Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 1148 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.
1,106 dated signals shown · 42 undated (excluded from the chart).
The Wrench Group's CEO described its roll-up strategy as partnering with market leaders, framing the Donovan deal within that acquisition strategy.
““Part of Wrench’s strategy is to partner with market leaders, and Donovan has an outstanding reputation in the Jacksonville area, and has experienced very impressive organic growth over many years,” he said.”
The Wrench Group acquired Donovan Heat and Air Inc. of Jacksonville, Florida, expanding its footprint into northern Florida; Donovan will continue operating under its existing brand.
“The Wrench Group announced the acquisition of Donovan Heat and Air Inc. (“Donovan”), expanding the Wrench footprint to northern Florida.”
Comfort Systems USA, Inc. entered into an Agreement and Plan of Merger to acquire TAS Energy Inc. through a merger with its wholly owned subsidiary OSC Acquisition Corp. The initial purchase price is $106 million in cash plus a $14 million promissory note, with additional earn-out payments based on future EBITDA performance.
“On March 9, 2020, Comfort Systems USA, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) dated as of March 9, 2020 with its wholly owned subsidiary, OSC Acquisition Corp. (“Merger Sub”), TAS Energy Inc. (“TAS Energy”), and Element Partners II, L.P., in its capacity as the exclusive representative of the stockholders of TAS Energy (“TAS Stockholders”). The Merger Agreement provides that Merger Sub will merge with and into TAS Energy and each outstanding share of TAS Energy capital stock will be canceled and converted into the right to receive a portion of the merger consideration (described below) upon the terms and conditions set forth in the Merger Agreement. Upon the consummation of this merger, TAS Energy will become a wholly owned subsidiary of the Company.”
Florida Cool will combine operations with CoolToday in Sarasota, which The Wrench Group acquired in April 2019, illustrating tuck-in consolidation of Florida HVAC brands under Wrench.
“CoolToday, serving Sarasota and the surrounding areas since 1963, was acquired by The Wrench Group in April 2019, and has quickly expanded its service offerings to the Tampa and St. Pete area.”
The Wrench Group acquired Florida Cool Inc., expanding its footprint in the Southwest Florida market. Florida Cool will combine operations with CoolToday, a prior Wrench acquisition.
“The Wrench Group (“Wrench”) announced the acquisition of Florida Cool Inc. (“Florida Cool”), expanding its footprint in the Southwest Florida market.”
The article notes CoolToday, the brand Florida Cool will be combined with, was acquired by The Wrench Group in April 2019.
“CoolToday, serving Sarasota and the surrounding areas since 1963, was acquired by The Wrench Group in April 2019, and has quickly expanded its service offerings to the Tampa and St. Pete area.”
The Wrench Group acquired Florida Cool Inc., expanding its footprint in the Southwest Florida market; Florida Cool will combine operations with Wrench's CoolToday brand.
“The Wrench Group (“Wrench”) announced the acquisition of Florida Cool Inc. (“Florida Cool”), expanding its footprint in the Southwest Florida market.”
PE-backed Right Time Heating and Air Conditioning Canada acquired M&K Climate Care of London, Ontario - its second acquisition since forming a 50/50 partnership with private equity firm Clairvest Group in November 2018.
“This is the second acquisition completed by Right Time since announcing its 50/50 partnership with Toronto-based private equity firm Clairvest Group in [November 2018](https://www.clairvest.com/clairvest-partners-with-hvac-service-provider-right-time-heating-and-air-conditioning-canada/).”
SEER Group leadership framed the Coffman deal as part of a continued national footprint expansion combining synergies and support across its other partner companies.
“we are very proud to welcome the Coffman team to our family of companies as we continue to expand our footprint nationally”
The SEER Group LLC announced its twelfth acquisition, Coffman & Company, a residential heating and air conditioning provider serving the Denver metro area, expanding the platform into Colorado.
“The SEER Group LLC announced its twelfth acquisition, Coffman & Company, a heating & air conditioning company serving the Denver metro area.”
The SEER Group CEO framed the Coffman acquisition as part of continued national footprint expansion across its family of companies.
