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).
The SEER Group LLC acquired Climate Control Inc. in Tigard, Oregon, its second Oregon acquisition after Specialty Heating and Cooling in March. Climate Control will operate as a division of Specialty Heating and Cooling.
“The SEER Group LLC announced its acquisition of Climate Control Inc. in Tigard, Oregon. This addition represents the second acquisition for The SEER Group LLC in Oregon after its acquisition of Specialty Heating and Cooling Inc. in March.”
The article references multiple related acquisitions by The Arcticom Group, including Market Refrigeration Specialists, KIC Refrigeration, and RACE Engineering, indicating an ongoing consolidation strategy in the HVACR space.
“The Arcticom Group Acquires Market Refrigeration Specialists”
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.”
Specialty Heating and Cooling's co-owner framed partnering with SEER Group as an opportunity to convert equity to cash and diversify investments while retaining leadership and gaining capital for growth.
“Partnering with The SEER Group LLC has been a great opportunity for us to convert some of our equity into cash and diversify our investments,” said Cory Streeter, co-owner and manager of Specialty Heating and Cooling.”
The acquisitions mark SEER Group's entry into the Spokane market and its first acquisition in Oregon, expressed by founder/CEO Darrin Erdahl as part of a geographic growth strategy.
“We could not be more excited to have The Barton Boys and Specialty Heating and Cooling join our family of brands as we enter the Spokane and Oregon markets.”
The SEER Group LLC announced acquisitions of The Barton Boys (Spokane, WA) and Specialty Heating and Cooling (Tigard, OR), expanding its family of brands to eleven across four western states.
“REDMOND, WASH. – The SEER Group LLC announced its acquisitions of The Barton Boys Heating and Air Conditioning in Spokane, and Specialty Heating and Cooling in Tigard, Oregon. These two additions expand The SEER Group LLC’s brands to eleven in Washington, Oregon, Idaho, and California.”
Specialty Heating and Cooling's co-owners describe partnering with a roll-up platform positively, citing liquidity (converting equity into cash), investment diversification, and access to capital for growth.
““Partnering with The SEER Group LLC has been a great opportunity for us to convert some of our equity into cash and diversify our investments,” said Cory Streeter, co-owner and manager of Specialty Heating and Cooling.”
The SEER Group is consolidating regional HVAC contractors into a multi-brand platform, growing to eleven brands across the Pacific Northwest and California.
“These two additions expand The SEER Group LLC’s brands to eleven in Washington, Oregon, Idaho, and California.”
The SEER Group LLC announced two HVAC contractor acquisitions: The Barton Boys Heating and Air Conditioning (Spokane) and Specialty Heating and Cooling (Tigard, Oregon), expanding its brand family to eleven across Washington, Oregon, Idaho, and California.
“The SEER Group LLC announced its acquisitions of The Barton Boys Heating and Air Conditioning in Spokane, and Specialty Heating and Cooling in Tigard, Oregon. These two additions expand The SEER Group LLC’s brands to eleven in Washington, Oregon, Idaho, and California.”
The SEER Group · Acquirer Specialty Heating and Cooling · Target The Barton Boys Heating and Air Conditioning · Target
Comfort Systems USA funded the cash portion of the Walker acquisition through borrowings under its $400 million senior credit facility provided by a syndicate of banks. The initial cash payment was approximately $178 million, with additional notes and earn-out payments.
“The Company’s cash payments upon consummation of the Acquisition were funded by borrowings under the Company’s $400.0 million senior credit facility provided by a syndicate of banks, which facility is described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.”
Ares Management's North America PE co-head described CoolSys as the recognized leader in the fragmented refrigeration and HVAC services market and outlined plans to accelerate growth organically and via add-on acquisitions.
““CoolSys is the recognized leader in the fragmented refrigeration and HVAC services market,” said Matt Cwiertnia, partner and co-head of North America Private Equity of Ares Management.”
