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).
EMCOR Group, Inc. increased the size of its Board of Directors to twelve and elected William P. Reid to fill the resulting vacancy on October 25, 2017. Mr. Reid was awarded restricted stock units and will be compensated according to the company's non-employee director policy.
“On October 25, 2017, the Board of Directors of EMCOR Group, Inc. (the "Company") increased the size of the Board of Directors to twelve (12) directors and elected Mr. William P. Reid to fill the resulting vacancy on the Board.”
IES Holdings acquired Technical Services, a mechanical (HVAC) services provider in Chesapeake, VA, in June 2017. The acquisition is an add-on to STR Mechanical, expanding the company's mechanical services offering and geographic reach.
“Technical Services June 2017 Mechanical (HVAC) services (Chesapeake, VA) Add-on to STR Mechanical Expands mechanical services offering and geographic reach Commercial & Industrial (STR Mechanical)”
With the Comfort Heating & Air acquisition, ARS expanded its presence into a new region (Kentucky), increasing its reach across the United States to a total of 23 states.
“With this acquisition, ARS expands its presence into a new region increasing our reach across the United States to a total of 23 states.”
ARS, a privately held national HVAC, heating and plumbing services provider, acquired the assets of HVAC of Lexington (dba Comfort Heating & Air), a family-owned business operating for over 19 years in the greater Lexington area.
“MEMPHIS, Tenn. — American Residential Services (ARS), a Memphis, Tennessee-based, privately-held national provider of air conditioning, heating, and plumbing services, has acquired the assets of HVAC of Lexington (dba Comfort Heating & Air).”
With the Comfort Heating & Air acquisition, ARS entered a new region and increased its US footprint to 23 states, signaling national roll-up expansion.
“With this acquisition, ARS expands its presence into a new region increasing our reach across the United States to a total of 23 states.”
American Residential Services (ARS) acquired the assets of HVAC of Lexington (dba Comfort Heating & Air), a 19-year family-owned business, adding Kentucky and bringing its national reach to 23 states.
“American Residential Services (ARS), a Memphis, Tennessee-based, privately-held national provider of air conditioning, heating, and plumbing services, has acquired the assets of HVAC of Lexington (dba Comfort Heating & Air).”
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.”
Comfort Systems USA, Inc. entered into a Stock Purchase Agreement to acquire all outstanding securities of BCH Holdings, Inc., a Florida corporation. The initial purchase price is approximately $85.7 million in cash plus $14.3 million in unsecured promissory notes, with additional earn-out payments possible through 2021.
“On February 21, 2017, Comfort Systems USA, Inc. (the “Company”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with BCH Holdings, Inc., a Florida corporation (“BCH”), the holders of all the outstanding securities of BCH (collectively, the “Selling Shareholders”) and Daryl W. Blume, as representative of the Selling Shareholders, pursuant to which the Company will acquire all of the outstanding securities of BCH.”
The Wrench Group is described as a home maintenance and repair company spanning HVAC, plumbing and electrical services, pursuing a long-term plan to partner with high-quality companies via acquisitions.
“The Wrench Group, a home maintenance and repair company specializing in heating, ventilation, air conditioning, plumbing, and electrical services”
The Wrench Group, a multi-trade home-services platform formed in March 2016, made its first acquisition, buying Dallas heritage HVAC/plumbing/electrical brand Baker Brothers to expand its Dallas-Fort Worth presence.
“Baker Brothers represents the first acquisition for Wrench since its formation in March, 2016.”
The Wrench Group, an HVAC/plumbing/electrical home-services platform, acquired Baker Brothers to expand its presence in the Dallas market. This was Wrench's first acquisition since the platform's formation in March 2016.
“The Wrench Group, a home maintenance and repair company specializing in heating, ventilation, air conditioning, plumbing, and electrical services, announced the acquisition of Baker Brothers in a deal aimed at expanding its presence in the Dallas market. Baker Brothers represents the first acquisition for Wrench since its formation in March, 2016.”
James Mylett, Senior Vice President — Service at Comfort Systems USA, resigned effective February 1, 2017. The resignation was formalized with a severance agreement, and the company filed an 8-K to report the departure of this key officer.
