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).
Private equity owner American Capital, which had acquired Service Experts in March 2013, exited via the sale to Enercare, receiving $244 million in proceeds and realizing 18 times its investment with a 184 percent compounded annual return.
“Service Experts was previously owned by American Capital, located in Bethesda, Maryland, which acquired the company in March 2013. American Capital received $244 million in proceeds, including fees and assuming full collection of escrow and other holdback amounts, and realized a capital gain of $225 million from the transaction. Over the life of the investment, American Capital realized 18 times its investment in the company and generated a compounded annual rate of return of 184 percent, including interest, dividends, fees, and realized gains.”
Comfort Systems USA, Inc. expanded its Board of Directors from 9 to 11 members and appointed Constance E. Skidmore and Vance W. Tang as directors, effective December 1, 2012. The appointments were made to allow for a transition period before two directors reach the company's mandatory retirement age.
“On November 15, 2012, based on the recommendation of the nominating and corporate governance committee of the Company’s Board and to allow for a transition period before two directors reach the Company’s mandatory retirement age, the Board decided to increase the size of the Board from 9 to 11 directors, effective December 1, 2012, and appointed Constance E. Skidmore and Vance W. Tang as directors.”
A related-article reference in the source notes that Service Experts acquired Jones Heating & Air in September 2012, indicating ongoing HVAC contractor consolidation.
“Sept. 28, 2012: Service Experts Acquires Jones Heating & Air”
Service Experts Heating and Air Conditioning, a 100+ location North American HVAC platform, acquired Jones Heating & Air Co., a local Morristown, Tenn. contractor founded in 1986 — a tuck-in of an independent contractor into a large multi-location brand.
“Service Experts Heating and Air Conditioning announced that it has acquired Jones Heating & Air Co., a Morristown, Tenn., contracting company founded in 1986 by Larry and Cheryl Jones.”
Service Experts Heating and Air Conditioning, one of North America's largest HVAC brands with over 100 locations, acquired Morristown, Tenn. contractor Jones Heating & Air Co.
“Service Experts Heating and Air Conditioning announced that it has acquired Jones Heating & Air Co., a Morristown, Tenn., contracting company founded in 1986 by Larry and Cheryl Jones.”
Service Experts Heating and Air Conditioning has acquired Jones Heating & Air Co., a Morristown, Tennessee-based contracting company founded in 1986. The acquisition expands Service Experts' footprint in Tennessee.
“Service Experts Heating and Air Conditioning announced that it has acquired Jones Heating & Air Co., a Morristown, Tenn., contracting company founded in 1986 by Larry and Cheryl Jones.”
ABM's government business is adversely impacting results due to early termination of U.S. Government contracts, cancelled contracts on government projects, and delays in starting recently awarded contracts. The outlook for this segment remains challenging.
“Government business adversely impacting results and outlook remains challenging DLITE Afghanistan task order bids are being re-evaluated”
ABM is positioning its Facility Solutions business for long-term success by expanding key services including Building & Energy Solutions and Integrated Facility Solutions. The company is leveraging its mobile network to offer bundled HVAC, energy, electrical, plumbing, and other building trades services to drive demand.
“Positioning the business for long-term success by focusing and expanding key services: Building & Energy Integrated Facility Solutions Government Building & Energy Solutions revenue and operating profit for the quarter up 10.3% and 17.5%, respectively”
ABM Industries announced the acquisition of TEGG, a provider of electrical and HVAC maintenance services, to broaden its existing vertical and geographic presence and strengthen its Franchising Group.
“Acquisition of TEGG: Broadens existing vertical and geographic presence Provides clients with more comprehensive solutions Strengthens ABM's Franchising Group”
SCIenergy Inc. has completed its acquisition of Transcend Equity, a provider of energy-saving retrofits for commercial buildings. The deal positions SCIenergy as a global leader in Energy Efficiency as-a-Service and includes a joint venture agreement with Mitsui & Co. (U.S.A.) Inc.
“SCIenergy Inc., a leader in providing cloud-based energy management solutions for building owners and operators, announced that it has successfully completed the acquisition of Transcend Equity, a leader in delivering energy saving retrofits for commercial buildings.”
