Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 104 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.
Huron Capital acquired Pueblo in 2017 under its ExecFactor buy-and-build strategy and brought in Dan Bueschel as CEO. The Niemeyer deal was the sixth add-on since 2017.
“Huron acquired Pueblo in 2017 and brought in Dan Bueschel as CEO through the ExecFactor® program.”
Goettl CEO Ken Goodrich partnered with PE firm Baum Capital Partners to expand his acquisition activity; Goettl entered Texas via a 2019 acquisition.
“Goodrich partnered with Baum Capital Partners, a PE firm that focuses on the lower middle market, last year to expand his acquisitions. Goettl operates several locations in the West and recently entered the Texas market via a 2019 acquisition.”
Alpine previously built the Wrench Group HVAC and plumbing platform to over $150 million in revenue 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.”
Ares Management acquired HVAC contractor CoolSys from Audax Private Equity earlier in 2020. Audax had owned CoolSys for three years prior to the sale.
“CoolSys is an HVAC contractor owned by PE firm Ares Management. Ares bought CoolSys from Audex, another PE firm, earlier this year. Audex had owned CoolSys for three years before that.”
Goettl CEO Ken Goodrich partnered with Baum Capital Partners to expand acquisitions, and Goettl entered the Texas market via a 2019 acquisition.
“Goodrich partnered with Baum Capital Partners, a PE firm that focuses on the lower middle market, last year to expand his acquisitions.”
The article references Alpine's prior playbook in what became the Wrench Group, an HVAC and plumbing platform that grew past $150 million in revenue 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.”
The Arcticom Group (TAG) has acquired Victory Construction and Refrigeration, marking TAG's first HVACR company in Colorado. The deal expands TAG's operations into the Denver and Front Range market, connecting with its existing service area across multiple western states.
“The Arcticom Group (TAG) announced it has acquired Victory Construction and Refrigeration.”
CoolSys was acquired by a fund managed by the private equity group of Ares Management Corp., with the existing executive team retaining a significant equity stake; the prior PE backer was Audax Group. Financial terms were undisclosed.
“CoolSys™ was acquired by a fund managed by the private equity group of Ares Management Corp. CoolSys will continue to operate under its current executive team, which will collectively maintain a significant equity investment in the company. Financial terms of the private transaction were not disclosed.”
Service Logic, a Warburg Pincus portfolio company, acquired Atlantic Cooling Technologies and Services, LLC. The transaction closed on January 17, 2019, expanding Service Logic's HVAC/mechanical services platform.
“Service Logic, a Warburg Pincus portfolio company, acquired Atlantic Cooling Technologies and Services, LLC; the transaction closed on January 17, 2019. Akerman LLP advised Atlantic Cooling Technologies on the sale as Service Logic expands its HVAC/mechanical services platform.”
Ken Goodrich partnered with Baum Capital Partners in 2019 to expand Goettl's acquisitions. Goettl operates in the West and recently entered the Texas market via a 2019 acquisition.
“Goodrich partnered with Baum Capital Partners, a PE firm that focuses on the lower middle market, last year to expand his acquisitions.”
Comfort Systems USA, Inc. completed its previously-announced acquisition of all outstanding securities of BCH Holdings, Inc., a Florida corporation, on April 1, 2017. The initial purchase price was approximately $85.7 million in cash and $14.3 million in promissory notes, with additional earn-out payments possible based on future EBITDA performance.
“On April 1, 2017, Comfort Systems USA, Inc. (the “Company”) completed its previously-announced acquisition of all of the outstanding securities of BCH Holdings, Inc., a Florida corporation (“BCH”) pursuant to the terms of the Stock Purchase Agreement (the “Purchase Agreement”), dated as of February 21, 2017, by and among the Company, BCH, the holders of all the outstanding securities of BCH (collectively, the “Selling Shareholders”) and Daryl W. Blume, as representative of the Selling Shareholders.”
Enercare's subsidiary Enercare Solutions completed its acquisition of SEHAC Holdings (Service Experts), a multi-state/province HVAC services company, as part of Enercare's North American expansion strategy.
“Enercare Inc. and its wholly-owned subsidiary, Enercare Solutions Inc., a home and commercial HVAC services and energy solutions company, recently announced that Enercare Solutions had completed its acquisition of SEHAC Holdings Corporation (“ [Service Experts](http://www.serviceexperts.ca) “).”
Canadian home and commercial services company Enercare completed its acquisition of HVAC/plumbing services provider Service Experts via a merger of an indirect wholly owned subsidiary of Enercare Solutions for a purchase price of $340.75 million.
“The transaction was completed by way of a merger of an indirect wholly owned subsidiary of Enercare Solutions with Service Experts for a purchase price of $340.75 million.”
Canadian home and commercial services company Enercare completed its acquisition of Service Experts, a residential/commercial HVAC, plumbing and home-energy services provider, via merger for a purchase price of $340.75 million, expanding Enercare from Canada into the U.S.