Backed by Ares, CoolSys intends to pursue a more aggressive acquisition and expansion strategy in the fragmented refrigeration and HVAC services market, building on eight acquisitions over the prior three years; it is in active discussions with several potential acquisition targets.
“Now, with Ares’ additional support and resources, we can pursue a more aggressive acquisition and expansion strategy while we continue to deliver best-in-class solutions for our customers’ mission–critical refrigeration and HVAC systems throughout North America.”
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.”
Comfort Systems USA, Inc. entered into a Purchase Agreement to acquire all outstanding securities of Walker TX Holding Company, Inc. The initial purchase price is approximately $178 million in cash plus a $25 million promissory note, with additional earn-out payments based on future EBITDA through December 31, 2023.
“On February 21, 2019, Comfort Systems USA, Inc. (the “Company”) entered into a Purchase Agreement (the “Purchase Agreement”) with Walker TX Holding Company, Inc., a Texas corporation (“Walker”), the holders of all the outstanding securities of Walker (collectively, the “Shareholder Sellers”) and Scott Walker, as representative of the Shareholder Sellers, pursuant to which the Company will acquire all of the outstanding securities of Walker.”
Comfort Systems USA entered into a Purchase Agreement on February 21, 2019 to acquire all outstanding securities of Walker TX Holding Company, LLC. The deal was subsequently completed on April 1, 2019.
“the Purchase Agreement (the “Purchase Agreement”), dated as of February 21, 2019, by and among the Company, the holders of all the outstanding securities of Walker (collectively, the “Selling Shareholders”), and Scott Walker, as representative of the Selling Shareholders.”
After three add-ons, the Huron Capital-backed Pueblo platform reached over $100 million in annual revenue, becoming one of the largest, most diverse HVAC service providers in Arizona.
““With these two additional acquisitions, Pueblo has annual revenue of over $100 million and is one of the largest, most diverse HVAC service providers in Arizona,” Huron Capital Partner Scott Hauncher said.”
Huron Capital formed Pueblo Mechanical & Controls in December 2017 to pursue a buy-and-build strategy in the commercial HVAC market in the Southwestern U.S.
“Huron Capital formed Pueblo in December 2017 to pursue a buy-and-build strategy in the commercial HVAC market in the Southwestern U.S.”
PE firm Huron Capital's HVAC platform Pueblo Mechanical & Controls acquired Newgaard Mechanical and CFM Mechanical, its second and third add-ons following the December 2018 Commercial Air deal.
“Private equity firm Huron Capital announced that its HVAC installation, retrofit, and repair services platform — Pueblo Mechanical & Controls — has acquired two additional businesses, Newgaard Mechanical Inc. and CFM Mechanical LLC. Following the December 2018 acquisition of Commercial Air, these transactions represent the second and third add-on acquisitions completed by Pueblo.”
PE firm Huron Capital's HVAC services platform Pueblo Mechanical & Controls acquired Newgaard Mechanical and CFM Mechanical, its second and third add-ons after the December 2018 Commercial Air deal.
“Private equity firm Huron Capital announced that its HVAC installation, retrofit, and repair services platform — Pueblo Mechanical & Controls — has acquired two additional businesses, Newgaard Mechanical Inc. and CFM Mechanical LLC. Following the December 2018 acquisition of Commercial Air, these transactions represent the second and third add-on acquisitions completed by Pueblo.”
CoolSys CEO Adam Coffey framed the Arjae acquisition as part of a strategic growth plan that increases regional market density and expands HVAC and sheet-metal fabrication capabilities in the Pacific Northwest.
“This acquisition strengthens CoolSys’ presence in the region, while greatly expanding its HVAC capabilities.”
CoolSys, a nationwide parent of refrigeration and HVAC companies, acquired Arjae HVAC and Mechanical Services, a commercial/industrial HVAC and sheet-metal fabrication firm in Oregon, as part of its strategic growth plan to add market density and HVAC capabilities in the Pacific Northwest.
