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).
ARS purchased the assets of several Las Vegas and Phoenix air conditioning and plumbing businesses, acquiring 24/7 Service Corporation (operating Yes! Air Conditioning, Yes! Plumbing, and Sunset Sheet Metal & Air Conditioning) as part of building a nationwide footprint.
“LAS VEGAS - American Residential Services LLC (ARS), a privately held, nationwide provider of heating, air conditioning, and plumbing services through the ARS and Rescue Rooter brands, has purchased the assets of several air conditioning and plumbing businesses operating in Las Vegas and Phoenix. ARS acquired 24/7 Service Corporation, which operates Yes! Air Conditioning, Yes! Plumbing, and Sunset Sheet Metal & Air Conditioning.”
ARS framed the acquisition as part of an ongoing strategy to build a nationwide HVAC and plumbing footprint by continuing to add service providers, a stated consolidation strategy.
“We are building a nationwide HVAC and plumbing footprint by continuing to add quality service providers such as Yes! and Sunset”
American Residential Services (ARS/Rescue Rooter) purchased the assets of several Las Vegas and Phoenix air conditioning and plumbing businesses, acquiring 24/7 Service Corporation, which operates Yes! Air Conditioning, Yes! Plumbing, and Sunset Sheet Metal & Air Conditioning, as part of building a nationwide HVAC/plumbing footprint.
“American Residential Services LLC (ARS), a privately held, nationwide provider of heating, air conditioning, and plumbing services through the ARS and Rescue Rooter brands, has purchased the assets of several air conditioning and plumbing businesses operating in Las Vegas and Phoenix. ARS acquired 24/7 Service Corporation, which operates Yes! Air Conditioning, Yes! Plumbing, and Sunset Sheet Metal & Air Conditioning.”
American Residential Services acquired Universal Heating and Cooling of Atlanta; it will operate as Universal/ARS and its CEO joins ARS senior management.
“American Residential Services LLC, a privately held, nationwide provider of heating, air conditioning, and plumbing services through the ARS® and Rescue Rooter® brands, has acquired Universal Heating and Cooling of Atlanta and Air-Trol Heating and Air Conditioning of Indianapolis.”
ARS acquired Universal Heating and Cooling of Atlanta and Air-Trol Heating and Air Conditioning of Indianapolis, expanding its HVAC and plumbing footprint in Atlanta and central Indiana.
“American Residential Services LLC, a privately held, nationwide provider of heating, air conditioning, and plumbing services through the ARS® and Rescue Rooter® brands, has acquired Universal Heating and Cooling of Atlanta and Air-Trol Heating and Air Conditioning of Indianapolis.”
EMCOR's CEO Frank MacInnis commented that Jerry Ryan's experience will be valuable as the company continues to grow its industrial operations following its acquisition of Ohmstede, Limited.
“Jerry's breadth of experience, especially in industrial maintenance, services, and manufacturing of mission critical components will be a source of wise counsel to us as we continue to grow our industrial operations following our acquisition of Ohmstede, Limited.”
EMCOR Group, Inc. elected Jerry E. Ryan to its Board of Directors on December 13, 2007, increasing the board to eight members. Mr. Ryan is a former owner and past Chairman/CEO of Fintube Limited Partnership, bringing experience in industrial maintenance, services, and manufacturing relevant to EMCOR's operations.
“On December 13, 2007 the Board of the Company elected Mr. Jerry E. Ryan to serve as a member of the Board.”
EMCOR Group reported 13.8% organic revenue growth in Q3 2007, driven by strong performance across all North American segments, particularly U.S. Mechanical, Electrical, and Facilities Services. The company noted robust markets and strong demand for its services.
“After excluding revenues from 2007 acquisitions, organic revenue growth in the 2007 third quarter was 13.8%.”
EMCOR Group, Inc. completed its acquisition of Ohmstede, Ltd., a provider of aftermarket maintenance, repair, and fabrication services for heat exchangers in the refinery and petrochemical industries, for approximately $455 million in cash. The deal was slightly accretive to diluted earnings per share in Q3 2007.