“On January 9, 2017, James Mylett provided notice to Comfort Systems USA, Inc. (the “Company”) of his decision to resign from his position as Senior Vice President — Service, effective February 1, 2017”
Huron Capital acquired Pueblo Mechanical in 2017 and brought in Dan Bueschel as CEO through its ExecFactor program, which identifies a specific sector and partners with an experienced CEO to execute a buy-and-build thesis.
“Huron acquired Pueblo in 2017 and brought in Dan Bueschel as CEO through the ExecFactor® program.”
Goettl Air Conditioning continued rapid growth in 2016 by adding multiple air conditioning companies to its operations, reflecting an active consolidation strategy.
Goettl Air Conditioning expanded its Las Vegas operations by merging with two local HVAC companies, Las Vegas Air and Paradise Air, adding 20+ employees and 15 trucks.
“Goettl Air Conditioning recently merged with Las Vegas Air and Paradise Air, adding more than 20 employees and 15 trucks. Las Vegas Air primarily serves residential customers while Paradise Air services the multi-family and rental home market.”
Goettl reported 500 percent year-over-year growth since 2015 after Ken Goodrich acquired the company in 2013 and expanded it to Las Vegas, with plans to double business and add 30+ employees in 2017.
“Goodrich acquired the company in 2013 and brought Goettl to his hometown of Las Vegas in April 2016. Since 2015, Goettl has recorded a 500 percent year-over-year growth.”
Goettl Air Conditioning merged with Las Vegas Air and Paradise Air, adding more than 20 employees and 15 trucks to expand its Las Vegas footprint; Goettl reported 500 percent year-over-year growth since 2015.
“Goettl Air Conditioning recently merged with Las Vegas Air and Paradise Air, adding more than 20 employees and 15 trucks. Las Vegas Air primarily serves residential customers while Paradise Air services the multi-family and rental home market.”
Direct Energy Marketing divested its Airtron Canada HVAC, building automation, and energy efficiency services subsidiary (~400 employees, ~$82M revenue) to GDI/Ainsworth for ~$19.5 million.
“Ainsworth will acquire Airtron for a purchase price of approximately $19.5 million including vehicle leases, and will be subject to certain closing adjustments including working capital.”
GDI Integrated Facility Services and its subsidiary Ainsworth entered an agreement to acquire Airtron Canada (Direct Energy Business Services) from Direct Energy Marketing for approximately $19.5 million, expanding GDI's Technical Services segment to ~$225M proforma revenue.
“GDI Integrated Facility Services Inc. announced that it and its wholly-owned subsidiary Ainsworth Inc. have entered into an agreement to acquire Direct Energy Business Services Limited, doing business as Airtron Canada, a subsidiary of Direct Energy Marketing Limited.”
Source's CEO framed the RSI deal as an example of a deliberate strategy of acquiring and partnering with best-in-class local and regional refrigeration service providers.
“This deal is a great example of our strategy of acquiring and partnering with best-in-class local and regional refrigeration service providers.”
Audax-backed Source Refrigeration & HVAC partnered with management to acquire Refrigeration Solutions Inc. and Advanced Refrigeration Systems (RSI), a Northern California commercial refrigeration services provider, as part of a stated roll-up strategy.
“Source Refrigeration & HVAC announced that it has partnered with management to acquire Refrigeration Solutions Inc. and Advanced Refrigeration Systems (together, RSI). Terms of the transaction were not disclosed.”
Source's CEO described the RSI deal as an example of its strategy of acquiring and partnering with best-in-class local and regional refrigeration service providers, signaling an ongoing roll-up approach.
“This deal is a great example of our strategy of acquiring and partnering with best-in-class local and regional refrigeration service providers.”
Source Refrigeration & HVAC, an Audax-backed commercial refrigeration platform, partnered with management to acquire RSI (Refrigeration Solutions Inc. and Advanced Refrigeration Systems) in Northern California, an add-on consistent with its stated buy-and-build strategy.
“Source Refrigeration & HVAC announced that it has partnered with management to acquire Refrigeration Solutions Inc. and Advanced Refrigeration Systems (together, RSI).”
ARS describes a national platform of more than 70 locally-managed service centers across 22 states with ~5,500 employees, underscoring its scale as a home-services consolidator.