“BREA, Calif., — CoolSys™, a parent of refrigeration and HVAC companies nationwide, announced it acquired Arjae HVAC and Mechanical Services, which provides commercial and industrial HVAC installation and services, as well as sheet metal fabrication throughout the Pacific Northwest.”
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.”
Huron Capital formed Pueblo Mechanical & Controls as a platform to pursue a buy-and-build strategy in the commercial HVAC market across Arizona and surrounding states, actively seeking further add-ons.
“Huron Capital formed Pueblo to pursue a buy-and-build strategy in the commercial HVAC market in the Southwestern U.S. In addition to Commercial Air, Pueblo is seeking other add-on acquisition opportunities in Arizona and the surrounding states, including Texas, Colorado, New Mexico, and Utah, to fuel growth moving forward.”
PE firm Huron Capital's commercial HVAC platform Pueblo Mechanical & Controls acquired Commercial Air Inc. of Phoenix, the first add-on to the platform Huron formed to pursue a buy-and-build strategy in the Southwestern U.S.
“DETROIT — Private equity firm Huron Capital announced that its HVAC replacement, retrofit, and repair services platform, Pueblo Mechanical & Controls acquired Commercial Air Inc.”
Huron Capital VP Danielle Lalli described Commercial Air as the first addition to the Pueblo family, supporting Pueblo's Arizona expansion strategy.
“We are excited to welcome Commercial Air as the first addition to the Pueblo family and to continue to provide exceptional HVAC services to our customer base.”
Huron Capital formed Pueblo to pursue a buy-and-build strategy in Southwestern U.S. commercial HVAC, and Pueblo is seeking further add-ons across Arizona, Texas, Colorado, New Mexico and Utah.
“Huron Capital formed Pueblo to pursue a buy-and-build strategy in the commercial HVAC market in the Southwestern U.S. In addition to Commercial Air, Pueblo is seeking other add-on acquisition opportunities in Arizona and the surrounding states, including Texas, Colorado, New Mexico, and Utah, to fuel growth moving forward.”
Huron Capital's commercial HVAC platform Pueblo Mechanical & Controls acquired Commercial Air Inc. of Phoenix, its first add-on, deepening Pueblo's presence in Arizona.
“DETROIT — Private equity firm Huron Capital announced that its HVAC replacement, retrofit, and repair services platform, Pueblo Mechanical & Controls acquired Commercial Air Inc.”
Apex Service Partners was founded in 2019 in Tampa, Florida as a residential HVAC, plumbing, and electrical roll-up platform. It has grown to 107 brands, $1.3B in revenue, and 8,000+ employees, backed by Alpine Investors and Partners Group.
“Apex Service Partners is the largest residential HVAC, plumbing, and electrical roll-up in the United States. Founded in 2019 by AJ Brown and Will Matson in Tampa, Florida, Apex has grown to 107 brands across the country, generating $1.3 billion in annual revenue and employing over 8,000 tradespeople.”
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.”
EMCOR Group, Inc. elected Ms. Robin Walker-Lee to its Board of Directors on December 13, 2018, filling a vacancy. She was awarded restricted stock units and will be compensated per the company's non-employee director policy.
“On December 13, 2018, the Board of Directors of EMCOR Group, Inc. (the "Company") elected Ms. Robin Walker-Lee to fill a vacancy on the Board.”
Comfort Systems USA announced that Senior Vice President, General Counsel and Corporate Secretary Trent T. McKenna will transition to a non-executive regional operations role effective January 1, 2019. This represents a leadership change within a major publicly traded HVAC and mechanical services consolidator.
“On December 12, 2018, Comfort Systems USA, Inc. (the “Company”) announced that Trent T. McKenna will transition from his current role as Senior Vice President, General Counsel and Corporate Secretary to a non-executive regional operations role within the Company, effective January 1, 2019.”
Direct Energy acquired Indianapolis-based residential new-construction HVAC company T.A. Kaiser Heating & Air, folding it into its Airtron division to broaden its U.S. new-construction HVAC footprint across four metro markets.