“During the quarter, the Company completed its acquisition of Ohmstede, Ltd. ("Ohmstede"), the leading provider of aftermarket maintenance and repair services, replacement parts and fabrication services for highly engineered shell and tube heat exchangers for the refinery and petrochemical industries, for approximately $455 million in cash, as previously announced.”
Caxton-Iseman Capital's portfolio includes American Residential Services L.L.C., described as one of the nation's leading providers of HVAC and plumbing services. This highlights private equity interest in the home services trades.
“American Residential Services L.L.C., one of the nation’s leading providers of HVAC and plumbing services”
ARS framed the Florida Home acquisition as part of an ongoing national consolidation strategy of adding quality service providers to expand its footprint.
“ARS is currently focused on growth through the addition of quality service providers as we continue to expand nationwide,”
American Residential Services (ARS), a nationwide HVAC provider, purchased Jacksonville-based Florida Home Air Conditioning Co. as part of an acquisition-driven national growth strategy. The acquired company retains its name and management.
“American Residential Services L.L.C. (ARS), a privately held, nationwide provider of HVAC services, has purchased Jacksonville-based Florida Home Air Conditioning Co. as part of its strategy for continued growth through acquisitions.”
EMCOR Group, Inc. completed its acquisition of all outstanding capital stock of FR X Ohmstede Acquisitions Co. (Ohmstede) on September 19, 2007, for approximately $457 million in cash. Ohmstede became a wholly owned subsidiary of EMCOR.
“On September 19, 2007, EMCOR Group, Inc., a Delaware corporation (the “Company”), completed its acquisition of all of the outstanding capital stock of FR X Ohmstede Acquisitions Co., a Delaware corporation (along with its subsidiaries, “Ohmstede”), pursuant to a Purchase and Sale Agreement, dated August 20, 2007 (the “Purchase Agreement”), with FR X Ohmstede Holdings LLC, a Delaware limited liability company (“Ohmstede Holdings”). As a result of the acquisition, Ohmstede became a wholly owned subsidiary of the Company.”
EMCOR Group, Inc. entered into a Term Loan Agreement with Bank of Montreal and other lenders for a $300 million term loan, with an option to increase borrowings by up to $150 million. The loan is secured by substantially all assets of the company and its U.S. subsidiaries.
“The Loan Agreement provides for a term loan to the Company of $300,000,000. If the Company so desires it may identify one or more additional lenders (which may include existing Term Loan Lenders) willing to participate, or increase their participation, in the Loan Agreement, and thereby increase the Company’s borrowings under the Loan Agreement by up to an additional $150,000,000”
EMCOR Group, Inc. entered into a $300 million term loan agreement to finance a portion of the consideration for its acquisition of FR X Ohmstede Acquisition Co. The transaction closed on September 19, 2007.
“The $300,000,000 loan proceeds were used to pay a portion of the consideration for the acquisition of FR X Ohmstede Acquisition Co., a Delaware corporation (“Ohmstede”), and costs and expenses incident thereto.”
EMCOR Group, Inc. completed the acquisition of all outstanding capital stock of FR X Ohmstede Acquisitions Co. from FR X Ohmstede Holdings LLC, a portfolio company of First Reserve Fund X, L.P. The deal was originally reported on September 21, 2007, and this filing provides the required financial statements.
“EMCOR Group, Inc., a Delaware corporation (“EMCOR”), completed the acquisition of all of the outstanding capital stock of FR X Ohmstede Acquisitions Co., a Delaware corporation (“Ohmstede”), pursuant to a Purchase and Sale Agreement, dated August 20, 2007 (the “Purchase Agreement”) with FR X Ohmstede Holdings LLC, a Delaware limited liability company (“Ohmstede Holdings”).”
EMCOR Group Inc. · Acquirer FR X Ohmstede Acquisitions Co. · Target FR X Ohmstede Holdings LLC · Parent First Reserve Fund X, L.P. · Sponsor
ARS stated it is actively focused on growth through acquiring quality service providers as it expands nationwide, signaling an ongoing roll-up strategy in HVAC services.
