Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a
verbatim quote from its source. 1244 signals in the record.
Signals are reports drawn from public coverage and print archives, presented as reported by their
sources. Naming a company in a signal is not an accusation against it. See our methodology and legal notes.
Signal volume over time
1,191 dated signals shown · 53 undated (excluded from the chart).
Canadian home services company Enercare reportedly agreed to acquire U.S. HVAC services provider Service Experts for about $340.75 million, gaining access to the U.S. HVAC services market. Service Experts, with 90 locations across 29 states and three Canadian provinces, was then owned by PE-type firm American Capital, which had acquired it in 2013.
“Canadian home and commercial services company Enercare Inc., Toronto, is reported to have entered into an agreement to acquire Service Experts, a U.S. provider of HVAC services based in Plano, Texas. The purchase price is said to be $340.75 million.”
The acquisition provides Enercare with entry into the U.S. HVAC services market and enables the introduction of its rental products to Service Experts' customer base.
“The acquisition would give Enercare access to the U.S. HVAC services market and also allow the company to introduce its rental products and service offerings to Service Experts' customers.”
Enercare Inc. has entered into an agreement to acquire Service Experts, a U.S. HVAC services provider, for $340.75 million. The deal would give Enercare access to the U.S. HVAC market and allow cross-selling of rental products. The transaction is expected to close in Q2 2016.
“Canadian home and commercial services company Enercare Inc., Toronto, is reported to have entered into an agreement to acquire Service Experts, a U.S. provider of HVAC services based in Plano, Texas. The purchase price is said to be $340.75 million.”
The amended credit facility for Comfort Systems USA permits acquisitions of up to $30 million per transaction, with an aggregate annual limit of $65 million, subject to leverage ratio thresholds.
“The Amended Facility permits acquisitions of up to $30 million per transaction, provided that the aggregate purchase price of all such acquisitions in the same fiscal year do not exceed $65 million.”
Comfort Systems USA, Inc. entered into Amendment No. 4 to its senior credit facility, increasing the line of credit from $250 million to $325 million with a $100 million accordion option. The amended facility matures in February 2021 and includes provisions for acquisitions up to $30 million per transaction.
“The Amended Facility provides an increased line of credit to the Company from $250 million to $325 million, with a $100 million accordion option.”
ARS describes a network of more than 65 company-owned, locally-managed service locations across 22 states with about 5,500 employees, indicating a national home-services consolidation platform.
“ARS operates a network of more than 65 company-owned, locally-managed service locations spanning 22 states, with approximately 5,500 employees.”
American Residential Services acquired the assets of Aspen Air Conditioning in Boca Raton, Florida, adding it to the ARS national HVAC/plumbing network.
“MEMPHIS, Tenn. — American Residential Services (ARS), a national provider of HVAC and plumbing services, announced that it has acquired the assets of Aspen Air Conditioning in Boca Raton, Florida.”
ARS describes itself as a network of more than 65 company-owned, locally-managed service locations spanning 22 states with roughly 5,500 employees, evidencing a national multi-trade home-services consolidation platform.
“ARS operates a network of more than 65 company-owned, locally-managed service locations spanning 22 states, with approximately 5,500 employees.”
ARS framed the Aspen Air acquisition as broadening its statewide Florida presence, marking the eighth major metro market it serves in the state as part of a stated national growth strategy.
“The Aspen Air acquisition is in the eighth major metro market that ARS serves in Florida, further broadening its statewide presence.”
American Residential Services, a national HVAC and plumbing platform, acquired the assets of Aspen Air Conditioning in Boca Raton, FL and Atlas Trillo in San Jose, CA, adding both to its national service network.
“MEMPHIS, Tenn. — American Residential Services (ARS), a national provider of HVAC and plumbing services, announced that it has acquired the assets of Aspen Air Conditioning in Boca Raton, Florida, and Atlas Trillo in San Jose, California.”
Audax Group Co-CEO Geoffrey Rehnert framed Source as a leader in the fragmented refrigeration services market and stated the plan to grow the business organically and through add-on acquisitions.
“Source is a recognized leader in the fragmented refrigeration services market. We look forward to partnering with Brad Howard and the entire Source team to continue growing the business organically and through add-on acquisitions.”
