HVAC & Mechanical Acquisitions in Minnesota

Limbach Holdings, Inc. (Nasdaq: LMB) acquired Pioneer Power, Inc., a full-service mechanical contractor serving the Upper Midwest, for $66.1 million in cash and borrowings. The deal expands Limbach’s footprint and industrial mechanical capabilities in the Upper Midwest and is expected to contribute approximately $120 million of annualized revenue and $10 million of adjusted EBITDA beginning in 2026.

GNI Management Group Inc., an Ironbridge Equity Partners portfolio company, has acquired McPherson Products, a St. Cloud, Minnesota-based insulation services provider. The acquisition is GNI's first U.S. location and adds a tenth branch to its network; owner Dennis Dufner will remain as branch manager as the business continues to operate as McPherson Products.

Building Controls & Solutions (BCS) has acquired Minvalco Inc., a Minneapolis-based HVAC/R controls distributor, to expand BCS's building automation and controls capabilities and add a Midwest branch. The deal continues BCS's strategy of growing its North American footprint and enhancing technical and distribution resources for commercial HVAC customers.

Palen Kimball, L.L.C. (a Marsden Company) acquired Signature Mechanical, Inc., a Spring Lake Park, Minnesota-based plumbing and piping contractor. The transaction, which closed April 1, 2022, brings Signature's commercial plumbing and piping capabilities into Palen Kimball/Marsden's broader facility services and HVAC platform and provides an ownership succession for Signature's leadership.

Zone Climate Services, a Wind Point Partners-backed platform, has acquired Smart Care Equipment Solutions from Audax Private Equity. The combined business will operate under the Smart Care brand and creates North America's largest provider of commercial kitchen equipment and refrigeration/HVAC services, expanding geographic reach and service capabilities.

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.