HVAC & Mechanical Acquisitions in Canada

PMC Energy Limited has acquired Halifax-based Metro Commercial Heating & Cooling Limited and Active Heating & Air Conditioning Ltd., expanding its commercial HVAC and Building Automation Systems (BAS) service footprint in the Halifax Regional Municipality. The transactions — completed following BDC Capital’s Growth Equity Partners investment in PMC in September 2025 — increase PMC's service density, recurring maintenance capability, and preserve continuity by retaining founders and management teams.

Lynx Equity Limited has acquired Valley Plumbing & Heating, a British Columbia–based HVAC and plumbing contractor serving the Okanagan region. The acquisition strengthens Lynx's presence in Canada’s HVAC market and supports Valley's leadership team in its next stage of growth.

Automated Logic – Canada, Ltd., part of Carrier Global Corporation, has acquired Control Solutions, Ltd., an integrated building-automation systems provider headquartered in Coquitlam, British Columbia. The deal establishes Automated Logic's first company-owned controls field office in Vancouver and expands its building-automation footprint in Western Canada; terms were not disclosed.

Toronto-based private equity firm Alphi Capital has partnered with RedBlue HeatPumps & Refrigeration, a Victoria, British Columbia provider of HVAC, plumbing and electrical services founded in 2013. The investment will support RedBlue’s next phase of growth through investments in people, processes, systems and geographic expansion.

CAI Capital Partners’ portfolio company Custom Air Conditioning Ltd. has acquired Power Plus Electric Ltd. (Maple Ridge, BC) and certain assets of I.C.R. Air Inc. (Kamloops, BC). The deals expand CustomAir’s electrical capabilities and strengthen its regional HVAC footprint in the Thompson region, positioning the company to capture demand from decarbonization and electrification initiatives across Western Canada.

Right Time Group of Companies, a Gryphon Investors–backed residential home services platform, has acquired Toronto-based Belyea Bros Limited Heating, Cooling & Electrical. The acquisition is Right Time’s 22nd add-on and expands its presence in Ontario; terms were not disclosed and Belyea Bros’ management and employees will join Right Time.

W Investments Group II L.P., in partnership with Desjardins Capital, has acquired Groupe BFL and its subsidiaries Bousquet Technologies and Nagas Innovation. Management remains in place and the investors said the partnership will support accelerated growth and expanded North American distribution of the company’s energy‑recovery and ventilation products.

Modine (NYSE: MOD) has entered into a definitive agreement to acquire Scott Springfield Manufacturing, a Calgary-based manufacturer of air handling units, for an enterprise value of approximately $190 million CAD (consideration paid in Canadian dollars). The acquisition — expected to close in Q1 2024 and financed with cash and debt — adds AHU manufacturing capabilities and a blue-chip customer base serving hyperscale and colocation data centers, healthcare, telecommunications and aerospace to Modine's HVAC and indoor air quality portfolio.

Right Time Group of Companies acquired Halifax-based Breathe Clean Mini Split Heat Pump Cleaning, bringing the company's employees into Right Time's residential HVAC platform. The deal expands Right Time's footprint in Nova Scotia; Right Time is majority-owned by Gryphon Investors. Terms were not disclosed.

Right Time Group of Companies, a Gryphon Investors–backed Canadian home services platform, has acquired Calgary-based Knight Plumbing Heating & Air Conditioning. The acquisition expands Right Time's residential HVAC and home services footprint in Western Canada; terms were not disclosed.

Right Time Group of Companies, a Canadian residential HVAC platform majority-owned by Gryphon Investors, has acquired Dartmouth, Nova Scotia-based Shines Energy Incorporated. The acquisition — Right Time's 19th — expands the company's footprint into Eastern Canada; terms were not disclosed and Shines' management and employees will join Right Time.

Right Time Group of Companies acquired Greater Vancouver–based Thomson Industries Ltd., a residential heating, cooling, electrical and air quality services provider. The deal—Right Time’s 18th acquisition and part of its ongoing roll-up strategy under majority owner Gryphon Investors—expands Right Time’s footprint in British Columbia; terms were not disclosed.

Custom Air Conditioning Ltd., a portfolio company of CAI Capital Partners, has acquired Reliatech HVAC Inc., a Kamloops-based commercial HVAC and mechanical services provider. The add-on expands CustomAir's presence in the Interior of British Columbia, includes opening a new Kamloops branch, and will give Reliatech customers access to a broader service offering and more technicians.