““ARS is currently focused on growth through the addition of quality service providers as we continue to expand nationwide,” said Dave Slott, president and chief operating officer of American Residential Services.”
American Residential Services (ARS) purchased Jacksonville-based Florida Home Air Conditioning Co. as part of its nationwide growth-through-acquisition strategy, expanding into the north Florida market. Owner and staff retained.
“JACKSONVILLE, Fla. - American Residential Services L.L.C. (ARS), a privately held, nationwide provider of HVAC services, has purchased Jacksonville-based Florida Home Air Conditioning Co. as part of its strategy for continued growth through acquisitions.”
EMCOR Group, Inc. entered into a definitive agreement to acquire FR X Ohmstede Acquisitions Co. (Ohmstede) from FR X Ohmstede Holdings LLC, a portfolio company of private equity firm First Reserve Corporation, for approximately $457 million in cash. The acquisition will be financed through available cash and up to $350 million in debt financing.
“On August 20, 2007, EMCOR Group, Inc. (the “Company”), a Delaware corporation, entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with FR X Ohmstede Holdings LLC, a Delaware limited liability company (“Ohmstede Holdings”), for the Company to acquire all of the outstanding capital stock of FR X Ohmstede Acquisitions Co., a Delaware corporation (along with its subsidiaries, “Ohmstede”), in exchange for approximately $457 million in cash to be paid to Ohmstede Holdings. Ohmstede Holdings is a portfolio company of private equity firm First Reserve Corporation.”
EMCOR Group Inc. · Acquirer FR X Ohmstede Acquisitions Co. · Target FR X Ohmstede Holdings LLC · Target First Reserve Corporation · Sponsor
Steven S. Harter resigned from the board of directors of Comfort Systems USA, effective February 26, 2007. He also served on the audit committee.
“In a letter dated February 26, 2007 addressed to the Company, Steven S. Harter resigned from the board of directors of the Company effective February 26, 2007. Prior to his resignation Mr. Harter served on the audit committee of the board of directors.”
Source Refrigeration & HVAC (later CoolSys), a leading independent commercial refrigeration services provider in 12 Western states, was acquired by PE firm Arsenal Capital Partners from Valor Equity Management and Denargo Capital. Management retained a meaningful stake.
“Source Refrigeration & HVAC Inc. announced that it has been acquired by Arsenal Capital Partners, a New York-based private equity firm that invests in middle-market manufacturing and services companies. Arsenal acquired Source from Valor Equity Management and Denargo Capital LLC. Source's management will continue to own a meaningful stake in the company.”
The acquisition of Barnett Heating and Air increases Buckeye's regional scope, augmenting its existing Energy King operation in Sacramento and allowing the enterprise to consolidate overhead and expand its footprint in central California.
“The new acquisition will increase Buckeye’s revenue stream, contributing an expected $3.5 million boost to annual revenue. It also increases Buckeye’s scope of operations regionally, augmenting Buckeye’s existing Energy King operation based in Sacramento.”
Buckeye Ventures, Inc. announced the acquisition of Barnett Heating and Air Conditioning Services, Inc., a Modesto, California-based HVAC company founded in 1961. The deal is expected to add $3.5 million to Buckeye's annual revenue and expand its regional operations, leveraging synergies with its existing Energy King operation in Sacramento.
“Buckeye Ventures, Inc. (OTCBB:BEYV - News) announced today that it has acquired Barnett Heating and Air Conditioning Services, Inc., based in Modesto, California.”
Energy King · Subsidiary Barnett Heating and Air Conditioning Services, Inc. · Target Buckeye Ventures, Inc. · Acquirer
Linc Facility Services LLC (LFS) has purchased Ferguson-Williams LLC, a provider of facility operations and maintenance services to the federal government. The acquisition is intended to expand LFS's international facility management footprint and better serve customers in the federal market. Ferguson-Williams will retain its name but be branded as 'A Linc Facility Services Company'.
“HOUSTON - Linc Facility Services LLC (LFS) has purchased Ferguson-Williams LLC, a provider of facility operations and maintenance services to the federal government.”