John C. Flood, a D.C.-area home-services contractor, acquired Ronnie Outlaw LC, an Arlington, Va. HVAC company, planning to expand the acquired customer base into plumbing, electrical, and remodeling services.
“John C. Flood Inc. has announced the acquisition of Ronnie Outlaw LC of Arlington, Va.”
John C. Flood Inc. of Alexandria, Va., acquired Ronnie Outlaw LC of Arlington, Va., expanding its HVAC customer base and cross-selling plumbing, electrical and remodeling services.
“John C. Flood Inc. has announced the acquisition of Ronnie Outlaw LC of Arlington, Va.”
EMCOR Group, Inc. and its subsidiary EMCOR Group (UK) plc entered into a Third Amended and Restated Credit Agreement establishing a $750 million revolving credit facility, with an option to increase borrowings by up to an additional $150 million. The agreement amends and restates the prior credit agreement dated February 4, 2010.
“On November 21, 2011, EMCOR Group, Inc. (the “Company) and EMCOR Group (UK) plc., a wholly-owned subsidiary of the Company (“EMCOR UK”), entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of November 21, 2011 with Bank of Montreal, as Agent, and certain other lenders listed on the signature pages thereof (collectively, the “Lenders”).”
Comfort Systems USA's Board formally selected Brian E. Lane, the company's President and COO, as the named successor to CEO William F. Murdy. Lane is expected to assume the CEO role upon Murdy's retirement on December 31, 2011, while Murdy will continue as non-executive Chairman.
“On November 15, 2011, based on the recommendation of its nominating and corporate governance committee, the Board of Directors (the “Board”) of Comfort Systems USA, Inc. (the “Company”) formally selected Brian E. Lane, the Company’s President and Chief Operating Officer, as the named successor to William F. Murdy as the Company’s Chief Executive Officer. The Board anticipates that Mr. Lane will be elected to the position of Chief Executive Officer upon Mr. Murdy’s retirement as Chief Executive Officer on December 31, 2011.”
Comfort Systems USA, Inc. announced the acquisition of a majority interest in Environmental Air Systems, a mechanical contractor based in Greensboro, North Carolina. The deal was reported in a press release dated November 3, 2011.
“Attached as Exhibit 99.3 is a copy of a press release of the Company dated November 3, 2011 announcing the Company’s acquisition of a majority interest in Environmental Air Systems, a mechanical contractor headquartered in Greensboro, North Carolina.”
Comfort Systems USA, Inc. entered into an amendment to its senior credit facility on September 23, 2011, with a syndicate of banks led by Wells Fargo. The amended facility extends maturity to September 2016 and adjusts financial covenants, including leverage and fixed charge coverage ratios.
“On September 23, 2011, the Company entered into an Amendment No. 1 to Second Amended and Restated Credit Agreement, Second Amended and Restated Security Agreement, and Second Amended and Restated Pledge Agreement (the “Amendment” and, together with the Facility, the “Amended Facility”) with the Guarantors, the Agent, and the Lenders.”
Comfort Systems USA · Sponsor Bank of Texas, N.A. · Lender Branch Bank & Trust Company (BB&T) · Lender Capital One, N.A. · Lender Regions Bank · Lender Wells Fargo Bank, National Association · Lender
American Residential Services (ARS), a portfolio company of PE firm CI Capital Partners, completed the acquisition of HVAC contractor Columbus/Worthington Air to expand its footprint in the Columbus, Ohio market. CWA continues as a standalone business.
“NEW YORK - CI Capital Partners LLC, a New York-based private equity firm, announced that its portfolio company American Residential Services L.L.C. (ARS), a national provider of HVAC and plumbing equipment and services, has completed an acquisition to increase its penetration in the Columbus, Ohio, metropolitan market.”
CI Capital Partners' portfolio company ARS completed the acquisition of Columbus/Worthington Air, a residential and light commercial HVAC contractor with ~$7.5M revenue, to expand in the Columbus, Ohio market.