Right Time Group of Companies, a PE-backed Canadian residential HVAC platform majority-owned by Gryphon Investors, has acquired Guelph-based Oosterveld Heating & Air Conditioning. The small, family-owned residential HVAC business (founded 1980) and its management will join Right Time as part of the platform’s continued expansion in Southern Ontario; terms were not disclosed.

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.

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.

Industrial Chimney Company (ICC) has acquired Cheminee Lining, the exhaust solutions division of Cleaver-Brooks. ICC will continue leasing 56,000 sq. ft. of manufacturing space and 21,000 sq. ft. of office space in Terrebonne, Quebec, and retain more than 44 Cheminee Lining employees as part of the transaction; Cleaver-Brooks will honor existing customer commitments.

Right Time Group of Companies, a Gryphon Investors–backed Canadian residential HVAC platform, has acquired Wardlaw Heating and Cooling, a Sault Ste. Marie-based HVAC installer and service provider founded in 1981. The deal — Right Time’s fourteenth acquisition — will fold Wardlaw’s management and employees into the Right Time network; terms were not disclosed.

Right Time Group of Companies, a Gryphon Investors-backed Canadian residential HVAC platform, acquired The Comfort Group, a Parksville, British Columbia-based residential heating, cooling and indoor air quality services provider. The acquisition expands Right Time's presence on Vancouver Island as part of its ongoing western Canada expansion; terms were not disclosed.

Right Time Group of Companies, a Gryphon Investors-backed Canadian residential HVAC platform, acquired 360 Super Techs of Vancouver Island — which includes 360 Comfort Systems and The Super Plumber — to expand its western Canada footprint. The deal brings the local HVAC, plumbing and electrical teams into Right Time's network; financial terms were not disclosed.

Enercare Inc. has acquired substantially all of the assets of Syles Mechanical Services Ltd., a Tecumseh, Ontario-based residential and commercial heating, cooling, plumbing and electrical services provider. The deal adds more than 55 employees and a fleet of 30 service vehicles to Enercare and operations will continue locally under the existing management team; Enercare is a portfolio company of Brookfield Infrastructure.

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.

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.

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.

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.

Right Time Group of Companies has acquired Anchor Home Comfort, a residential HVAC, air quality, and hot water services provider serving Ottawa and surrounding areas. The acquisition is an add-on to Right Time's national roll-up strategy; Right Time is majority-owned by Gryphon Investors and Anchor's co-owners Darren Parsons and Ken Turner will join the Right Time team.

Right Time Group of Companies has acquired Haven Home ClimateCare (now operating as Haven Home), a residential HVAC, air quality, and hot water services provider serving Belleville, Kingston and Brockville, Ontario. Management and employees of Haven Home will join Right Time as part of the company's national roll-up strategy; terms were not disclosed. Right Time is majority-owned by Gryphon Investors and this marks the company's eighth acquisition as it expands its Canadian footprint.

Right Time Group of Companies, a Gryphon Investors-backed residential HVAC platform, has acquired Comfort Masters LTD., a residential HVAC, air quality and hot water services provider serving the Oshawa/York/Durham/Simcoe regions of Ontario. Management and employees of Comfort Masters will join Right Time as the company continues its expansion across Ontario; terms were not disclosed.

TorQuest Partners completed a controlling equity investment in Onyx-Fire Protection Services Inc., partnering with Onyx management to accelerate growth and support an acquisition program. Onyx, headquartered in Mississauga, Ontario, provides fire and sprinkler inspection, maintenance, repair and installation services to more than 7,000 customers across Ontario and employs over 300 people; Bryan Chew was named CEO as part of the partnership.

Right Time Group of Companies acquired Romaniuk Heating & Air Conditioning to expand its residential and commercial HVAC, plumbing and hot water services into the Edmonton, Alberta market. Right Time is majority-owned by Gryphon Investors; terms were not disclosed and Romaniuk's founder Tony Romaniuk will transition out as management and employees join Right Time.

Right Time Group of Companies, a Gryphon Investors-backed Canadian residential HVAC platform, has acquired Atlas Service Company Inc. (AtlasCare), a long-established Oakville-based provider of residential HVAC, air quality, plumbing and hot water services. Management and employees of AtlasCare will join Right Time as the platform continues a roll-up strategy to expand its national footprint in Canada; terms were not disclosed.

Deschenes Group Inc. (DGI) has acquired Powrmatic of Canada Ltd., a Montreal-based distributor of HVACR, electrical and hearth products, from Stamm International Corporation. Capstone Partners advised on the sale; the acquisition is positioned as a strategic add-on to expand DGI's product offering, branch footprint and customer reach across Canada.

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.

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.

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.

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.