“ARS operates a network of more than 70 locally-managed service centers in 22 states, with approximately 5,500 employees.”
American Residential Services (ARS), a national HVAC and plumbing services provider, acquired the assets of Weather Crafters in the Richmond, Virginia area and will rebrand it as ARS of Richmond, strengthening its Virginia footprint.
“American Residential Services (ARS), a privately-held national provider of air conditioning, heating, and plumbing services, announced that it has acquired the assets of Weather Crafters, Chester, Virginia.”
With the Weather Crafters deal, ARS increased its presence in Virginia, where it already operates ARS/Rescue Rooter Manassas, McCarthy Services, and R.S. Andrews, as part of a national network of 70+ service centers in 22 states.
“With this acquisition, ARS is increasing its strong presence in Virginia, which includes ARS/Rescue Rooter Manassas in Manassas, Virginia, McCarthy Services in Lorton, Virginia, and R.S. Andrews in Portsmouth, Virginia.”
ARS, a national HVAC/heating/plumbing services provider, acquired the assets of Weather Crafters in Chester, Virginia, rebranding it ARS of Richmond and strengthening its northern Virginia footprint.
“American Residential Services (ARS), a privately-held national provider of air conditioning, heating, and plumbing services, announced that it has acquired the assets of Weather Crafters, Chester, Virginia. Located in the Richmond area, it will be rebranded as ARS of Richmond.”
Enercare's CEO framed the Service Experts acquisition as a strategic North American expansion, positioning the combined company as a North American market leader in home services.
““North American expansion has been part of our strategic roadmap and is a natural extension to our business. Through Service Experts we emerge as a North American market leader, creating new opportunities for growth and broadening our scope from Canada to North America while driving considerable incremental value for 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) “).”
Service Experts CEO Scott Boxer contrasted new strategic owner Enercare favorably against prior private equity ownership, characterizing PE as having an end game, while a strategic owner intends to invest in the business long-term.
“That’s very different than being owned by a private equity that has an end game in their plan. So, we’re very happy we now have a strategic owner that’s going to invest in the business, which is good for our employees.”
Private equity owner American Capital, which acquired Service Experts in March 2013, exited via the Enercare sale, receiving $244 million in proceeds and realizing roughly 18x its investment with a 184% 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.”
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.”
Service Experts' CEO framed the Enercare deal positively because Enercare is a strategic owner that will invest in the business, explicitly contrasting this with private equity ownership that has 'an end game in their plan' — a sentiment signal about PE ownership in the trades.
“That’s very different than being owned by a private equity that has an end game in their plan. So, we’re very happy we now have a strategic owner that’s going to invest in the business, which is good for our employees.”
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.”
ARS leadership stated the Allgood acquisition expands its Atlanta presence alongside existing ARS/Universal HVAC and Rescue Rooter plumbing operations, reflecting ongoing metro-level roll-up of home-service firms.
“With this acquisition, ARS expands its presence in Atlanta, which includes our ARS/Universal HVAC operations and our Rescue Rooter plumbing operations.”
ARS acquired the assets of family-owned Allgood Plumbing, Electric, Heating & Cooling in Snellville, Georgia, an add-on expanding its Atlanta-area presence within the ARS/Rescue Rooter network.
“MEMPHIS, Tenn. — American Residential Services (ARS), a national provider of air conditioning, heating, and plumbing services, announced it has acquired the assets of Allgood Plumbing, Electric, Heating & Cooling in Snellville, Georgia.”
American Residential Services (ARS) acquired the assets of Allgood Plumbing, Electric, Heating & Cooling in Snellville, Georgia, expanding its presence in the Atlanta market within the ARS/Rescue Rooter Network.
“American Residential Services (ARS), a national provider of air conditioning, heating, and plumbing services, announced it has acquired the assets of Allgood Plumbing, Electric, Heating & Cooling in Snellville, Georgia.”
ARS frames the Unique Air deal as building on an extensive Florida presence spanning Jacksonville, Fort Lauderdale, Tampa Bay, Orlando, Vero Beach, Ft. Myers, Ft. Walton Beach and Miami, indicating an ongoing regional consolidation strategy.
