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).
Service Experts CEO Scott J. Boxer reiterates plans to seek strategic growth through additional business development and acquisitions fitting the core business model.
“We plan to expand and grow the center as well as seek strategic growth opportunities through other business development initiatives and acquisitions that fit our core business model.”
Service Experts Heating & Air Conditioning announced a strategic multimillion-dollar acquisition of Maryland-based A-Plus Air Conditioning & Heating, expanding into northeast Virginia and south central Maryland with no service-area overlap.
“Service Experts Heating & Air Conditioning , Wheeling, Illinois, announced a strategic acquisition of Bryans Road, Maryland-based A-Plus Air Conditioning & Heating Co. The multimillion dollar purchase allows Service Experts to expand its footprint into northeast Virginia and south central Maryland.”
Service Experts CEO Scott J. Boxer states the company plans to seek strategic growth via further business development and acquisitions fitting its core model.
“We plan to expand and grow the center as well as seek strategic growth opportunities through other business development initiatives and acquisitions that fit our core business model.”
Service Experts Heating & Air Conditioning announced a multimillion-dollar acquisition of Maryland-based A-Plus Air Conditioning & Heating Co. to expand its footprint into northeast Virginia and south central Maryland.
“Service Experts Heating & Air Conditioning has announced the acquisition of Bryans Road, Maryland-based A-Plus Air Conditioning & Heating Co. The multimillion dollar purchase allows Service Experts to expand its footprint into northeast Virginia and south central Maryland.”
Kenneth D. Goodrich's Tucson Peach LLC, also behind Goettl Air Conditioning and The Sunny Plumber, acquired Phoenix-based HVAC contractor Sonoran Air and rebranded it Sonoran Air Conditioning.
“PHOENIX — Kenneth D. Goodrich, managing partner of Tucson Peach LLC and Goettl Air Conditioning, announced that Tucson Peach has acquired Phoenix-based HVAC contractor Sonoran Air. The company will operate under the new name Sonoran Air Conditioning.”
Tucson Peach LLC, an entity of Kenneth D. Goodrich (also managing partner of Goettl Air Conditioning), acquired Phoenix HVAC contractor Sonoran Air, which will operate as Sonoran Air Conditioning within Goodrich's group of companies.
“Kenneth D. Goodrich, managing partner of Tucson Peach LLC and Goettl Air Conditioning, announced that Tucson Peach has acquired Phoenix-based HVAC contractor Sonoran Air.”
Kenneth D. Goodrich's Tucson Peach LLC (also behind Goettl Air Conditioning and The Sunny Plumber) acquired Phoenix-based HVAC contractor Sonoran Air, rebranding it Sonoran Air Conditioning, as a tuck-in into his group of companies.
“PHOENIX — Kenneth D. Goodrich, managing partner of Tucson Peach LLC and Goettl Air Conditioning, announced that Tucson Peach has acquired Phoenix-based HVAC contractor Sonoran Air. The company will operate under the new name Sonoran Air Conditioning.”
The deal is framed as building on Source's platform as a leading independent provider of commercial refrigeration and HVAC services in North America, with the PE operating partner citing continued commitment to expand the platform.
“Source Refrigeration & HVAC said the acquisition builds on its strong platform as a leading independent provider of commercial refrigeration and HVAC services in North America, serving the nation’s top supermarket chains, many of the largest convenience store chains, and leading telecommunications and industrial companies.”
Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, acquired Houston-based Service Refrigeration LLC, expanding its commercial refrigeration and HVAC service platform into Texas.
“Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, has announced the acquisition of Service Refrigeration LLC, based in Houston.”
Comfort Systems USA, Inc. entered into an Agreement and Plan of Merger to acquire Dyna Ten Corporation for $37.5 million in cash, subject to post-closing adjustments. Dyna Ten will merge into a wholly owned subsidiary of Comfort Systems USA and survive as a wholly owned subsidiary.
“On April 7, 2014, Comfort Systems USA, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Dyna Ten Corporation (“Dyna Ten”), certain of its shareholders, and CSUSA (20), Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”). Subject to the terms and conditions of the Merger Agreement, Dyna Ten will merge with and into the Merger Sub (the “Merger”), with Dyna Ten surviving the Merger as a wholly owned subsidiary of the Company.”