“CI Capital Partners LLC, a New York-based private equity firm, announced that its portfolio company American Residential Services L.L.C. (ARS), a national provider of HVAC and plumbing equipment and services, has completed an acquisition to increase its penetration in the Columbus, Ohio, metropolitan market.”
CI Capital's managing director framed the ARS acquisitions as the continued implementation of a buy-and-build roll-up strategy in the residential home services sector.
“Thomas Ritchie, managing director at CI Capital, said, “With the acquisitions of Brothers and CWA, ARS continues the successful implementation of its buy-and-build strategy in the residential services sector.”
American Residential Services (ARS), a portfolio company of PE firm CI Capital Partners, completed two add-on acquisitions—Brothers Air and Heat (Charlotte) and Columbus/Worthington Air (Columbus)—to expand its regional footprint.
“NEW YORK - CI Capital Partners LLC, a New York-based private equity firm, announced that its portfolio company American Residential Services L.L.C. (ARS), a national provider of HVAC and plumbing equipment and services, has completed two acquisitions to increase its penetration in the Charlotte, N.C., and Columbus, Ohio, metropolitan markets.”
CI Capital framed the ARS acquisitions as continued execution of a buy-and-build consolidation strategy in residential home services.
“With the acquisitions of Brothers and CWA, ARS continues the successful implementation of its buy-and-build strategy in the residential services sector.”
CI Capital Partners' portfolio company American Residential Services (ARS) completed acquisitions of Brothers Air and Heat (Charlotte) and Columbus/Worthington Air (Columbus) to expand its regional footprint as part of a buy-and-build roll-up strategy.
“CI Capital Partners LLC, a New York-based private equity firm, announced that its portfolio company American Residential Services L.L.C. (ARS), a national provider of HVAC and plumbing equipment and services, has completed two acquisitions to increase its penetration in the Charlotte, N.C., and Columbus, Ohio, metropolitan markets.”
ARS/Rescue Rooter stated it has been expanding its national network through both organic growth and acquisitions since 2006, and continues to seek additional acquisition opportunities with home-services entrepreneurs.
“ARS/Rescue Rooter, headquartered in Memphis, Tenn., noted that it has been expanding the ARS/Rescue Rooter Network nationally through organic growth and acquisitions since 2006.”
American Residential Services' ARS/Rescue Rooter acquired the assets of D.C.-based McCarthy Services, a leading HVAC and plumbing provider, marking its first acquisition in the Washington, D.C. market as part of its network expansion through acquisitions.
“ARS®/Rescue Rooter®, a privately held, nationwide provider of air conditioning, heating, plumbing, insulation, radiant barrier, and ventilation services, has announced the acquisition of the assets of Washington, D.C.-based McCarthy Services.”
ARS/Rescue Rooter stated it has been expanding its network nationally through both organic growth and acquisitions since 2006, and continues to seek additional acquisition opportunities.
“ARS/Rescue Rooter, headquartered in Memphis, Tenn., noted that it has been expanding the ARS/Rescue Rooter Network nationally through organic growth and acquisitions since 2006.”
American Residential Services' ARS/Rescue Rooter acquired the assets of D.C.-based McCarthy Services, its first acquisition in the Washington, D.C. market, expanding its residential/commercial HVAC and plumbing services.
“ARS®/Rescue Rooter®, a privately held, nationwide provider of air conditioning, heating, plumbing, insulation, radiant barrier, and ventilation services, has announced the acquisition of the assets of Washington, D.C.-based McCarthy Services.”
ARS/Rescue Rooter stated it has been expanding its national network through organic growth and acquisitions since 2006.
“ARS/Rescue Rooter, headquartered in Memphis, Tenn., noted that it has been expanding the ARS/Rescue Rooter Network nationally through organic growth and acquisitions since 2006.”
American Residential Services' ARS/Rescue Rooter acquired the assets of D.C.-based McCarthy Services, a leading HVAC and plumbing provider, its first acquisition in the Washington, D.C. market.
“McCarthy Services is our first acquisition in the Washington, D.C., market. We continue to seek additional opportunities to partner with entrepreneurs who share our commitment to total customer satisfaction in the home services industry,”
ARS/Rescue Rooter stated it has been expanding its network nationally through organic growth and acquisitions since 2006 and continues to seek additional opportunities.