“we are very proud to welcome the Coffman team to our family of companies as we continue to expand our footprint nationally”
The selling owners of Coffman & Company expressed reluctance about selling to a large acquirer that would come in and change everything including employees, reflecting owner sentiment in trades consolidation.
“We did not want to sell to a large company that would come in and change everything, including our employees.”
The SEER Group announced its twelfth acquisition, Coffman & Company, a residential HVAC company serving the Denver metro area, expanding the platform into Colorado.
“The SEER Group LLC announced its twelfth acquisition, Coffman & Company, a heating & air conditioning company serving the Denver metro area.”
Air Pros, a Florida-based HVAC contractor, added a Dallas operation; it made three acquisitions in 2019 and planned to double that in 2020, funding deals from cash flow rather than a PE firm.
“Anthony Perera, president of Air Pros, a Florida-based HVAC contractor, recently added an operation in the Dallas market. Perera said he is open to acquisitions in any climate. He made three in 2019 and plans on doubling that amount in 2020.”
Huron Capital acquired Pueblo in 2017 via its ExecFactor strategy and brought in Dan Bueschel as CEO to execute a buy-and-build thesis; the Niemeyer deal was Pueblo's sixth acquisition since Huron's involvement.
“Huron acquired Pueblo in 2017 and brought in Dan Bueschel as CEO through the ExecFactor® program.”
Pueblo Mechanical, an Arizona-based consolidator funded by Huron Capital, added Niemeyer Brothers Plumbing Inc. to expand into plumbing services.
“Pueblo Mechanical, an Arizona-based consolidator funded by Huron Capital, recently added Niemeyer Brothers Plumbing Inc.”
Goettl acquired Dutton Plumbing in California to expand its service offerings as a roll-up firm.
“Last year, Goettl acquired Dutton Plumbing in California to expand its offerings.”
Goettl CEO Ken Goodrich partnered with Baum Capital Partners, a lower-middle-market PE firm, to expand his acquisitions; Goettl operates locations in the West and entered Texas 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. Goettl operates several locations in the West and recently entered the Texas market via a 2019 acquisition.”
Alpine previously built the Wrench Group, an HVAC and plumbing services platform serving Atlanta, Dallas, Houston, and Phoenix, which grew to over $150 million in revenue and was sold to Investcorp in 2016.
“The firm will follow the strategy it used to build the Wrench Group, an HVAC and plumbing services platform serving the Atlanta, Dallas, Houston, and Phoenix markets, which grew to over $150 million in revenues and was subsequently sold to Investcorp in 2016.”
Alpine planned to invest at least $100 million of equity capital in founder-owned companies over five years to build Apex Service Partners, following the same strategy it used to build the Wrench Group.
“Alpine executives plan to invest at least $100 million of equity capital in founder-owned companies over the next five years to build Apex.”
Alpine Investors, a middle-market PE firm, launched a new HVAC contractor platform called Apex Service Partners with the goal of building a national platform by partnering with founder-owned service providers.
“Alpine Investors, a middle-market private equity firm, recently launched a new platform for HVAC contractors called Apex Service Partners. The goal is to partner with service providers to build a national platform. Alpine Principal Daniel Cohen said the platform matches the contractors’ established performance with Alpine’s access to capital.”
Florida-based Air Pros, funding deals from cash flow rather than PE, added a Dallas operation, made three acquisitions in 2019, and planned to double that in 2020.
“Anthony Perera, president of Air Pros, a Florida-based HVAC contractor, recently added an operation in the Dallas market. Perera said he is open to acquisitions in any climate. He made three in 2019 and plans on doubling that amount in 2020.”
The Niemeyer acquisition was Pueblo's sixth since Huron Capital became involved in 2017, reflecting an active buy-and-build roll-up program.
“This acquisition of Niemeyer was the sixth since Huron Capital became involved in 2017.”
Huron Capital acquired Pueblo in 2017 under its ExecFactor buy-and-build strategy and brought in Dan Bueschel as CEO. The Niemeyer deal was the sixth add-on since 2017.
“Huron acquired Pueblo in 2017 and brought in Dan Bueschel as CEO through the ExecFactor® program.”
