Every PE/M&A signal we can find, concrete deals and the broader market mood, each pinned to a verbatim quote from its source. 16 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.
Odyssey Investment Partners is selling Champions Group to Blackstone but will retain a significant minority investment alongside Champions' management team.
“Odyssey and Champions Group’s management team will retain a significant minority investment. Terms of the transaction were not disclosed.”
As part of the Air Pros bankruptcy, business units are being carved out and sold off; a host notes a friend is buying one of the units for roughly $20M, and that the company took on over $20M of financing to fund the transition.
“actually I have a friend that's buying one of them, which is kind of interesting for like 20 million bucks, I think.”
After failing to sell the enterprise as a whole, Air Pros pursued a breakup strategy, selling six separate business units individually as going concerns under Section 363 of the Bankruptcy Code.
“After earlier attempts to sell the enterprise as a whole were unsuccessful, the company pursued a break-up sale. Each regional operation was marketed separately to buyers with specific geographic or operational interests.”
Airtron is being divested by NRG Energy, which had acquired it as part of its 2021 acquisition of Direct Energy. The deal carves Airtron out into a stand-alone PE-backed business.
“Airtron had been acquired by NRG as part of its acquisition of Direct Energy in 2021. Notwithstanding its ownership by corporate organizations, Airtron has largely operated as an independent business, the press release said.”
NRG Energy is selling Airtron, which it had acquired as part of its 2021 acquisition of Direct Energy, to PE firm Gamut.
“Airtron had been acquired by NRG as part of its acquisition of Direct Energy in 2021.”
NRG Energy announced a definitive agreement to sell its Airtron HVAC business unit for $500 million. The divestiture is described as opportunistic and at an accretive multiple, with the transaction expected to close by the end of 2024.
“On August 3, 2024 the Company entered into a definitive agreement to sell its Airtron HVAC business unit for $500 million, subject to standard purchase price adjustments.”
Fred Hutchinson, president of Hutchinson, stated the owners considered selling the business and had many options before partnering with Horizon, indicating an owner sell-side decision.
“We had many options when we were considering the sale of the business, but Horizon was the one we were most excited about partnering with”
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.”
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.”
Service Experts was owned by private-equity/BDC firm American Capital of Bethesda, MD, which acquired the company in 2013; the pending Enercare deal represents American Capital's exit.
“Service Experts is currently owned by American Capital, Bethesda, Md., which acquired the company in 2013.”
Service Experts was owned by private-equity/BDC firm American Capital of Bethesda, MD, which had acquired the company; the pending Enercare deal represents American Capital's exit.
“Service Experts is currently owned by American Capital, Bethesda, Md., which”
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.”
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”
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”
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.”
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.”