“ARS/Rescue Rooter, headquartered in Memphis, Tenn., noted that it has been expanding the ARS/Rescue Rooter Network nationally through organic growth and acquisitions since 2006.”
American Residential Services' ARS/Rescue Rooter acquired the assets of D.C.-based McCarthy Services, its first acquisition in the Washington, D.C. market.
“ARS®/Rescue Rooter®, a privately held, nationwide provider of air conditioning, heating, plumbing, insulation, radiant barrier, and ventilation services, has announced the acquisition of the assets of Washington, D.C.-based McCarthy Services.”
EMCOR's CEO states the company is committed to pursuing attractive acquisition targets to grow, alongside organic growth, indicating an active M&A strategy in the mechanical and electrical construction and facilities services sectors.
“We are committed to growing both organically through disciplined project bidding and solid execution, and through the continued pursuit of attractive acquisition targets, as evidenced by our recent acquisition of Harry Pepper & Associates.”
EMCOR Group sold its equity interest in its Middle East venture to its venture partner, recording a pre-tax gain of $7.9 million in Q2 2010.
“a pre-tax gain of $7.9 million, or $0.12 per diluted share after-tax, in the 2010 second quarter from the gain on the sale of the Company's equity interest in its Middle East venture to its venture partner”
EMCOR Group, Inc. completed the acquisition of Harry Pepper & Associates, as referenced by its Chairman and CEO in the Q3 2010 earnings press release. The acquisition is cited as evidence of EMCOR's commitment to pursuing attractive acquisition targets.
“We are committed to growing both organically through disciplined project bidding and solid execution, and through the continued pursuit of attractive acquisition targets, as evidenced by our recent acquisition of Harry Pepper & Associates.”
ARS framed the Conway Services purchase as aligning with its strategic vision for growth and national network expansion.
“We partnered with Conway Services to be a part of our national network because its commitment to total customer satisfaction and doing things right the first time coincides with our strategic vision for growth”
ARS/Rescue Rooter purchased Memphis-based Conway Services Heating, Cooling & Plumbing, one of the largest service providers in the Mid-South; founder John Conway stays on to run it.
“ARS/Rescue Rooter, a nationwide provider of air conditioning, heating, and plumbing services, has announced the purchase of Memphis, Tenn.-based Conway Services Heating, Cooling & Plumbing.”
ARS/Rescue Rooter purchased Memphis-based Conway Services Heating, Cooling & Plumbing, one of the largest service providers in the Mid-South, with founder John Conway continuing to manage the business.
“ARS/Rescue Rooter, a nationwide provider of air conditioning, heating, and plumbing services, has announced the purchase of Memphis, Tenn.-based Conway Services Heating, Cooling & Plumbing.”
ARS's CEO framed the Beutler deal as part of an ongoing strategy of building a nationwide HVAC and plumbing footprint by continually adding quality service providers.
“We are building a nationwide HVAC and plumbing footprint by continuing to add quality service providers such as Beutler,”
ARS/Rescue Rooter acquired the Residential Services Division of Beutler Corp. and formed a strategic alliance with Beutler to enter the Northern California market, rebranding service/replacement work as Beutler/ARS Air Conditioning Services.
“ARS/Rescue Rooter, a privately held, nationwide provider of air conditioning, heating, and plumbing services, has announced the purchase of the Residential Services Division of Beutler Corp. and the formation of a strategic alliance with Beutler in Northern California.”
ARS/Rescue Rooter's CEO described an ongoing roll-up strategy of adding quality service providers to build a nationwide HVAC and plumbing footprint.
““We are building a nationwide HVAC and plumbing footprint by continuing to add quality service providers such as Beutler,” said Don Karnes, ARS/Rescue Rooter chief executive officer.”
ARS/Rescue Rooter purchased the Residential Services Division of Beutler Corp. and formed a strategic alliance with Beutler in Northern California, entering the Sacramento-area market under the Beutler/ARS brand.