EMCOR Group, Inc. entered into a Fourth Amended and Restated Credit Agreement, providing a $750 million revolving credit facility and $350 million in term loans, with an option to increase the revolver by $300 million. This refinancing replaces the former 2011 credit agreement.
“On November 25, 2013, EMCOR Group, Inc. (the “Company) and EMCOR Group (UK) plc., a wholly-owned subsidiary of the Company (“EMCOR UK”), entered into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of November 25, 2013 with Bank of Montreal, as Agent, and certain other lenders listed on the signature pages thereof (collectively, the “Lenders”).”
EMCOR Group, Inc. entered into a Purchase and Sale Agreement to acquire all outstanding capital stock of RepconStrickland, Inc. from a group of sellers for approximately $455 million in cash. The acquisition will be financed through available cash and borrowings under EMCOR's revolving credit facility. The transaction is subject to customary closing conditions including HSR clearance.
“On June 17, 2013, EMCOR Group, Inc. (the “Company”), a Delaware corporation, entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Texas Turnaround LLC, a Delaware limited liability company, Altair Strickland Group, Inc., a Texas corporation, Rep Holdings LLC, a Texas limited liability company, ASG Key Employee LLC, a Texas limited liability company, Repcon Key Employee LLC, a Texas limited liability company, Gulfstar MBII, Ltd., a Texas limited partnership, The Trustee of the James T. Robinson and Diana J. Robinson 2010 Irrevocable Trust, The Trustee of the Steven Rothbauer 2012 Descendant’s Trust, The Co-Trustees of the Patia Strickland 2012 Descendant’s Trust, The Co-Trustees of the Carter Strickland 2012 Descendant’s Trust, and The Co-Trustees of the Walton 2012 Grandchildren’s Trust (collectively, “Sellers”) for the Company to acquire all of the outstanding capital stock of RepconStrickland, Inc., a Delaware corporation (along with its subsidiaries, “RepconStrickland”), in exchange for approximately $455 million in cash to be paid to Sellers.”
Arsenal Capital Partners operating partner Sal Gagliardo framed the Fournier and prior TP Electrical acquisitions as part of a deliberate strategy to build Source into the leading Southeast service provider and to keep pursuing further national expansion — an explicit PE roll-up thesis.
“The recent acquisition of TP Electrical and now Fournier demonstrates our commitment to expand Source into the leading service provider in the Southeast and to better serve our valuable national and local customer base. We will continue to review opportunities for further expansion of Source’s national presence and service offering.”
Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, acquired Fournier Air Conditioning and Refrigeration in Florida as a Southeast expansion add-on to its commercial refrigeration/HVAC services platform. A clear PE-backed roll-up add-on.
“ANAHEIM, Calif. — Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, has announced the acquisition of Fournier Air Conditioning and Refrigeration – Florida, based in Jacksonville, Fla.”
Arsenal Capital's operating partner framed the TP Electrical deal as part of a strategy to expand Source's national footprint and build an industry-leading independent refrigeration and HVAC company.
“The acquisition of TP strengthens the capabilities of our existing service and installation operations in the Southeast and supports our overall strategy of continuing to expand our national footprint while we build an industry-leading independent refrigeration and HVAC company.”
PE-backed Source Refrigeration & HVAC, an Arsenal Capital Partners portfolio company, acquired Southeast electrical/EMS contractor TP Electrical as an add-on to its national commercial refrigeration and HVAC services platform.
“Source Refrigeration & HVAC, a portfolio company of Arsenal Capital Partners, has announced the acquisition of TP Electrical, based in White, Ga.”
Private equity owner American Capital, which had acquired Service Experts in March 2013, exited via the sale to Enercare, receiving $244 million in proceeds and realizing 18 times its investment with a 184 percent 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.”
Service Experts had been owned by private equity firm American Capital, which acquired the HVAC services company in 2013.
“Service Experts is currently owned by American Capital, Bethesda, Md., which acquired the company in 2013.”