Pueblo Mechanical, an Arizona consolidator funded by Huron Capital, added Niemeyer Brothers Plumbing to expand into plumbing services.
“Pueblo Mechanical, an Arizona-based consolidator funded by Huron Capital, recently added Niemeyer Brothers Plumbing Inc.”
Goettl acquired Dutton Plumbing in California to expand its service offerings as a roll-up firm.
“Last year, Goettl acquired Dutton Plumbing in California to expand its offerings.”
Goettl CEO Ken Goodrich partnered with PE firm Baum Capital Partners to expand his acquisition activity; Goettl entered Texas 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. Goettl operates several locations in the West and recently entered the Texas market via a 2019 acquisition.”
Alpine previously built the Wrench Group HVAC and plumbing platform to over $150 million in revenue and sold it to Investcorp in 2016.
“The firm will follow the strategy it used to build the Wrench Group, an HVAC and plumbing services platform serving the Atlanta, Dallas, Houston, and Phoenix markets, which grew to over $150 million in revenues and was subsequently sold to Investcorp in 2016.”
Alpine plans to invest at least $100 million of equity capital in founder-owned companies over five years to build Apex Service Partners.
“Alpine executives plan to invest at least $100 million of equity capital in founder-owned companies over the next five years to build Apex.”
Alpine Investors launched Apex Service Partners as a platform to build a national HVAC contractor network, planning to invest at least $100 million of equity over five years.
“Alpine Investors, a middle-market private equity firm, recently launched a new platform for HVAC contractors called Apex Service Partners. The goal is to partner with service providers to build a national platform.”
Huron Capital and Pueblo Mechanical plan to continue growing in Arizona and start expanding regionally, having already created a much larger and more diversified business through six acquisitions since 2017.
“Our plan is to grow this company regionally. The next phase is to continue to grow in Arizona but start to expand regionally.”
Air Pros USA, a Florida-based HVAC contractor, recently added an operation in the Dallas market. The company made three acquisitions in 2019 and plans to double that in 2020.
“Anthony Perera, president of Air Pros, a Florida-based HVAC contractor, recently added an operation in the Dallas market.”
Huron Capital-backed Pueblo Mechanical acquired Niemeyer Brothers Plumbing Inc., expanding its plumbing capabilities. This was Pueblo's sixth acquisition since Huron Capital became involved in 2017.
“Pueblo Mechanical, an Arizona-based consolidator funded by Huron Capital, recently added Niemeyer Brothers Plumbing Inc.”
Ares Management acquired HVAC contractor CoolSys from Audax Private Equity earlier in 2020. Audax had owned CoolSys for three years prior to the sale.
“CoolSys is an HVAC contractor owned by PE firm Ares Management. Ares bought CoolSys from Audex, another PE firm, earlier this year. Audex had owned CoolSys for three years before that.”
Alpine Investors launched a new HVAC contractor platform called Apex Service Partners, aiming to build a national presence by partnering with service providers. The firm plans to invest at least $100 million of equity capital in founder-owned companies over the next five years.
“Alpine Investors, a middle-market private equity firm, recently launched a new platform for HVAC contractors called Apex Service Partners. The goal is to partner with service providers to build a national platform.”
Air Pros USA, a Florida-based HVAC contractor, added an operation in the Dallas market and plans to double its acquisitions in 2020.
“Anthony Perera, president of Air Pros, a Florida-based HVAC contractor, recently added an operation in the Dallas market.”
Huron Capital-backed Pueblo Mechanical acquired Niemeyer Brothers Plumbing Inc., its sixth acquisition since Huron's involvement in 2017, expanding plumbing capabilities.
“Pueblo Mechanical, an Arizona-based consolidator funded by Huron Capital, recently added Niemeyer Brothers Plumbing Inc.”
Goettl acquired Dutton Plumbing in California to add plumbing services to its HVAC offerings.
“Last year, Goettl acquired Dutton Plumbing in California to expand its offerings.”
Goettl CEO Ken Goodrich partnered with Baum Capital Partners to expand acquisitions, and Goettl 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.”
Alpine Investors launched Apex Service Partners, a new national platform for HVAC contractors, with plans to invest at least $100 million in founder-owned companies over five years.