“SACRAMENTO, Calif. - ARS/Rescue Rooter, a privately held, nationwide provider of air conditioning, heating, and plumbing services, has announced the purchase of the Residential Services Division of Beutler Corp. and the formation of a strategic alliance with Beutler in Northern California.”
ARS/Rescue Rooter's CEO framed the Beutler deal as part of an explicit strategy of building a nationwide HVAC and plumbing footprint by continuing to add service providers.
“We are building a nationwide HVAC and plumbing footprint by continuing to add quality service providers such as Beutler”
ARS/Rescue Rooter purchased the Residential Services Division of Beutler Corp. and formed a strategic alliance with Beutler to enter the Northern California market, operating as Beutler/ARS.
“ARS/Rescue Rooter, a privately held, nationwide provider of air conditioning, heating, and plumbing services, has announced the purchase of the Residential Services Division of Beutler Corp. and the formation of a strategic alliance with Beutler in Northern California.”
ARS framed the Beutler deal as its entry into the Northern California market and stated an intent to replicate such strategic alliances nationwide as part of building a nationwide HVAC and plumbing footprint.
““We are building a nationwide HVAC and plumbing footprint by continuing to add quality service providers such as Beutler,” said Don Karnes, ARS/Rescue Rooter chief executive officer.”
ARS/Rescue Rooter purchased the Residential Services Division of Beutler Corp. and formed a strategic alliance with Beutler in Northern California, expanding service and replacement business under the Beutler/ARS brand.
“ARS/Rescue Rooter, a privately held, nationwide provider of air conditioning, heating, and plumbing services, has announced the purchase of the Residential Services Division of Beutler Corp. and the formation of a strategic alliance with Beutler in Northern California.”
Comfort Systems USA, Inc. entered into a stock purchase agreement to acquire all outstanding stock of ColonialWebb Contractors Company for approximately $81.3 million, consisting of $57.1 million in cash and $24.2 million in notes, with a working capital adjustment and four-year earn-out.
“On July 28, 2010, Comfort Systems USA, Inc. (the “Company”) entered into a stock purchase agreement (the “Stock Purchase Agreement”) to purchase all of the issued and outstanding stock of ColonialWebb Contractors Company (“ColonialWebb”) from HWWJR LC, HMWSR LC, Mitchell Frederick Haddon, Gary Jon Warness, and Curtis Michael Wood.”
Comfort Systems USA, Inc. completed the acquisition of ColonialWebb Contractors Company, purchasing all of its issued and outstanding stock. The deal was announced on July 28, 2010, and ColonialWebb became a wholly-owned subsidiary of Comfort Systems USA.
“Comfort Systems USA, Inc. (the “Company”) entered into a stock purchase agreement (the “Stock Purchase Agreement”), dated July 28, 2010, to purchase all of the issued and outstanding stock of ColonialWebb Contractors Company, a Virginia corporation (“ColonialWebb”). As a result of the acquisition, ColonialWebb is a wholly-owned subsidiary of the Company.”
Comfort Systems USA, Inc. completed the acquisition of ColonialWebb, as evidenced by the filing of a Stock Purchase Agreement dated July 28, 2010, and the inclusion of ColonialWebb's audited financial statements in this amended 8-K filing.
“Press release dated July 28, 2010 (i) announcing the Company’s acquisition of ColonialWebb and (ii) discussing the Company’s second quarter earnings”
Comfort Systems USA, Inc. entered into an amended and restated senior credit facility on July 16, 2010, arranged by Wells Fargo Bank and provided by a syndicate of banks. The new $125 million revolving line of credit replaces the prior 2007 facility and matures in July 2014.
“On July 16, 2010, Comfort Systems USA, Inc. (the “Company”) entered into an amended and restated senior credit facility (the “Facility”) arranged by Wells Fargo Bank, National Association and provided by a syndicate of banks including Bank of Texas, N.A., Capital One, N.A., Regions Bank, and Branch Bank & Trust Company (BB&T).”
Comfort Systems USA · Mentioned Bank of Texas, N.A. · Lender Branch Bank & Trust Company · Lender Capital One, N.A. · Lender Regions Bank · Lender Wells Fargo Bank, National Association · Lender