Comfort Systems USA, Inc. expanded its Board of Directors from 9 to 11 members and appointed Constance E. Skidmore and Vance W. Tang as directors, effective December 1, 2012. The appointments were made to allow for a transition period before two directors reach the company's mandatory retirement age.
“On November 15, 2012, based on the recommendation of the nominating and corporate governance committee of the Company’s Board and to allow for a transition period before two directors reach the Company’s mandatory retirement age, the Board decided to increase the size of the Board from 9 to 11 directors, effective December 1, 2012, and appointed Constance E. Skidmore and Vance W. Tang as directors.”
A related-article reference in the source notes that Service Experts acquired Jones Heating & Air in September 2012, indicating ongoing HVAC contractor consolidation.
“Sept. 28, 2012: Service Experts Acquires Jones Heating & Air”
Service Experts Heating and Air Conditioning, a 100+ location North American HVAC platform, acquired Jones Heating & Air Co., a local Morristown, Tenn. contractor founded in 1986 — a tuck-in of an independent contractor into a large multi-location brand.
“Service Experts Heating and Air Conditioning announced that it has acquired Jones Heating & Air Co., a Morristown, Tenn., contracting company founded in 1986 by Larry and Cheryl Jones.”
A related-link headline in the source indicates Lennox announced plans to divest its Service Experts retail HVAC business (dated Sept. 25, 2012).
“Sept. 25, 2012: Lennox Announces Plans to Divest Service Experts”
Service Experts Heating and Air Conditioning, one of North America's largest HVAC brands with over 100 locations, acquired Morristown, Tenn. contractor Jones Heating & Air Co.
“Service Experts Heating and Air Conditioning announced that it has acquired Jones Heating & Air Co., a Morristown, Tenn., contracting company founded in 1986 by Larry and Cheryl Jones.”
Service Experts Heating and Air Conditioning has acquired Jones Heating & Air Co., a Morristown, Tennessee-based contracting company founded in 1986. The acquisition expands Service Experts' footprint in Tennessee.
“Service Experts Heating and Air Conditioning announced that it has acquired Jones Heating & Air Co., a Morristown, Tenn., contracting company founded in 1986 by Larry and Cheryl Jones.”
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”
ABM is positioning its Facility Solutions business for long-term success by expanding key services including Building & Energy Solutions and Integrated Facility Solutions. The company is leveraging its mobile network to offer bundled HVAC, energy, electrical, plumbing, and other building trades services to drive demand.
“Positioning the business for long-term success by focusing and expanding key services: Building & Energy Integrated Facility Solutions Government Building & Energy Solutions revenue and operating profit for the quarter up 10.3% and 17.5%, respectively”
ABM Industries announced the acquisition of TEGG, a provider of electrical and HVAC maintenance services, to broaden its existing vertical and geographic presence and strengthen its Franchising Group.
“Acquisition of TEGG: Broadens existing vertical and geographic presence Provides clients with more comprehensive solutions Strengthens ABM's Franchising Group”
SCIenergy Inc. has completed its acquisition of Transcend Equity, a provider of energy-saving retrofits for commercial buildings. The deal positions SCIenergy as a global leader in Energy Efficiency as-a-Service and includes a joint venture agreement with Mitsui & Co. (U.S.A.) Inc.
“SCIenergy Inc., a leader in providing cloud-based energy management solutions for building owners and operators, announced that it has successfully completed the acquisition of Transcend Equity, a leader in delivering energy saving retrofits for commercial buildings.”
John C. Flood, a D.C.-area home-services contractor, acquired Ronnie Outlaw LC, an Arlington, Va. HVAC company, planning to expand the acquired customer base into plumbing, electrical, and remodeling services.
“John C. Flood Inc. has announced the acquisition of Ronnie Outlaw LC of Arlington, Va.”
John C. Flood Inc. of Alexandria, Va., acquired Ronnie Outlaw LC of Arlington, Va., expanding its HVAC customer base and cross-selling plumbing, electrical and remodeling services.
“John C. Flood Inc. has announced the acquisition of Ronnie Outlaw LC of Arlington, Va.”
