Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 1670 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.
1,577 dated signals shown · 93 undated (excluded from the chart).
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.”
Engie Deutschland acquired OTTO Luft- und Klimatechnik, a German air conditioning and ventilation company, from private equity firm Equistone Partners Europe. The deal involved the majority shareholders, with a minority stake retained by Hartmut Otto Jr.
“GERMANY: Engie Deutschland has acquired German air conditioning and ventilation company OTTO Luft- und Klimatechnik. The deal was reached with OTTO’s majority shareholders, the private equity firm Equistone Partners Europe who acquired the business in 2014. A minority investment was retained by Hartmut Otto Jr, the son of the company’s founder.”
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”
ENGIE Deutschland acquired a majority stake in OTTO Luft- und Klimatechnik in December 2018. The target operates in the HVAC and refrigeration sectors.
“Majority stake Dec 2018 ### ENGIE Deutschland acquires OTTO Luft- und Klimatechnik ENGIE Deutschland → OTTO Luft- und Klimatechnik”
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.”
CEO Ken Goodrich continues as leader of Goettl Air Conditioning and remains a significant shareholder after the acquisition.
“We are thrilled to partner with Ken Goodrich, a proven leader who will continue as the CEO of Goettl and will remain a significant shareholder in the company”
Baum Capital Partners acquires Goettl Air Conditioning, a residential HVAC and plumbing provider in the Southwest US.
“Baum Acquires Goettl Air Conditioning”
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.”
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.”
Daikin Industries, through its subsidiary Daikin Australia, acquired all shares of Airmaster Corporation Pty Ltd. for 100 million Australian dollars to strengthen its service and solutions business in the region.
“Daikin Industries, Ltd., through its subsidiary Daikin Australia Pty., Ltd., concluded an agreement on June 21 to acquire Airmaster Corporation Pty Ltd., a leading company in Australia in the business fields of service and solutions for air conditioning equipment. Daikin plans to purchase all company shares held by Airmaster's executives at an acquisition price of 100 million Australian dollars (*approximately 8 billion Japanese yen).”
McKinzie Mechanical has joined Hiller Plumbing, Heating, Cooling & Electrical in a merger/acquisition. The deal allows Hiller to better service customers in the Robertson and Sumner County areas of North Nashville.
“In order to support this growth and continue to deliver excellent customer satisfaction, McKinzie has decided to join Hiller Plumbing, Heating, Cooling & Electrical.”
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 home-services platform was formed in March 2016; the Baker Brothers deal was its first acquisition.
“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”
In 2016-2017, SF&P advised on the Dauenhauer Plumbing transaction with Trivest, establishing the platform for Turnpoint.
“In 2016 and 2017, we did the Dauenhauer Plumbing transaction with Trivest, which became the platform for Turnpoint”
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 grows 500 percent in 2016”
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.”