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.
Signal volume over time
1,577 dated signals shown · 93 undated (excluded from the chart).
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.”
Phoenix Land Associates acquired H&N Plumbing of Carpinteria, California. The target will operate as part of Record-Wheatley Plumbing Services in Santa Barbara and is expected to generate $6 million in sales for 2003.
“Phoenix Land Associates has acquired H&N Plumbing of Carpinteria, Calif. Phoenix is based in Covington, La., and has been buying up various plumbing companies in the central coastal area of California.
H&N Plumbing will operate as part of Record-Wheatley Plumbing Services, based in Santa Barbara. The unit expects 2003 sales of $6 million.”
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.”
“Commercial maintenance-heavy mechanical platforms (Service Logic, Comfort Systems USA, Reedy Industries, Crete United, FirstCall Mechanical, Astra Service Partners, Pueblo Mechanical) command premium multiples”
Public companies like Comfort Systems USA and TopBuild maintained aggressive roll-up strategies despite macro headwinds.
“Many public consolidators in the space—such as Comfort Systems USA (NYSE:FIX), Installed Building Products (NYSE:IBP), and TopBuild (NYSE:BLD)—maintained their aggressive roll-up activity”
Foundral acquired A. Hattersley & Sons, an Indiana firm specializing in piping and HVAC system design, construction, and maintenance.
“A. Hattersley & Sons specializes in design and construction, engineering, project management, installation, and maintenance of piping and HVAC systems.”
Daikin Airconditioning UK acquired Glasgow-based Saltire Facilities Management to bolster residential heat pump service capabilities in Scotland.
“Weybridge-based Daikin Airconditioning UK has acquired Glasgow-based Saltire Facilities Management Ltd, a heating services company with operations across Scotland and the West Midlands.”
Ares Management-backed CoolSys operates a national platform for commercial refrigeration and HVAC services, targeting retail and food-service customers.
“A national commercial refrigeration and HVAC services platform. Above all, focused on multi-site retail, grocery, and food-service customers.”
TurnPoint acquired T.Weber as a PE-backed add-on, strengthening its HVAC platform and extending its regional operating network.
“T.Weber acquired as a PE-backed add-on for TurnPoint — transaction completed, strengthening TurnPoint’s HVAC platform and extending its regional operating network.”
Sila Services integrated JSP as a PE-backed add-on, further consolidating its HVAC roll-up and expanding market reach.
“JSP integrated into the Sila Services PE-backed platform — add-on acquisition completed, further consolidating Sila’s HVAC roll-up and expanding its market reach.”
PremiStar acquired Mechanical Service of Iowa (MSI) as a platform add-on to build out its PE-backed HVAC footprint and service capacity.
“Mechanical Service of Iowa (MSI) acquired as a platform add-on for PremiStar — transaction completed, building out the PE-backed platform’s HVAC footprint and service capacity.”
Sila Services integrated LiveFree HVAC as a PE-backed platform add-on, extending geographic coverage and strengthening its HVAC network.
“PE-backed platform add-on acquisition completed — LiveFree integrated into the Sila Services roll-up, extending geographic coverage and strengthening the platform’s HVAC service network.”
Foundral has acquired A. Hattersley & Sons, an Indiana-based firm specializing in the design, construction, and maintenance of piping and HVAC systems.
“A. Hattersley & Sons specializes in design and construction, engineering, project management, installation, and maintenance of piping and HVAC systems.”
Daikin UK stated that combining its strengths with Robert Heath Heating and Saltire Facilities Management positions it to lead the UK heat pump market and create a national service structure.
“Tomoji Miki, managing director at Daikin UK, said: “This acquisition is a significant step towards achieving our strategic goals of creating a national service structure. By combining the strengths of Daikin, Robert Heath Heating and Saltire Facilities Management, we are well-positioned to lead the heat pump market in the UK and provide exceptional service to our customers.””
Daikin Industries Ltd, a global HVAC manufacturer, has acquired Saltire Facilities Management Ltd from private equity firm United Capital Group. The deal concludes United Capital's five-year ownership of the Scottish facilities management firm.
“Saltire Facilities Management Ltd, headquartered in North Lanarkshire, has been sold by United Capital Group to Japanese-based Daikin Industries Ltd, a global leader in heating, ventilation, air conditioning and air filtration technology.
The deal marks the conclusion of United Capital’s five-year ownership of Saltire, during which time the company has secured more than £220 million in public sector contracts and delivered its strongest financial performance in a 25-year history.”
Automated Logic Contracting Services, a subsidiary of Carrier Global Corporation, has acquired the business of Integrated Control Systems Inc (ICSI). The acquisition expands Automated Logic's geographic presence into Arizona, Colorado, and New Mexico.
“Automated Logic Contracting Services Inc (Automated Logic), a leading provider of innovative building-management solutions, has acquired the business of Integrated Control Systems Inc (ICSI), an independent Automated Logic controls contractor with offices in Arizona, Colorado and New Mexico.”
The Waldinger Corporation acquired Fort Wayne-based Project Design and Piping, expanding its Midwest footprint and establishing its first branch in Indiana while retaining local leadership under the PDP name.
“The Waldinger Corporation has acquired Fort Wayne–based Project Design and Piping, expanding its Midwest footprint and establishing its first branch in Indiana.
Waldinger's acquisition of Project Design and Piping brings all 42 employees into its ranks, marking a strategic move into the Indiana market while maintaining local leadership and operations under the PDP name.”
Fort Lauderdale-based Air Pros USA announced the acquisition of Dallas Plumbing Company, a family-owned HVAC and plumbing business.
“Fort Lauderdale-based Air Pros USA announced the acquisition
of Dallas Plumbing Company, a leading family owned and
operated HVAC and plumbing business”
RPM International Inc. announced that its Tremco Construction Products Group has acquired Pure Air Control Services, Inc., a Florida-based provider of indoor air quality solutions with approximately $10 million in annual net sales. The acquisition is intended to expand Tremco's service capabilities and penetrate vertical markets through complementary HVAC system hygienic cleaning and restoration services.
“RPM International Inc.
(NYSE: RPM) today announced that its
Tremco Construction Products Group
has acquired
Pure Air Control Services, Inc.
, a provider of indoor air quality solutions. Headquartered in
Clearwater, Florida
,
Pure Air
has annual net sales of approximately
$10 million
. Terms of the transaction were not disclosed.”