EMCOR Group, Inc. and its subsidiary EMCOR Group (UK) plc entered into a Third Amended and Restated Credit Agreement establishing a $750 million revolving credit facility, with an option to increase borrowings by up to an additional $150 million. The agreement amends and restates the prior credit agreement dated February 4, 2010.
“On November 21, 2011, EMCOR Group, Inc. (the “Company) and EMCOR Group (UK) plc., a wholly-owned subsidiary of the Company (“EMCOR UK”), entered into a Third Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of November 21, 2011 with Bank of Montreal, as Agent, and certain other lenders listed on the signature pages thereof (collectively, the “Lenders”).”
Comfort Systems USA's Board formally selected Brian E. Lane, the company's President and COO, as the named successor to CEO William F. Murdy. Lane is expected to assume the CEO role upon Murdy's retirement on December 31, 2011, while Murdy will continue as non-executive Chairman.
“On November 15, 2011, based on the recommendation of its nominating and corporate governance committee, the Board of Directors (the “Board”) of Comfort Systems USA, Inc. (the “Company”) formally selected Brian E. Lane, the Company’s President and Chief Operating Officer, as the named successor to William F. Murdy as the Company’s Chief Executive Officer. The Board anticipates that Mr. Lane will be elected to the position of Chief Executive Officer upon Mr. Murdy’s retirement as Chief Executive Officer on December 31, 2011.”
Comfort Systems USA, Inc. announced the acquisition of a majority interest in Environmental Air Systems, a mechanical contractor based in Greensboro, North Carolina. The deal was reported in a press release dated November 3, 2011.
“Attached as Exhibit 99.3 is a copy of a press release of the Company dated November 3, 2011 announcing the Company’s acquisition of a majority interest in Environmental Air Systems, a mechanical contractor headquartered in Greensboro, North Carolina.”
Comfort Systems USA, Inc. entered into an amendment to its senior credit facility on September 23, 2011, with a syndicate of banks led by Wells Fargo. The amended facility extends maturity to September 2016 and adjusts financial covenants, including leverage and fixed charge coverage ratios.
“On September 23, 2011, the Company entered into an Amendment No. 1 to Second Amended and Restated Credit Agreement, Second Amended and Restated Security Agreement, and Second Amended and Restated Pledge Agreement (the “Amendment” and, together with the Facility, the “Amended Facility”) with the Guarantors, the Agent, and the Lenders.”
American Residential Services (ARS), a portfolio company of PE firm CI Capital Partners, completed the acquisition of HVAC contractor Columbus/Worthington Air to expand its footprint in the Columbus, Ohio market. CWA continues as a standalone business.
“NEW YORK - CI Capital Partners LLC, a New York-based private equity firm, announced that its portfolio company American Residential Services L.L.C. (ARS), a national provider of HVAC and plumbing equipment and services, has completed an acquisition to increase its penetration in the Columbus, Ohio, metropolitan market.”
CI Capital Partners' portfolio company ARS completed the acquisition of Columbus/Worthington Air, a residential and light commercial HVAC contractor with ~$7.5M revenue, to expand in the Columbus, Ohio market.
“CI Capital Partners LLC, a New York-based private equity firm, announced that its portfolio company American Residential Services L.L.C. (ARS), a national provider of HVAC and plumbing equipment and services, has completed an acquisition to increase its penetration in the Columbus, Ohio, metropolitan market.”
CI Capital's managing director framed the ARS acquisitions as the continued implementation of a buy-and-build roll-up strategy in the residential home services sector.
“Thomas Ritchie, managing director at CI Capital, said, “With the acquisitions of Brothers and CWA, ARS continues the successful implementation of its buy-and-build strategy in the residential services sector.”
American Residential Services (ARS), a portfolio company of PE firm CI Capital Partners, completed two add-on acquisitions—Brothers Air and Heat (Charlotte) and Columbus/Worthington Air (Columbus)—to expand its regional footprint.
“NEW YORK - CI Capital Partners LLC, a New York-based private equity firm, announced that its portfolio company American Residential Services L.L.C. (ARS), a national provider of HVAC and plumbing equipment and services, has completed two acquisitions to increase its penetration in the Charlotte, N.C., and Columbus, Ohio, metropolitan markets.”