Comfort Systems USA, Inc. sold certain assets of its wholly-owned subsidiary ARC Comfort Systems USA, Inc. to Mesa Energy Systems, Inc., a subsidiary of EMCOR Group, Inc., for approximately $0.7 million in cash. The company is also shutting down the remaining operations of ARC.
“On June 1, 2006, Comfort Systems USA, Inc. (the “Company”) along with its wholly-owned subsidiary, ARC Comfort Systems USA, Inc. (“ARC”), entered into an asset purchase agreement to sell certain assets of ARC to Mesa Energy Systems, Inc. (a subsidiary of EMCOR Group, Inc.) for approximately $0.7 million in cash, subject to a purchase price adjustment based upon the closing balance sheet for the transferred assets.”
Leicle E. Chesser resigned as Executive Vice President and CFO of EMCOR Group, Inc. and was elected to the newly created position of Vice Chairman. Mark A. Pompa was elected as the new Executive Vice President and CFO.
“On April 3, 2006, Mr. Chesser resigned as Executive Vice President and Chief Financial Officer of the Company and was elected to the position of Vice Chairman of the Company. In addition, on April 3, 2006, Mark A. Pompa, the Company's Senior Vice President-Chief Accounting Officer and Treasurer was elected to the position of Executive Vice President and Chief Financial Officer of the Company.”
The filing highlights a consolidation trend in the HVAC and plumbing trades, with Buckeye Ventures aiming to roll up small and mid-sized contractors into a national conglomerate. CEO Alan Mintz's background includes significant M&A activity in the HVAC industry, including roles at ARS and Blue Dot Services.
“Mr. Mintz together with Larry Weinstein worked on the development of the business plan of Buckeye to consolidate small and mid sized local and regional and HVAC and plumbing contractors into a national conglomerate. Mr. Mintz has spent more than 35 years working in many areas of the HVAC industry, serving as an HVAC contractor for over 20 years and later served as a mergers and acquisitions consultant to the industry.”
Following the reverse acquisition, Alan Mintz was named CEO and Chairman of the Board of Directors of the Company. Mintz has over 35 years of experience in the HVAC industry, including serving as Western Regional VP for ARS and SVP at Blue Dot Services where he acquired over 100 companies.
“the Company named Alan Mintz CEO and Chairman of the Board of Directors.”
Buckeye Ventures' business plan is to consolidate small and mid-sized local and regional HVAC and plumbing contractors into a national conglomerate. The newly appointed CEO, Alan Mintz, has extensive experience in HVAC consolidation, including acquiring over 100 companies for Blue Dot Services.
“During the past two years, Mr. Mintz together with Larry Weinstein worked on the development of the business plan of Buckeye to consolidate small and mid sized local and regional and HVAC and plumbing contractors into a national conglomerate.”
Comfort Systems USA, Inc. extended the employment agreement of Thomas N. Tanner, Executive Vice President and Chief Operating Officer, effective until August 23, 2008. This leadership change is tied to the company's corporate governance and executive retention.
“On January 27, 2006, Comfort Systems USA, Inc., a Delaware corporation (the “Registrant”) extended the existing employment agreement with Thomas N. Tanner, Executive Vice President and Chief Operating Officer of the Registrant. The term of Mr. Tanner’s existing employment agreement was extended so that the employment agreement is effective until August 23, 2008.”
Automated Logic Corp., a Carrier company and unit of United Technologies Corp., has acquired two independent dealers from Comfort Systems USA: United Environmental Services L.P. of Houston and Comfort Systems USA of Twin Cities Inc. of Minneapolis. These acquisitions mark the creation of Automated Logic's first branch offices.
“Automated Logic Corp., a Carrier company and a unit of United Technologies Corp. (UTC), has acquired two of Comfort Systems USA's independent dealers - United Environmental Services L.P. of Houston, and Comfort Systems USA of Twin Cities Inc. of Minneapolis.”