Audax Private Equity announced it partnered with management to acquire Source Refrigeration & HVAC Inc., a leading independent commercial refrigeration and HVAC services provider, from Arsenal Capital Partners. Terms were undisclosed.
“BOSTON — Audax Private Equity announced that it has partnered with management to acquire Source Refrigeration & HVAC Inc. from Arsenal Capital Partners. Terms of the transaction were not disclosed.”
ARS is described as operating a network of more than 65 company-owned, locally-managed service locations across 22 states with about 5,500 employees, illustrating its national home-services consolidation platform into which Greenstar is being added.
“ARS operates a network of more than 65 company-owned, locally-managed service locations spanning 22 states, with approximately 5,500 employees.”
ARS, a national HVAC and plumbing home-services provider, acquired the assets of Greenstar Home Services (Orange, CA and Las Vegas). The California location keeps the Greenstar brand; the Las Vegas location is consolidated into ARS's Yes! Air Conditioning and Plumbing brand.
“MEMPHIS, Tenn. — American Residential Services (ARS), a national provider of HVAC and plumbing services, announced it has acquired the assets of Greenstar Home Services. Greenstar has two locations operating out of Orange, California, and Las Vegas, which provide homeowners with HVAC and plumbing services, installation, and repair. The location serving Southern California will retain the Greenstar brand and continue to operate as an independent service center. The Las Vegas location will be consolidated with ARS’ local brand, Yes! Air Conditioning and Plumbing®.”
The article references Alpine's prior successful platform, the Wrench Group, an Atlanta/Dallas/Houston/Phoenix HVAC and plumbing platform that grew to over $150 million in revenues and was sold to Investcorp in 2016.
“The firm applied a similar strategy successfully in what later became known as the Wrench Group, an HVAC and plumbing services platform serving the Atlanta, Dallas, Houston, and Phoenix markets, which grew to over $150 million in revenues and was subsequently sold to Investcorp in 2016.”
Alpine Investors built the Wrench Group, an HVAC and plumbing services platform, and subsequently sold it to Investcorp in 2016. Wrench Group had grown to over $150 million in revenues.
“The firm will follow the strategy it used to build the Wrench Group, an HVAC and plumbing services platform serving the Atlanta, Dallas, Houston, and Phoenix markets, which grew to over $150 million in revenues and was subsequently sold to Investcorp in 2016.”
Alpine Investors built the Wrench Group to over $150 million in revenues and sold it to Investcorp in 2016.
“The firm will follow the strategy it used to build the Wrench Group, an HVAC and plumbing services platform serving the Atlanta, Dallas, Houston, and Phoenix markets, which grew to over $150 million in revenues and was subsequently sold to Investcorp in 2016.”
The article discloses that Audax Private Equity completed a majority recapitalization of Source Refrigeration & HVAC in December 2015, establishing PE ownership of the platform.
“Audax Private Equity completed a majority recapitalization of Source in December 2015.”
Audax Private Equity completed a majority recapitalization of Source Refrigeration & HVAC in December 2015, establishing PE ownership of the commercial refrigeration platform.
“Audax Private Equity completed a majority recapitalization of Source in December 2015.”
A related-article link on the page references The SEER Group LLC acquiring a majority stake in Aladdin Air Conditioning & Heating Inc. The SEER Group is an HVAC roll-up platform. No date or detail is given in this source.
“The SEER Group LLC Acquires Majority Stake in Aladdin Air Conditioning & Heating Inc.”
Minneapolis-based commercial HVAC mechanical services firm Modern Heating and Air Conditioning was acquired by MSHC Inc., doing business as Service Logic, one of the largest independent HVAC mechanical services companies in the US.
“DENVER — Modern Heating and Air Conditioning Inc., headquartered in Minneapolis, has been acquired by MSHC Inc., dba Service Logic, headquartered in Denver.”
Modern Heating and Air Conditioning of Minneapolis was acquired by MSHC Inc. (dba Service Logic), one of the largest independent HVAC mechanical services companies in the US.
“Modern Heating and Air Conditioning Inc., headquartered in Minneapolis, has been acquired by MSHC Inc., dba Service Logic, headquartered in Denver.”
