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.
Signal volume over time
1,106 dated signals shown · 42 undated (excluded from the chart).
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.”
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.”
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.”