Comfort Systems USA, Inc. entered into an asset purchase agreement to sell substantially all assets of its wholly-owned subsidiaries United Environmental Services, L.P. and Comfort Systems USA (Twin Cities), Inc. to Automated Logic Corporation and Automated Logic Contracting Services, Inc. for approximately $22.4 million in cash. The transaction closed on December 31, 2005.
“On December 31, 2005, Comfort Systems USA, Inc. (the “Company”) along with two of its wholly-owned subsidiaries, United Environmental Services, L.P. (“UES”) and Comfort Systems USA (Twin Cities), Inc. (“Twin Cities”), entered into an asset purchase agreement to sell substantially all of the assets of UES and Twin Cities to Automated Logic Corporation and Automated Logic Contracting Services, Inc. (together, “ALC”) for approximately $22.4 million in cash, net of transaction costs and a purchase price adjustment based upon the closing balance sheet for the transferred assets.”
Comfort Systems USA · Parent Automated Logic Contracting Services, Inc. · Acquirer Automated Logic Corporation · Acquirer Comfort Systems USA (Twin Cities), Inc. · Subsidiary United Environmental Services, L.P. · Subsidiary
Emerson Climate Technologies announced the acquisition of Oaksmere Refrigeration Design and Consultancy Ltd., a UK-based provider of design, project management, and maintenance management for the supermarket retail industry. The deal aims to expand Emerson's customer base and enhance its solutions for the global supermarket industry.
“Emerson Climate Technologies, a business of Emerson, has announced the acquisition of Oaksmere Refrigeration Design and Consultancy Ltd., a leading provider in the United Kingdom of design, project management, and maintenance management for the supermarket retail industry.”
Toromont Industries, through its CIMCO Refrigeration Division, has acquired Engineered Refrigeration Systems Inc. (ERS), a privately owned industrial refrigeration equipment supplier based in Mobile, Alabama. The acquisition expands CIMCO's North American coverage and is expected to increase annual revenues by approximately $15 million Canadian. ERS results have been included in Toromont's consolidated financial statements since December 1, 2004.
“Toromont Industries' CIMCO Refrigeration Division has acquired Engineered Refrigeration Systems Inc. (ERS), a privately owned company based in Mobile, Ala.”
ARS is described as the largest publicly held U.S. company providing comprehensive HVAC, plumbing, electrical and appliance services to homes, with ~$149 million in acquired annualized revenue in the first half of 1997.
“American Residential Services is the largest publicly held company in the United States engaged principally in providing comprehensive maintenance, repair, replacement and new equipment installation services for heating, air conditioning, plumbing, electrical, indoor air quality systems and major home appliances”
Maurice Maio characterized industry consolidation as inevitable, saying he was hounded for months and chose to join the largest consolidator (ARS) for the future of his business.
““Consolidation is the wave and we were hounded by them for several months,” said Maurice Maio. “I felt it would be in the best interest of Maio Plumbing and for the future of Maio Marketing to join up with the largest consolidator.””
ARS made 12 other acquisitions (14 total) in Q2 1997, totaling roughly $45 million in historical annualized revenues and carrying ARS into five new markets — an aggressive roll-up pace.
“ARS made 12 other acquisitions (14 total) in the second quarter of 1997, totaling approximately $45 million in historical annualized revenues. The acquisitions carried ARS into five new markets.”
American Residential Services (ARS) acquired Maio Plumbing, Heating and Air and Maio Marketing Systems, two San Diego-based companies, as pooling-of-interest transactions.
“The two San Diego, CA-based companies - Maio Plumbing, Heating and Air Inc. and Maio Marketing Systems Inc. - were acquired as pooling of interest transactions.”
The SEER Group acquired Alexander's Heating & Air Conditioning, Black Lion Heating & Air Conditioning, Brennan Heating & Air Conditioning, Lifetime Heating, Cooling, & Electric, Nolan Heating & Air, Performance Mechanical Group, Puyallup Heating & Air Conditioning, Raymark Plumbing & Sewer, Spokane Comfort Systems, Taylor Heating & Air Conditioning, Sturm Heating & Air Conditioning, and The Barton Boys Heating & Air Conditioning in the last 6 years.