“With this acquisition, ARS builds on its extensive presence in Florida, which includes Florida Home Air Conditioning of Jacksonville, Aspen Air Conditioning of Fort Lauderdale, along with ARS/Rescue Rooter of Tampa Bay, Orlando, Vero Beach, Ft. Myers, Ft. Walton Beach, and ARS of Miami.”
ARS, a national HVAC/plumbing platform, acquired the assets of Unique Air Services in Bradenton, Florida, expanding its Florida footprint as an add-on to its ARS/Rescue Rooter network.
“MEMPHIS, Tenn. — American Residential Services (ARS), a national provider of air conditioning, heating, and plumbing services, has acquired the assets of Unique Air Services in Bradenton, Florida.”
The Unique Air acquisition builds on ARS's existing Florida network spanning Jacksonville, Fort Lauderdale, Tampa Bay, Orlando, Vero Beach, Ft. Myers, Ft. Walton Beach, and Miami, signaling continued regional roll-up density.
“With this acquisition, ARS builds on its extensive presence in Florida, which includes Florida Home Air Conditioning of Jacksonville, Aspen Air Conditioning of Fort Lauderdale, along with ARS/Rescue Rooter of Tampa Bay, Orlando, Vero Beach, Ft. Myers, Ft. Walton Beach, and ARS of Miami.”
American Residential Services (ARS), a national HVAC/plumbing home-services platform, acquired the assets of Unique Air Services, a 40-year family-owned company in the greater Sarasota area, expanding ARS's Florida footprint. Clear home-services roll-up tuck-in.
“American Residential Services (ARS), a national provider of air conditioning, heating, and plumbing services, has acquired the assets of Unique Air Services in Bradenton, Florida.”
IES Holdings acquired STR Mechanical in April 2016. STR Mechanical provides mechanical (HVAC) services in Charlotte, NC, and fits within the Commercial & Industrial segment.
“STR Mechanical April 2016 Mechanical (HVAC) services (Charlotte, NC) Service focus Industry veteran Commercial & Industrial”
IES Holdings acquired STR Mechanical, a mechanical (HVAC) services provider in Charlotte, NC, in April 2016. The acquisition is described as having a service focus and bringing an industry veteran, serving as a platform for further add-on acquisitions in the Commercial & Industrial segment.
“STR Mechanical April 2016 Mechanical (HVAC) services (Charlotte, NC) Service focus Industry veteran Commercial & Industrial”
Service Experts was owned by private-equity/BDC firm American Capital of Bethesda, MD, which acquired the company in 2013; the pending Enercare deal represents American Capital's exit.
“Service Experts is currently owned by American Capital, Bethesda, Md., which acquired the company in 2013.”
Canadian home and commercial services company Enercare Inc. is reported to have agreed to acquire U.S. HVAC services provider Service Experts (Plano, TX) for a reported $340.75 million, giving Enercare entry into the U.S. HVAC services market.
“PLANO, Texas — Canadian home and commercial services company Enercare Inc., Toronto, is reported to have entered into an agreement to acquire Service Experts, a U.S. provider of HVAC services based in Plano, Texas. The purchase price is said to be $340.75 million.”
Canadian home and commercial services company Enercare entered into an agreement to acquire U.S. HVAC services provider Service Experts for a reported $340.75 million, giving Enercare access to the U.S. HVAC services market. Service Experts was owned by PE firm American Capital, which acquired it in 2013.
“Canadian home and commercial services company Enercare Inc., Toronto, is reported to have entered into an agreement to acquire Service Experts, a U.S. provider of HVAC services based in Plano, Texas. The purchase price is said to be $340.75 million.”
Service Experts was owned by private-equity/BDC firm American Capital of Bethesda, MD, which had acquired the company; the pending Enercare deal represents American Capital's exit.
“Service Experts is currently owned by American Capital, Bethesda, Md., which”
Canadian home and commercial services company Enercare Inc. is reported to have agreed to acquire U.S. HVAC services provider Service Experts (Plano, TX) for a reported $340.75 million, giving Enercare entry into the U.S. HVAC services market.
“PLANO, Texas — Canadian home and commercial services company Enercare Inc., Toronto, is reported to have entered into an agreement to acquire Service Experts, a U.S. provider of HVAC services based in Plano, Texas. The purchase price is said to be $340.75 million.”
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).”
