kitchen ventilation and fire suppression systems headquartered in Elyria, Ohio. The transaction represents Weinberg Capital Group's exit after owning Hoodmart since 2016, during which the company nearly tripled sales and was positioned for continued growth under new PE ownership.

Service Champions Group, a portfolio company of Odyssey Investment Partners, has acquired Service Wizard Heating & Air Conditioning, a family-owned HVAC services provider in Austin, Texas. The deal marks Service Champions' first entry into the Texas market and expands the platform's national footprint.

Edgewater-backed P1 Service Group has acquired McHales, a nearly 70-year-old home services company based in Levittown, Pennsylvania. The deal brings McHales' plumbing, HVAC, electrical and remodeling capabilities into P1's platform to expand its presence in the greater Philadelphia region; owner Tim McHale will remain as day-to-day leader and a shareholder.

P1 Service Group, a Chicago-based home services platform backed by Edgewater Growth Capital Partners and River Sea Network, has acquired Essig Plumbing & Heating, a residential HVAC and plumbing provider based in Reading, Pennsylvania. The deal expands P1's footprint into the Mid-Atlantic region while Essig's president, Steve Essig, will continue to lead day-to-day operations and remain a shareholder.

Munch’s Supply, the HVAC distribution division of Marcone, has acquired BellSimons, a New England HVAC distributor with 29 branches and three distribution centers across seven states. The add-on expands Munch’s/Marcone’s footprint in the Northeast (bringing the platform to 103 locations across 18 states plus Ontario) and reinforces its position in HVAC and plumbing parts distribution; the deal was supported by advisors including TM Capital and BMO Capital Markets.

TSG Consumer Partners and Oak Hill Capital have made a significant minority investment in The Wrench Group, a national provider of residential HVAC, plumbing, and electrical services. Existing investor Leonard Green & Partners and management retain a majority interest; the capital will be used to accelerate technology-enabled growth, expand digital capabilities, and support geographic expansion and strategic acquisitions.

Sila Services, a Northeast home-services platform, has acquired Total Climate Control, Inc., a Boscawen, New Hampshire-based HVAC, plumbing and electrical services provider that also operates in Vermont as Green Mountain Plumbing & Heating. The acquisition adds two locations and experienced technicians to Sila’s platform as part of a customer-focused expansion across the New England region.

Leap Partners, a Nashville-based home services roll-up, has acquired Hornback Plumbing of Elizabethtown, Kentucky. The deal expands Leap Partners' footprint into Kentucky while Hornback's owners, Donnie and Kim Hornback, will continue to lead the business under the Leap Partners platform.

Astara Capital Partners completed an investment in Del-Air Heating and Air Conditioning, partnering with the company's employee owners (an ESOP). The investment makes Del-Air debt free, positions it for operational and strategic growth across its Florida footprint, and led to the appointment of Rick Rogers as CEO and Faizzy Saghir as COO; terms were not disclosed.

Air Pros USA acquired Universal Air and Heat, a South Florida HVAC services provider founded in 1997, integrating the company into its national HVAC platform to expand service coverage and leverage operational resources. The acquisition strengthens Air Pros USA’s presence across South Florida counties and supports expanded service areas and staffing capacity through the platform’s national footprint.

Right Time Group of Companies has acquired Northern Air & Mechanical Systems Inc., which does business as 669-Heat, a Sudbury-based residential HVAC services provider. The deal (terms undisclosed) will see the company's management and employees join Right Time as the platform — majority-owned by Gryphon Investors — expands its presence in Northern Ontario; 669-Heat is Right Time's fifteenth acquisition.

Fix-It 24/7, a New Harbor Capital portfolio company, has acquired AirMax Heating and Air (Charleston, SC) and Emergency Air Heating and Cooling (Phoenix, AZ) as part of its multi-branch expansion strategy. Five Points Capital provided unitranche debt to support the Emergency Air acquisition; New Harbor Capital remains the platform sponsor supporting Fix-It's geographic growth.

Southern Home Services (Southern HVAC Corporation) has acquired M.E. Flow, Inc., a third-generation, family-owned HVAC and plumbing services provider serving northern Virginia and parts of West Virginia. The deal is an add-on to Southern's multi-brand home services platform and is intended to expand Southern's mid-Atlantic presence while investing in technology, training and resources for the ME Flow team.

Rush Street Ventures announced that Harmonic Heating & Air Conditioning has acquired Official Heating & Cooling as an add-on. The acquisition expands Harmonic's residential HVAC, plumbing and duct-cleaning footprint in the northwest and western suburbs of Chicago.