“A different firm called "The SEER Group" acquired these in the last 6 years: Alexander's Heating & Air Conditioning (Puget Sound) Black Lion Heating & Air Conditioning (Puget Sound) Brennan Heating & Air Conditioning (Puget Sound) Lifetime Heating, Cooling, & Electric (Puget Suond) Nolan Heating & Air (Colfax/Whitman County) Performance Mechanical Group (Puget Sound) Puyallup Heating & Air Conditioning (Pierce County) Raymark Plumbing & Sewer (Puget Sound) Spokane Comfort Systems (Spokane) Taylor Heating & Air Conditioning (Puget Sound) Sturm Heating & Air Conditioning (Spokane) The Barton Boys Heating & Air Conditioning (Spokane)”
Nolan Heating & Air · Target Sturm Heating & Air Conditioning · Target The SEER Group · Acquirer Alexander's Heating & Air Conditioning · Target Black Lion Heating & Air Conditioning · Target Brennan Heating & Air Conditioning · Target Lifetime Heating, Cooling, & Electric · Target Performance Mechanical Group · Target Puyallup Heating & Air Conditioning · Target Raymark Plumbing & Sewer · Target Spokane Comfort Systems · Target Taylor Heating & Air Conditioning · Target
A national roll-up private equity firm called Apex Service Partners based in Tampa, FL quietly acquired BelRed Energy Solutions, Cougar Mechanical, CPI Plumbing & Heating, Gene Johnson Plumbing, Henco Plumbing, and Sunset Heating & Cooling in the last 2-3 years.
“A national roll-up private equity firm called "Apex Service Partners" based in Tampa, FL quietly acquired these firms in the last 2-3 years: BelRed Energy Solutions (Puget Sound) Cougar Mechanical/Cougar Heating (Spokane) CPI Plumbing & Heating (Mount Vernon/Skagit County) Gene Johnson Plumbing (Puget Sound) Henco Plumbing (Vancouver/Clark County) Sunset Heating & Cooling (Portland)”
The speakers describe how private equity firms like Apex Service Partners identify undervalued home service businesses by analyzing financial margins and operational benchmarks, then implement playbooks to improve performance post-acquisition.
“Apex and really all these buyers, they kind of have what kind of their ideal P &L should look like and they're going to go line by line and if kind of a potential target isn't meeting kind of their benchmark, they're going to kind of roll out their playbook or kind of implement their best practices to try to hit that.”
The speakers note that private equity firms are actively buying home service businesses because they generate strong cash flow. They mention that Apex Service Partners received investment from Apollo, achieving a $10 billion valuation, indicating continued PE interest in the space.
“In this industry, these are cash flowing businesses, that's why P's buying so much of these and loading it up with debt is that these businesses make cash.”
Solidaire is well-positioned for rapid expansion nationwide with a robust pipeline of high-quality partnerships, indicating a strategic growth plan across the United States.
“Solidaire is well-positioned for rapid expansion nationwide with a robust pipeline of high-quality partnerships.”
Accomplished industry executive Katrina Liddell has been appointed to lead Solidaire HVAC & Energy Solutions. She will oversee the platform's growth and partnership strategy.
“Led by accomplished industry executive Katrina Liddell, Solidaire supports its partners by investing in people, technology and infrastructure to attract and retain top talent, elevate customer experiences and accelerate growth.”
Enervise, a commercial HVAC, plumbing, and building automation controls business, has been acquired as the foundational partner for the newly formed Solidaire platform. The partnership aims to enhance resources and accelerate growth.
“Enervise has built an exceptional reputation through a differentiated, service-centric business model, making it an ideal foundational partner for the Solidaire platform.”
Percheron Capital has formed Solidaire HVAC & Energy Solutions, a national commercial HVAC and energy services platform, and partnered with Enervise as its foundational acquisition. Solidaire will focus on commercial HVAC, plumbing, electrical, refrigeration, and controls services, with plans for rapid nationwide expansion.
“Percheron Capital Announces Partnership with Enervise and Launch of Solidaire HVAC & Energy Solutions”