“HOUSTON — Direct Energy announced its acquisition of T.A. Kaiser Heating & Air Inc., a multi-city HVAC installation, repair, and maintenance company for residential new construction properties. Based in Indianapolis, Kaiser Heating & Air has office locations in Indianapolis, Charlotte, Raleigh, and Nashville, and will become part of Direct Energy’s Airtron division, a HVAC services provider for residential new construction in various U.S. regions.”
Direct Energy acquired Indianapolis-based T.A. Kaiser Heating & Air, a residential new-construction HVAC company with locations in Indianapolis, Charlotte, Raleigh, and Nashville, folding it into its Airtron division.
“Direct Energy announced its acquisition of T.A. Kaiser Heating & Air Inc., a multi-city HVAC installation, repair, and maintenance company for residential new construction properties. Based in Indianapolis, Kaiser Heating & Air has office locations in Indianapolis, Charlotte, Raleigh, and Nashville, and will become part of Direct Energy’s Airtron division”
Right Time Heating and Air Conditioning Canada, a multi-location residential HVAC contractor, formed a 50/50 partnership with private equity firm Clairvest Group in November 2018, establishing a PE-backed residential HVAC roll-up platform.
“Right Time Heating and Air Conditioning Canada, the multi-location HVAC contractor now with 10 sites across Ontario and Manitoba, has acquired M&K Climate Care of London, Ont. This is the second acquisition completed by Right Time since announcing its 50/50 partnership with Toronto-based private equity firm Clairvest Group”
Comfort Systems USA, Inc. appointed Pablo G. Mercado as a director effective November 1, 2018. He will also serve on the Audit Committee and Nominating and Governance Committee. This is a leadership change relevant to a major publicly traded HVAC consolidation platform.
“On October 23, 2018, based on the recommendation of the nominating and governance committee of the Board of Directors (the “Board”) of the Company, the Board appointed Pablo G. Mercado as a director. Mr. Mercado will begin his term as a director on November 1, 2018. Mr. Mercado has also been appointed as a member of the Audit Committee and Nominating and Governance Committee, effective November 1, 2018.”
SF&P Advisors (Fred Silberstein) represented Admiral and Midway, and Sundial Partner (Doug Trottier) represented Aames Plumbing & Heating (The Pink Plumber) in the transactions.
“Fred Silberstein from SF&P Advisors represented Admiral and Midway in the transactions, and Doug Trottier from Sundial Partner represented Aames Plumbing & Heating (dba The Pink Plumber).”
The cluster of acquisitions complements Service Experts' 21 existing centers in TX, FL, and GA and adds ~247 employees and 184 service vehicles, bringing total U.S./Canada locations to 94 — evidence of an active HVAC/plumbing roll-up.
“These acquisitions complement Service Experts’ 21 existing centers in Texas, Florida, and Georgia and add approximately 247 employees and 184 service vehicles to the Service Experts family, bringing the total number of locations in the U.S. and Canada to 94.”
Earlier in 2018, Midway Services, a Clearwater, FL residential plumbing/electrical/remodeling/HVAC company, became part of Service Experts, continuing to operate under its own name in the Tampa Bay market.
“Midway Services, a residential plumbing, electrical, remodeling, and HVAC company founded in 1957 and located in Clearwater, Florida, became part of Service Experts.”
Service Experts also recently acquired Admiral Plumbing Services, a Jupiter, FL plumbing company serving the greater West Palm Beach area, retained under founder Richard Bassoff's leadership.
“Service Experts also recently acquired Admiral Plumbing Services, a residential and commercial plumbing company located in Jupiter, Florida and serving the greater West Palm Beach area, including Palm Beach County, Martin County, and Port St Lucie.”
HVAC services platform Service Experts acquired The Pink Plumber (Aames Plumbing & Heating), a residential/commercial plumbing company with Atlanta, Tampa, and Dallas locations, adding plumbing and septic services.
“Service Experts Heating & Air Conditioning LLC announced the acquisition of The Pink Plumber, a residential and commercial plumbing company with locations in Atlanta, Tampa, and Dallas.”