The Levy & Son purchase is described as Service Experts' first major acquisition of 2015 after completing three purchases in 2014, signaling an ongoing roll-up acquisition cadence by the platform.
“The transaction marks the company’s first major acquisition in 2015, after completing three purchases in 2014.”
SE Holdco, parent of Service Experts Heating and Air Conditioning, purchased the assets of 105-year-old Dallas HVAC and plumbing firm Levy & Son Plumbing. The article frames it as Service Experts' first major acquisition of 2015, following three purchases in 2014.
“purchased the assets of
Levy & Son Plumbing Inc.
, a 105-year-old Dallas-based HVAC and plumbing company. The transaction marks the company’s first major acquisition in 2015, after completing three purchases in 2014.”
SE Holdco LLC, parent of Service Experts Heating and Air Conditioning, purchased the assets of Levy & Son Plumbing, a 105-year-old Dallas HVAC and plumbing company — its first major acquisition of 2015 following three purchases in 2014.
“SE Holdco LLC, the parent company of [Service Experts Heating and Air Conditioning LLC](http://www.serviceexperts.com/), purchased the assets of [Levy & Son Plumbing Inc.](http://levyandson.com/dallas-heating-air-conditioning-plumbing-services/plumbers/), a 105-year-old Dallas-based HVAC and plumbing company. The transaction marks the company’s first major acquisition in 2015, after completing three purchases in 2014.”
Service Experts · Acquirer Bernard Levy · Mentioned Levy & Son Plumbing Inc. · Target SE Holdco LLC · Parent Scott J. Boxer · Mentioned
Levy & Son will continue operations under the name 'Levy & Son, a Service Experts company,' indicating it is being integrated as an add-on acquisition within the Service Experts platform.
“Levy & Son management and staff will remain on board at the company, and the company will continue operations under the name Levy & Son, a Service Experts company.”
Service Experts framed the Levy & Son deal as significantly expanding its presence in a fast-growing metro and deepening its plumbing services commitment; the company operates more than 95 locations serving over 2,000 homes and businesses per day.
“Service Experts Heating & Air Conditioning operates more than 95 locations serving more than 2,000 homes and businesses per day.”
SE Holdco, parent of Service Experts Heating and Air Conditioning, acquired Dallas-based HVAC and plumbing company Levy & Son Plumbing, expanding its presence in the Dallas metro and deepening its plumbing services segment. Levy & Son will continue under its name as a Service Experts company.
“PLANO, Texas — SE Holdco LLC, parent company of Service Experts Heating and Air Conditioning LLC, has announced the acquisition of Levy & Son Plumbing Inc., a Dallas-based HVAC and plumbing company.”
Service Experts framed the Levy & Son acquisition as a significant geographic expansion into one of the country's fastest-growing metro areas, with stated ambitions for robust regional sales growth.
“This acquisition significantly expands our presence in one of the country’s fastest-growing metropolitan areas, positioning Service Experts for robust sales growth in that region.”
SE Holdco / Service Experts Heating and Air Conditioning acquired Dallas-based HVAC and plumbing company Levy & Son, expanding its presence in a fast-growing metro and deepening its plumbing segment. Service Experts is a multi-location consolidator operating 95+ locations.
“SE Holdco LLC, parent company of Service Experts Heating and Air Conditioning LLC, has announced the acquisition of Levy & Son Plumbing Inc., a Dallas-based HVAC and plumbing company.”
Two years before this article, Ken Goodrich acquired Goettl Air Conditioning, subsequently restructuring management and restoring the brand to profitability.
“It has been two years since Ken Goodrich acquired [Goettl Good Guys Air Conditioning Repairmen](http://www.goettl.com/).”
Ken Goodrich, who acquired Goettl Air Conditioning two years prior, acquired Phoenix contractor Sonoran Air in August, rebranding it Sonoran Air Conditioning and building synergy between the two Arizona HVAC companies.
“Goodrich acquired the company in August and it is now operating under its new name, Sonoran Air Conditioning.”
Greenstar Home Services, a multi-state HVAC and plumbing provider, acquired A-Ames Plumbing and HVAC in Orange County, its seventh acquisition in three years.
