Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 79 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.
The article identifies Gryphon Investors, a middle-market PE firm, as majority owner of Right Time, which continuously seeks to add residential HVAC and home-services locations across Canada.
“Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
The article identifies Right Time's PE sponsor (Gryphon Investors) and states the platform is continuously looking to add residential HVAC and home-services locations to its Canadian network.
“Right Time is continuously looking to add new residential HVAC and home services locations to its existing network in Canada. Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
Right Time states it is continuously looking to add residential HVAC and home services locations across Canada and confirms Gryphon Investors as majority owner.
“Right Time is continuously looking to add new residential HVAC and home services locations to its existing network in Canada. Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
PremiStar, formerly Reedy Industries and founded in 1930, is actively expanding the services it provides within the building envelope through both organic growth and acquisitions.
“PremiStar is actively expanding the services it provides within the building envelope and is doing so through both organic growth and acquisitions.”
SEER Group CEO Darrin Erdahl cited increasing growth opportunities across the Northwest both organically and through strategic acquisitions, signaling continued regional roll-up intent.
““We see increasing growth opportunities throughout the Northwest, organically and through strategic acquisitions,” stated Darrin Erdahl, CEO and founder of The SEER Group LLC.”
SF&P's Silberstein describes differing buyer strategies: Apex Service Partners wants a presence in each top-50 market, while The Wrench Group focuses on larger operations.
“Apex Service Partners wants a presence in each top 50 market. The Wrench Group focuses on larger operations.”
Broker notes different buyer goals: Apex Service Partners wants a presence in each top-50 market, while The Wrench Group focuses on larger operations.
“Apex Service Partners wants a presence in each top 50 market. The Wrench Group focuses on larger operations.”
Ken Goodrich, CEO of Goettl Air Conditioning & Plumbing, a PE-backed HVAC firm, stated that the current consolidation wave is unlikely to collapse like the 1990s because PE firms have better management, more data, and strategic long-term focus.
“Ken Goodrich, CEO of Goettl Air Conditioning & Plumbing, a PE-backed HVAC firm, said a collapse of that scale is unlikely.”
The Wrench Group is identified as a buyer that focuses on larger operations, indicating its acquisition strategy within the HVAC consolidation landscape.
“The Wrench Group focuses on larger operations.”
The article states Right Time Group of Companies is majority-owned by Gryphon Investors, a middle-market private equity firm, identifying the PE sponsor behind the Canadian HVAC roll-up.
“Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
Wardlaw is identified as Right Time's fourteenth completed acquisition, underscoring an active roll-up cadence.
“Wardlaw is the fourteenth acquisition completed by Right Time.”
Right Time, the acquiring platform, is identified as majority-owned by middle-market PE firm Gryphon Investors, confirming PE backing of the roll-up.
“Right Time is majority-owned by Gryphon Investors, a middle-market private equity firm.”
Apex Service Partners confirms its primary shareholder, among a handful, is the private equity firm Alpine Investors, which provides capital and acts as a partner in building the home-services platform.
“And our primary shareholder amongst a handful is Alpine Investors. They're a private equity firm.”
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.”
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.”
ABM's government business is adversely impacting results due to early termination of U.S. Government contracts, cancelled contracts on government projects, and delays in starting recently awarded contracts. The outlook for this segment remains challenging.
“Government business adversely impacting results and outlook remains challenging DLITE Afghanistan task order bids are being re-evaluated”
EMCOR's CEO states the company is committed to pursuing attractive acquisition targets to grow, alongside organic growth, indicating an active M&A strategy in the mechanical and electrical construction and facilities services sectors.
“We are committed to growing both organically through disciplined project bidding and solid execution, and through the continued pursuit of attractive acquisition targets, as evidenced by our recent acquisition of Harry Pepper & Associates.”
EMCOR reports 14.6% revenue growth in Q3 2008, with 8.0% attributed to organic growth and the remainder from businesses acquired in the past year. The company notes strong performance from both organic and acquired businesses.
“In the 2008 third quarter, revenues were $1.72 billion compared to $1.50 billion in the third quarter of 2007, an increase of 14.6%, of which 8.0% was organic growth which excludes the contribution from businesses acquired during the past year.”
EMCOR's CEO highlights strategic acquisitions like Ohmstede and S.A. Comunale as key to diversifying into stable end markets such as refining and fire protection. The company notes that these acquisitions have shifted its business mix away from cyclical construction toward less capital-intensive services.
“At the same time, we have undertaken strategic acquisitions, such as Ohmstede, S.A. Comunale and a number of mechanical services companies, which have shifted the mix of our business to stable end markets such as refining, fire protection and mechanical services which are less capital intensive and not as vulnerable to economic downturns than construction.”
EMCOR's CEO Frank MacInnis commented that Jerry Ryan's experience will be valuable as the company continues to grow its industrial operations following its acquisition of Ohmstede, Limited.
“Jerry's breadth of experience, especially in industrial maintenance, services, and manufacturing of mission critical components will be a source of wise counsel to us as we continue to grow our industrial operations following our acquisition of Ohmstede, Limited.”
EMCOR Group reported 13.8% organic revenue growth in Q3 2007, driven by strong performance across all North American segments, particularly U.S. Mechanical, Electrical, and Facilities Services. The company noted robust markets and strong demand for its services.
“After excluding revenues from 2007 acquisitions, organic revenue growth in the 2007 third quarter was 13.8%.”
Caxton-Iseman Capital's portfolio includes American Residential Services L.L.C., described as one of the nation's leading providers of HVAC and plumbing services. This highlights private equity interest in the home services trades.
“American Residential Services L.L.C., one of the nation’s leading providers of HVAC and plumbing services”
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”
Commercial maintenance-heavy mechanical platforms command premium multiples relative to project-heavy peers.
“Commercial maintenance-heavy mechanical platforms (Service Logic, Comfort Systems USA, Reedy Industries, Crete United, FirstCall Mechanical, Astra Service Partners, Pueblo Mechanical) command premium multiples”
Exigent Group, backed by Huron Capital, has acquired multiple commercial HVAC firms across the eastern US, acting as a strategic regional acquirer.
“Huron Capital’s Exigent Group, for example, has acquired multiple commercial HVAC firms across the eastern US”
The speakers describe how private equity firms like Apex Service Partners identify undervalued home service businesses by analyzing financial margins and operational benchmarks, then implement playbooks to improve performance post-acquisition.
“Apex and really all these buyers, they kind of have what kind of their ideal P &L should look like and they're going to go line by line and if kind of a potential target isn't meeting kind of their benchmark, they're going to kind of roll out their playbook or kind of implement their best practices to try to hit that.”
The speakers note that private equity firms are actively buying home service businesses because they generate strong cash flow. They mention that Apex Service Partners received investment from Apollo, achieving a $10 billion valuation, indicating continued PE interest in the space.
“In this industry, these are cash flowing businesses, that's why P's buying so much of these and loading it up with debt is that these businesses make cash.”
Experts view NexCore's aggressive acquisition strategy as a well-executed playbook for consolidating the fragmented HVAC market, leveraging private equity backing to build scale while preserving local operational strengths.
“Experts view NexCore’s aggressive acquisition strategy as a well-executed playbook for consolidating the fragmented HVAC market, leveraging private equity backing to build scale while preserving local operational strengths.”
Bergmann names a few PE-backed HVAC operators he views positively - Jackson Comfort Systems and Chad Simpson - stating both are owned by Sila (transcribed 'Sela') and are investing in training, systems, and tools.
“I mean, we're working with Jackson Comfort Systems and Chad Simpson. I mean, both those are owned by Sela”