Aggreko, a Scottland-based global supplier of mobile and modular power, temperature control equipment and energy services, has acquired Resolute Industrial, an independent provider of heating, ventilation, air conditioning and refrigeration rental services, compressor manufacturing and refrigerant storage services, from AE Industrial Partners.
AEI will sell all of the outstanding equity interests on a cash-free, debt-free basis for a transaction value of $440 million. Resolute Industrial offers temporary HVAC/R services, delivering its rental services through a national presence.
“We are grateful for the outstanding partnership we have enjoyed with AEI and its support in growing our service offerings and geographic footprint,” states Mike McGraw, CEO of Resolute. “We look forward to moving ahead with our new owners as we continue to address the evolving needs of our customers.”
Morgan Stanley & Co. LLC served as financial advisor to Resolute Industrial and Kirkland & Ellis LLP served as legal advisor.