Prospect Partners has invested alongside management in Fontanesi & Kann (including Architectural Building Components) and established Central States HVAC Solutions, a commercial HVAC distribution and services platform led by CEO Joe Fontanesi. SharpVue Capital provided a subordinated debt financing and equity co-investment while Byline Bank provided senior debt; Prospect and management plan to pursue add-on acquisitions to expand the platform's geographic footprint and capabilities.

Cortec Group, via an affiliated investment vehicle led by Cortec Group Fund VII, completed a growth recapitalization of Four Seasons Heating & Air Conditioning on November 18, 2022, with CEO Dave Musial retaining a significant ownership stake. The investment will support Four Seasons’ organic expansion and an acquisitive growth plan across the Midwest; terms were not disclosed and senior debt was provided by Antares Capital, Adams Street Partners, MetLife Investment Management and Apogem Capital.

Royal House Partners (RHP), a home‑services platform founded by CPS Capital and 1801 Holdings, has acquired SOS Mechanical, an HVAC services business based in Round Rock, Texas. The deal is an add‑on to RHP's growing Texas platform; founder Steve Osteen will retire and General Manager Allison Hale will lead the business as part of the RHP family of companies.

Royal House Partners (RHP), a home‑services roll‑up platform backed by CPS Capital and 1801 Holdings, has invested in Dave's Heating & Air Conditioning, a Taylor, Texas–based residential and light commercial HVAC provider. The deal expands RHP's HVAC footprint in Central Texas and brings a 30+ year local business with licensed journeymen into its family of businesses.

Cardone Ventures and its 10X HVAC management platform announced a partnership to acquire Gundlach's Plumbing and Sheet Metal, a 100+-year-old HVAC and plumbing operator based in Bakersfield, California. The deal brings Gundlach's into the 10X HVAC roll-up to scale operations, expand service offerings across residential and commercial markets, and support a national growth strategy.

Royal House Partners, a home-services platform backed by CPS Capital and 1801 Holdings, has acquired Total Comfort Heating & Air Conditioning, a St. Louis, Missouri-based residential and light commercial HVAC services provider. The add-on expands Royal House Partners' footprint in Missouri and strengthens its HVAC division by integrating Total Comfort's experienced team into its existing operations.

United Air Temp (a portfolio company of Summit Park) completed a recapitalization of Bullseye Home Services, a residential plumbing and HVAC services provider headquartered in Osprey, Florida. The transaction was done in partnership with Bullseye owners Allen and Melissa Crick, who will remain in management, and positions Bullseye as part of UAT's platform to expand plumbing capabilities and regional presence in the Southeast.

Heritage Distribution Holdings, the Gryphon Investors-backed HVAC/R distribution platform, has acquired Coastal Supply Company Inc., a 40-year-old, family-owned HVAC/R distributor based in Knoxville, Tennessee with six branch locations. Coastal will operate under HDH’s Ed’s Supply division and remain led by General Manager David Kennedy as part of HDH’s continued geographic expansion in the Southeast.

Royal House Partners (RHP), a Dallas–Fort Worth based home services platform backed by CPS Capital and 1801 Holdings, has acquired Integrity Heat & Air, a residential and light commercial HVAC provider based in Oklahoma City, Oklahoma. The deal is an add-on to RHP’s roll-up strategy to expand its HVAC footprint in Oklahoma and strengthen its local service capabilities.

Tech24, backed by HCI Equity Partners, acquired TEK Express on October 7, 2022 as its fourteenth add-on acquisition. The deal expands Tech24's repair and maintenance footprint in the New York City market; financial terms were not disclosed.

Tech24, a national provider of repair and maintenance services backed by HCI Equity Partners, acquired 1st Source Restaurant Services on September 29, 2022 as its thirteenth add‑on. The acquisition expands Tech24’s coverage in Texas (Dallas–Fort Worth, San Antonio and Arkansas) and adds a team led by CEO Travis Fogle to the platform.

Integra Testing Services, a Keystone Capital portfolio company, has completed the acquisition of RSAnalysis and RSACx (collectively “RSA”), expanding Integra’s national footprint. The deal adds approximately 60 employees and five locations, bolstering Integra’s position as a leading independent HVAC testing, adjusting, and balancing (TAB) and building commissioning services provider.

Tech24, the HCI Equity Partners-backed national provider of foodservice and commercial HVAC repair and maintenance, acquired Allied Service Group on September 23, 2022 as its twelfth add-on. Allied, based in Jackson, Tennessee, provides repair, preventative maintenance and installation services to restaurants, grocery stores and institutions across Southwest Tennessee and Northern Mississippi, expanding Tech24's footprint in the Southeastern U.S.