“ORANGE COUNTY, Calif. — Greenstar Home Services, a privately held, multi-state provider of HVAC and plumbing services, has acquired A-Ames Plumbing and HVAC, based in Garden Grove, California. This acquisition marks the seventh company Greenstar has acquired in the past three years.”
EMCOR Group, Inc. elected John W. Altmeyer to its Board of Directors on October 23, 2014. He was also awarded restricted stock units as part of the company's director compensation program.
“On October 23, 2014, the Board of the Company elected Mr. John W. Altmeyer to serve as a member of the Board.”
Service Experts CEO Scott J. Boxer reiterates plans to seek strategic growth through additional business development and acquisitions fitting the core business model.
“We plan to expand and grow the center as well as seek strategic growth opportunities through other business development initiatives and acquisitions that fit our core business model.”
Service Experts Heating & Air Conditioning announced a strategic multimillion-dollar acquisition of Maryland-based A-Plus Air Conditioning & Heating, expanding into northeast Virginia and south central Maryland with no service-area overlap.
“Service Experts Heating & Air Conditioning
, Wheeling, Illinois, announced a strategic acquisition of Bryans Road, Maryland-based
A-Plus Air Conditioning & Heating Co.
The multimillion dollar purchase allows Service Experts to expand its footprint into northeast Virginia and south central Maryland.”
Service Experts CEO Scott J. Boxer states the company plans to seek strategic growth via further business development and acquisitions fitting its core model.
“We plan to expand and grow the center as well as seek strategic growth opportunities through other business development initiatives and acquisitions that fit our core business model.”
Service Experts Heating & Air Conditioning announced a multimillion-dollar acquisition of Maryland-based A-Plus Air Conditioning & Heating Co. to expand its footprint into northeast Virginia and south central Maryland.
“Service Experts Heating & Air Conditioning
has announced the acquisition of Bryans Road, Maryland-based
A-Plus Air Conditioning & Heating Co.
The multimillion dollar purchase allows Service Experts to expand its footprint into northeast Virginia and south central Maryland.”
Kenneth D. Goodrich's Tucson Peach LLC, also behind Goettl Air Conditioning and The Sunny Plumber, acquired Phoenix-based HVAC contractor Sonoran Air and rebranded it Sonoran Air Conditioning.
“PHOENIX — Kenneth D. Goodrich, managing partner of Tucson Peach LLC and Goettl Air Conditioning, announced that Tucson Peach has acquired Phoenix-based HVAC contractor Sonoran Air. The company will operate under the new name Sonoran Air Conditioning.”
Tucson Peach LLC, an entity of Kenneth D. Goodrich (also managing partner of Goettl Air Conditioning), acquired Phoenix HVAC contractor Sonoran Air, which will operate as Sonoran Air Conditioning within Goodrich's group of companies.
“Kenneth D. Goodrich, managing partner of Tucson Peach LLC and Goettl Air Conditioning, announced that Tucson Peach has acquired Phoenix-based HVAC contractor Sonoran Air.”
Kenneth D. Goodrich's Tucson Peach LLC (also behind Goettl Air Conditioning and The Sunny Plumber) acquired Phoenix-based HVAC contractor Sonoran Air, rebranding it Sonoran Air Conditioning, as a tuck-in into his group of companies.
“PHOENIX — Kenneth D. Goodrich, managing partner of Tucson Peach LLC and Goettl Air Conditioning, announced that Tucson Peach has acquired Phoenix-based HVAC contractor Sonoran Air. The company will operate under the new name Sonoran Air Conditioning.”
The deal is framed as building on Source's platform as a leading independent provider of commercial refrigeration and HVAC services in North America, with the PE operating partner citing continued commitment to expand the platform.
“Source Refrigeration & HVAC said the acquisition builds on its strong platform as a leading independent provider of commercial refrigeration and HVAC services in North America, serving the nation’s top supermarket chains, many of the largest convenience store chains, and leading telecommunications and industrial companies.”
Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, acquired Houston-based Service Refrigeration LLC, expanding its commercial refrigeration and HVAC service platform into Texas.
“Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, has announced the acquisition of Service Refrigeration LLC, based in Houston.”