CI Capital framed the ARS acquisitions as continued execution of a buy-and-build consolidation strategy in residential home services.
“With the acquisitions of Brothers and CWA, ARS continues the successful implementation of its buy-and-build strategy in the residential services sector.”
CI Capital Partners' portfolio company American Residential Services (ARS) completed acquisitions of Brothers Air and Heat (Charlotte) and Columbus/Worthington Air (Columbus) to expand its regional footprint as part of a buy-and-build roll-up strategy.
“CI Capital Partners LLC, a New York-based private equity firm, announced that its portfolio company American Residential Services L.L.C. (ARS), a national provider of HVAC and plumbing equipment and services, has completed two acquisitions to increase its penetration in the Charlotte, N.C., and Columbus, Ohio, metropolitan markets.”
ARS/Rescue Rooter stated it has been expanding its national network through both organic growth and acquisitions since 2006, and continues to seek additional acquisition opportunities with home-services entrepreneurs.
“ARS/Rescue Rooter, headquartered in Memphis, Tenn., noted that it has been expanding the ARS/Rescue Rooter Network nationally through organic growth and acquisitions since 2006.”
American Residential Services' ARS/Rescue Rooter acquired the assets of D.C.-based McCarthy Services, a leading HVAC and plumbing provider, marking its first acquisition in the Washington, D.C. market as part of its network expansion through acquisitions.
“ARS®/Rescue Rooter®, a privately held, nationwide provider of air conditioning, heating, plumbing, insulation, radiant barrier, and ventilation services, has announced the acquisition of the assets of Washington, D.C.-based McCarthy Services.”
ARS/Rescue Rooter stated it has been expanding its network nationally through both organic growth and acquisitions since 2006, and continues to seek additional acquisition opportunities.
“ARS/Rescue Rooter, headquartered in Memphis, Tenn., noted that it has been expanding the ARS/Rescue Rooter Network nationally through organic growth and acquisitions since 2006.”
American Residential Services' ARS/Rescue Rooter acquired the assets of D.C.-based McCarthy Services, its first acquisition in the Washington, D.C. market, expanding its residential/commercial HVAC and plumbing services.
“ARS®/Rescue Rooter®, a privately held, nationwide provider of air conditioning, heating, plumbing, insulation, radiant barrier, and ventilation services, has announced the acquisition of the assets of Washington, D.C.-based McCarthy Services.”
ARS/Rescue Rooter stated it has been expanding its national network through organic growth and acquisitions since 2006.
“ARS/Rescue Rooter, headquartered in Memphis, Tenn., noted that it has been expanding the ARS/Rescue Rooter Network nationally through organic growth and acquisitions since 2006.”
American Residential Services' ARS/Rescue Rooter acquired the assets of D.C.-based McCarthy Services, a leading HVAC and plumbing provider, its first acquisition in the Washington, D.C. market.
“McCarthy Services is our first acquisition in the Washington, D.C., market. We continue to seek additional opportunities to partner with entrepreneurs who share our commitment to total customer satisfaction in the home services industry,”
ARS/Rescue Rooter stated it has been expanding its network nationally through organic growth and acquisitions since 2006 and continues to seek additional opportunities.
“ARS/Rescue Rooter, headquartered in Memphis, Tenn., noted that it has been expanding the ARS/Rescue Rooter Network nationally through organic growth and acquisitions since 2006.”
American Residential Services' ARS/Rescue Rooter acquired the assets of D.C.-based McCarthy Services, its first acquisition in the Washington, D.C. market.
“ARS®/Rescue Rooter®, a privately held, nationwide provider of air conditioning, heating, plumbing, insulation, radiant barrier, and ventilation services, has announced the acquisition of the assets of Washington, D.C.-based McCarthy Services.”
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 Group sold its equity interest in its Middle East venture to its venture partner, recording a pre-tax gain of $7.9 million in Q2 2010.
“a pre-tax gain of $7.9 million, or $0.12 per diluted share after-tax, in the 2010 second quarter from the gain on the sale of the Company's equity interest in its Middle East venture to its venture partner”