Warburg Pincus considers Service Logic sale
Warburg Pincus, is considering a sale of Service Logic, a commercial heating, ventilation, and air-conditioning company that could fetch more than $1.5 billion, according to people with knowledge of the matter.
The New York-based private equity firm is holding talks with potential advisers to sell Service Logic in the first half of 2020, said the people, who asked not to be identified because the information is private. Service Logic, based in Charlotte, North Carolina, is expected to attract interest from corporations and other private equity firms, the people said.
No final decision has been made and Warburg Pincus could opt to keep the company, they said.
A representative for Warburg Pincus declined to comment, while a representative for Service Logic didn’t respond to requests seeking comment.
Service Logic is one of a number of HVAC assets likely to come to market in 2020. U.K.-based Melrose Industries Plc is seeking to raise more than $3 billion from a potential sale of the bulk of its Nortek division, Bloomberg News reported in January. United Technologies Corp. is seeking to spin off its HVAC division, Carrier, as it prepares to close its merger with Raytheon Co.
Warburg bought Service Logic from Sterling Investment Partners in 2017. The company services more than 12,000 clients and 90 million square feet of commercial, industrial and institutional real estate, according to its website.