RF Investment Partners has made an additional strategic growth investment in InterCool USA, LLC, the commercial and industrial refrigeration services provider that RF initially backed in 2019. The capital will support InterCool’s continued capability expansion, national service footprint, facility investments (including a new fabrication/compressor repair facility in York, PA) and the company’s evaluation of add-on acquisitions.

Royal House Partners, a home-services platform founded by CPS Capital and 1801 Holdings, has made a new add-on investment in Sinak Plumbing of Saint Louis, Missouri, adding the 90+-year-old plumbing business to its Anton's Air Conditioning and Heating family. The acquisition strengthens RHP's plumbing capabilities and expands its footprint in the Saint Louis and Saint Charles areas; Sinak's service team includes three licensed journeymen plumbers and licensed apprentice plumbers.

Knox Lane‑backed Any Hour Group announced partnerships to add Grapids Heating & Cooling, Precision Plumbing, Heating, Cooling & Electrical, Chandler Air, and All Hours Air to its platform. The deals expand Any Hour’s footprint into Colorado, Nevada, Arizona and the Midwest while each business retains its brand and management; financial terms were not disclosed.

Crete Mechanical Group, a Ridgemont Equity Partners-backed commercial mechanical services platform, has recapitalized Greensboro, North Carolina-based AC Corporation and added it as a partner company. The transaction is intended to accelerate AC Corp.'s growth and expand Crete's presence across North Carolina and adjacent East Coast markets by leveraging Crete's operational support and partner network.

Munch's Supply, the HVAC distribution arm of Marcone, acquired New Hampshire-based Total Air Supply and Spiral Air Manufacturing, adding three branches servicing Manchester, Derry and Nashua, NH. The deal expands Munch's geographic footprint on the East Coast and adds Goodman equipment distribution and sheet-metal fabrication capabilities to its platform.

Granite Comfort, a PE-backed residential HVAC and plumbing platform, has acquired Yost & Campbell Heating, Cooling & Generators, expanding Granite Comfort's footprint into the New York metropolitan area. Yost & Campbell's leadership (Tom and Kevin Monahan) will remain with the business as Granite Comfort introduces its EASE Comfort lease offering to accelerate growth.

Crete Mechanical Group, a national provider of commercial HVAC, electrical, plumbing and building automation services, acquired Reilly Electrical Contractors Inc., a family-owned full-service electrical and telecommunications contractor based in South Easton, Massachusetts. The transaction closed on September 1, 2022 and will integrate Reilly into Crete’s national partner network while preserving local management and service continuity.

Thermal Concepts, a Davie, Florida-based commercial HVAC services platform backed by Trivest Partners and Halmos Capital, has acquired Irvine Mechanical, an Orlando-based provider of HVAC installation, maintenance and controls services. The deal is Thermal Concepts' first add-on as a Trivest/Halmos portfolio company and is intended to add scale and expand the platform's footprint in Central Florida and the broader Southeast.

Tech24, backed by HCI Equity Partners, acquired AmeriCold (announced August 19, 2022) and Arrowhead Commercial Equipment (announced August 10, 2022) as add-on acquisitions to its Tech24 platform. The deals expand Tech24's cold-side refrigeration service capabilities and increase its market share in the New York metro/DC/Southeast Florida and Phoenix markets; financial terms were not disclosed.

Air Pros USA has acquired CM Heating, a residential HVAC company serving Snohomish, South Skagit and North King County in Washington, to expand its local presence and add multiple service locations across the state. CM Heating will continue operating under its brand while being integrated operationally and commercially into the Air Pros USA platform; the sell-side was represented by Meridian Capital.

Freeman Spogli & Co. has partnered with NearU Services, a Charlotte-based home services platform, in a recapitalization to support NearU's next phase of growth. NearU's founder Ashish Achlerkar and existing investor SkyKnight Capital will remain significant shareholders as the company pursues geographic expansion, strategic acquisitions, and investments in team, training, and technology.

Chimney Works, a regional provider of commercial venting and heating solutions based in Crofton, Maryland, has acquired Chimney Restoration Services (CRS), a Front Royal, Virginia–based chimney restoration and maintenance specialist. The deal combines CRS's historic-preservation and commercial flue experience with Chimney Works' back-office capabilities to expand service reach and capabilities across the greater Washington, D.C. area.

Air Pros USA has acquired Dream Team Heating and Air, a family-owned HVAC company serving the Baton Rouge/Denham Springs area, and will integrate its operations and sales into the Air Pros USA platform. The deal expands Air Pros USA's market presence in Louisiana and increases its service coverage in the Baton Rouge metropolitan area.