“Alpine Investors, a middle-market private equity firm, recently launched a new platform for HVAC contractors called Apex Service Partners.”
Air Pros stated it will continue expanding in the Florida market and into other markets across the U.S., framing the Promaster deal as part of a broader growth strategy.
“Air Pros will continue expanding in the Florida market, and to other markets across the U.S.”
Air Pros USA acquired Coral Springs-based Promaster Air Conditioning, adding nearly 3,000 customers, retaining all employees, and rebranding the fleet under the Air Pros name. Owner Jose Anon stays on as regional manager.
“Air Pros Residential and Commercial Air Conditioning Services (Air Pros) announced it has acquired Coral Springs-based Promaster Air Conditioning, adding nearly 3,000 customers. All employees were retained, and the fleet will all be rebranded under the Air Pros name.”
Air Pros stated it will continue expanding in the Florida market and into other markets across the US, citing group buying power and vendor relationships.
“Air Pros will continue expanding in the Florida market, and to other markets across the U.S.”
Air Pros acquired Coral Springs-based Promaster Air Conditioning, adding nearly 3,000 customers, retaining all employees, and rebranding the fleet under Air Pros. The owner stays on as regional manager.
“Air Pros Residential and Commercial Air Conditioning Services (Air Pros) announced it has acquired Coral Springs-based Promaster Air Conditioning, adding nearly 3,000 customers. All employees were retained, and the fleet will all be rebranded under the Air Pros name.”
CoolSys, a nationwide parent of refrigeration and HVAC services companies, acquired Tech Mechanical, a commercial and industrial HVACR services provider in southeast Michigan, strengthening its commercial division and expanding its Midwest presence.
“CoolSys™, a parent of refrigeration and HVAC services companies nationwide, has announced the acquisition of Tech Mechanical, a provider of commercial and industrial HVACR services serving southeast Michigan. This acquisition will strengthen the CoolSys commercial division and expand its market presence into Michigan.”
CoolSys describes an active M&A strategy, noting BRR Refrigeration is the second acquisition it closed in the same week, signaling rapid roll-up pace in commercial refrigeration/HVAC.
“As part of an active M&A strategy, BRR Refrigeration is the second acquisition CoolSys has closed this week.”
CoolSys, a parent of refrigeration and HVAC companies nationwide, acquired BRR Refrigeration, a commercial refrigeration and HVAC services company in Virginia Beach, marking its first entry into the Mid-Atlantic region as part of an active M&A roll-up strategy.
“CoolSys, a parent of market-leading refrigeration and HVAC companies nationwide, announced it has acquired BRR Refrigeration, a commercial refrigeration and HVAC services company based in Virginia Beach, Virginia.”
Huron Capital partnered with Dan Bueschel to acquire Pueblo in December 2017 pursuing an ExecFactor buy-and-build strategy in Southwestern US commercial HVAC; the Niemeyer deal marks Pueblo's sixth acquisition.
“Huron Capital partnered with Dan Bueschel to acquire Pueblo in December 2017 and pursue an ExecFactor® buy-and-build strategy in the commercial HVAC market in the Southwestern United States. This is Pueblo’s sixth acquisition and adds an important service line extension that will benefit customer experience and service.”
Pueblo Mechanical & Controls, Huron Capital's ExecFactor HVAC platform, acquired Niemeyer Brothers Plumbing, adding commercial plumbing as a new service line in the greater Phoenix area.
“Huron Capital announced that its HVAC installation, retrofit, and repair services ExecFactor® platform, Pueblo Mechanical & Controls (“Pueblo”), has acquired Niemeyer Brothers Plumbing, Inc. (“Niemeyer”).”
Huron Capital partnered with Dan Bueschel to acquire Pueblo in December 2017 to pursue an ExecFactor buy-and-build strategy in the commercial HVAC market in the Southwestern US.
“Huron Capital partnered with Dan Bueschel to acquire Pueblo in December 2017 and pursue an ExecFactor® buy-and-build strategy in the commercial HVAC market in the Southwestern United States. This is Pueblo’s sixth acquisition and adds an important service line extension that will benefit customer experience and service.”