Comfort Systems USA, Inc. entered into an Agreement and Plan of Merger to acquire Dyna Ten Corporation for $37.5 million in cash, subject to post-closing adjustments. Dyna Ten will merge into a wholly owned subsidiary of Comfort Systems USA and survive as a wholly owned subsidiary.
“On April 7, 2014, Comfort Systems USA, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Dyna Ten Corporation (“Dyna Ten”), certain of its shareholders, and CSUSA (20), Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”). Subject to the terms and conditions of the Merger Agreement, Dyna Ten will merge with and into the Merger Sub (the “Merger”), with Dyna Ten surviving the Merger as a wholly owned subsidiary of the Company.”
EMCOR Group, Inc. entered into a Fourth Amended and Restated Credit Agreement, providing a $750 million revolving credit facility and $350 million in term loans, with an option to increase the revolver by $300 million. This refinancing replaces the former 2011 credit agreement.
“On November 25, 2013, EMCOR Group, Inc. (the “Company) and EMCOR Group (UK) plc., a wholly-owned subsidiary of the Company (“EMCOR UK”), entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of November 25, 2013 with Bank of Montreal, as Agent, and certain other lenders listed on the signature pages thereof (collectively, the “Lenders”).”
EMCOR Group, Inc. entered into a Purchase and Sale Agreement to acquire all outstanding capital stock of RepconStrickland, Inc. from a group of sellers for approximately $455 million in cash. The acquisition will be financed through available cash and borrowings under EMCOR's revolving credit facility. The transaction is subject to customary closing conditions including HSR clearance.
“On June 17, 2013, EMCOR Group, Inc. (the “Company”), a Delaware corporation, entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Texas Turnaround LLC, a Delaware limited liability company, Altair Strickland Group, Inc., a Texas corporation, Rep Holdings LLC, a Texas limited liability company, ASG Key Employee LLC, a Texas limited liability company, Repcon Key Employee LLC, a Texas limited liability company, Gulfstar MBII, Ltd., a Texas limited partnership, The Trustee of the James T. Robinson and Diana J. Robinson 2010 Irrevocable Trust, The Trustee of the Steven Rothbauer 2012 Descendant’s Trust, The Co-Trustees of the Patia Strickland 2012 Descendant’s Trust, The Co-Trustees of the Carter Strickland 2012 Descendant’s Trust, and The Co-Trustees of the Walton 2012 Grandchildren’s Trust (collectively, “Sellers”) for the Company to acquire all of the outstanding capital stock of RepconStrickland, Inc., a Delaware corporation (along with its subsidiaries, “RepconStrickland”), in exchange for approximately $455 million in cash to be paid to Sellers.”
Arsenal Capital Partners operating partner Sal Gagliardo framed the Fournier and prior TP Electrical acquisitions as part of a deliberate strategy to build Source into the leading Southeast service provider and to keep pursuing further national expansion — an explicit PE roll-up thesis.
“The recent acquisition of TP Electrical and now Fournier demonstrates our commitment to expand Source into the leading service provider in the Southeast and to better serve our valuable national and local customer base. We will continue to review opportunities for further expansion of Source’s national presence and service offering.”
Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, acquired Fournier Air Conditioning and Refrigeration in Florida as a Southeast expansion add-on to its commercial refrigeration/HVAC services platform. A clear PE-backed roll-up add-on.
“ANAHEIM, Calif. — Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, has announced the acquisition of Fournier Air Conditioning and Refrigeration – Florida, based in Jacksonville, Fla.”
Arsenal Capital's operating partner framed the TP Electrical deal as part of a strategy to expand Source's national footprint and build an industry-leading independent refrigeration and HVAC company.
“The acquisition of TP strengthens the capabilities of our existing service and installation operations in the Southeast and supports our overall strategy of continuing to expand our national footprint while we build an industry-leading independent refrigeration and HVAC company.”
PE-backed Source Refrigeration & HVAC, an Arsenal Capital Partners portfolio company, acquired Southeast electrical/EMS contractor TP Electrical as an add-on to its national commercial refrigeration and HVAC services platform.
“Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, has announced the acquisition of TP Electrical, based in White, Ga.”