The acquisitions complement Service Experts' existing 21 centers in Texas, Florida, and Georgia and bring its total U.S. and Canada locations to 94, reflecting an ongoing roll-up of home-service companies.
“These acquisitions complement Service Experts’ 21 existing centers in Texas, Florida, and Georgia and add approximately 247 employees and 184 service vehicles to the Service Experts family, bringing the total number of locations in the U.S. and Canada to 94.”
Earlier in 2018, Midway Services, a residential plumbing, electrical, remodeling, and HVAC company in Clearwater, Florida, became part of Service Experts.
“Earlier this year, Midway Services, a residential plumbing, electrical, remodeling, and HVAC company founded in 1957 and located in Clearwater, Florida, became part of Service Experts.”
Service Experts acquired Admiral Plumbing Services, a residential and commercial plumbing company in Jupiter, Florida serving the greater West Palm Beach area.
“Service Experts also recently acquired Admiral Plumbing Services, a residential and commercial plumbing company located in Jupiter, Florida and serving the greater West Palm Beach area, including Palm Beach County, Martin County, and Port St Lucie.”
Service Experts Heating & Air Conditioning acquired The Pink Plumber (Aames Plumbing & Heating), a residential and commercial plumbing company with locations in Atlanta, Tampa, and Dallas, continuing its U.S. expansion.
“Service Experts Heating & Air Conditioning LLC announced the acquisition of The Pink Plumber, a residential and commercial plumbing company with locations in Atlanta, Tampa, and Dallas.”
Comfort Systems USA, Inc. appointed William J. Sandbrook to its Board of Directors on April 5, 2018. Sandbrook brings over 25 years of operations experience in building materials and construction, including CEO roles at U.S. Concrete and Oldcastle Inc. units.
“On April 5, 2018, based on the recommendation of the nominating and corporate governance committee of the Board of Directors (the “Board”) of Comfort Systems USA, Inc. (the “Company), the Board appointed William J. Sandbrook as a director.”
Southern HVAC, founded in 2016, has grown significantly through acquisitions and now comprises 7 brands and 12 service locations with 430+ employees across Florida and North Carolina, servicing roughly 200,000 households annually.
“Since its inception in 2016, Southern HVAC Corp. has enjoyed significant growth through acquisitions and market share. The company currently services approximately two hundred thousand households annually, and has nearly doubled in size. As a result of the recent acquisitions, Southern HVAC is now comprised of 7 brands and 12 service locations, employing more than 430 experienced professionals throughout Florida and North Carolina.”
Southern HVAC Corp. announced the acquisition of three Florida home-service companies: FAST of Florida (Clearwater), Duron Smith A/C & Heat (Melbourne), and Patrick's Heating and Air Conditioning (Ocala).
“Southern HVAC Corp. has announced the acquisition of FAST of Florida, a prevalent HVAC, plumbing and electric service provider in Clearwater, Florida; Duron Smith A/C & Heat, a prominent HVAC repair, maintenance, and installation service provider in Melbourne, Florida; and Patrick’s Heating and Air Conditioning, a leading provider of HVAC service and repair and water heater installation services in Ocala, Florida.”
Huron Capital partnered with Dan Bueschel and acquired Pueblo in December 2017 to pursue a buy-and-build roll-up strategy in the Southwestern US commercial HVAC market.
“Huron Capital partnered with Dan Bueschel and acquired Pueblo in December 2017 to pursue an ExecFactor® buy-and-build strategy in the commercial HVAC market in the Southwestern United States. This is the fifth add-on acquisition completed by Pueblo.”
Huron Capital formed Pueblo in December 2017 to pursue a buy-and-build strategy in the commercial HVAC market in the Southwestern U.S.; the platform now exceeds $100 million in annual revenue.
“Huron Capital formed Pueblo in December 2017 to pursue a buy-and-build strategy in the commercial HVAC market in the Southwestern U.S.”