“Canadian home and commercial services company, [Enercare Inc.](http://www.enercare.ca/), recently completed its [previously announced acquisition](https://www.achrnews.com/articles/132024-service-experts-to-be-acquired-by-enercare) of [Service Experts](http://www.serviceexperts.com/). The transaction was completed by way of a merger of an indirect wholly owned subsidiary of Enercare Solutions with Service Experts for a purchase price of $340.75 million.”
Service Experts was owned by American Capital of Bethesda, Md., which acquired the company in 2013 before the reported Enercare deal.
“Service Experts is currently owned by American Capital, Bethesda, Md., which [acquired the company in 2013](https://www.achrnews.com/articles/122843-march-26-2013-american-capital-completes-buyout-of-service-experts).”
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.”
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/).”
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 had been owned by private equity firm American Capital, which acquired the HVAC services company in 2013.
“Service Experts is currently owned by American Capital, Bethesda, Md., which acquired the company in 2013.”
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.”
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.”
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.”
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.”
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. announced certain acquisitions on January 6, 2010, as reported in a Form 8-K filing with the SEC. The specific targets are not named in this excerpt, but the filing references a press release detailing the transactions.
“On January 6, 2010, Comfort Systems USA, Inc. (the “Company”) issued a press release announcing certain acquisitions of the Company.”
Comfort Systems USA, Inc. announced the acquisition of Delcard Associates, Inc., a full-service commercial HVAC company based in Wilmington, Delaware. The deal was announced via press release on August 18, 2008.
“Attached and incorporated herein by reference as Exhibit 99.2 is a copy of a press release of the Company dated August 18, 2008 announcing that it has acquired Delcard Associates, Inc., a Delaware corporation and a full service commercial HVAC company based in Wilmington, Delaware.”
ARS/Rescue Rooter, through parent American Residential Services L.L.C., acquired Boston-area HVAC and plumbing contractor Climate Zone, marking its first presence in Massachusetts.
“BOSTON - ARS/Rescue Rooter, a nationwide provider of heating, air conditioning, and plumbing services, has acquired Climate Zone, based out of Bradford, Mass., through parent company American Residential Services L.L.C.”
Comfort Systems USA, Inc. announced it has acquired Merit Mechanical, Inc., a full-service commercial HVAC company based in Redmond, Washington. The acquisition was announced via a press release dated March 4, 2008.
“Attached and incorporated herein by reference as Exhibit 99.1 is a copy of a press release of the Company dated March 4, 2008 announcing that it has acquired Merit Mechanical, Inc., a full service commercial HVAC company based in Redmond, Washington.”
Comfort Systems USA announced it has acquired Riddleberger Brothers, Inc., a full-service commercial HVAC company based in Mount Crawford, Virginia.
“Press Release of Comfort Systems USA, Inc. dated February 28, 2008 announcing that it has acquired Riddleberger Brothers, Inc., a full service commercial HVAC company based in Mount Crawford, Virginia.”
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.”
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 $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”).”
Comfort Systems USA, Inc. announced on March 16, 2007, that it has acquired Madera Mechanical Company, which is based in Tucson, Arizona.
“a copy of a press release of the Company dated March 16, 2007 announcing that it has acquired Madera Mechanical Company based in Tucson, Arizona.”
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.”
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.”
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.”
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.”
The SEER Group was then acquired by a larger private equity firm, Genstar Capital.
“The SEER Group was then acquired by a larger private equity firm, Genstar Capital.”
Huron Capital's portfolio company The Exigent Group acquired Smith-Boughan Mechanical and Electrical Automation Systems (EASI), marking its sixth and seventh acquisitions since launch. The deals expand Exigent's footprint into a fourth region and add HVAC, plumbing, controls, and mechanical services capabilities.
“Leading lower middle-market private equity firm Huron Capital (“Huron”) announced its portfolio company, The Exigent Group (“Exigent,” or the “Company”), acquired Smith-Boughan Mechanical (“Smith-Boughan”) and, in a separate transaction, Electrical Automation Systems (“EASI”).”
Huron Capital's portfolio company The Exigent Group acquired Smith-Boughan Mechanical and Electrical Automation Systems (EASI), marking the platform's sixth and seventh acquisitions since its 2022 launch and expanding into a fourth region.
“Leading lower middle-market private equity firm Huron Capital (“Huron”) announced its portfolio company, The Exigent Group (“Exigent,” or the “Company”), acquired Smith-Boughan Mechanical (“Smith-Boughan”) and, in a separate transaction, Electrical Automation Systems (“EASI”).”
Plumbline Services in Centennial and Denver is listed as a PE roll-up owned by Wrench Group and Leonard Green.
“Plumbline Services Centennial / Denver Wrench Group / Leonard Green”