Investcorp, a global alternative investment firm, has acquired Shearer Supply, an independent distributor of heating, ventilation and air conditioning equipment for residential and commercial properties in the southern U.S. region.

Founded in 1983, Shearer serves over 5,500 customers from 22 branches across Texas, Oklahoma, Arkansas, Tennessee and Louisiana. Headquartered in Dallas, Shearer’s product lines include American Standard Residential and Commercial HVAC, Ameristar Heating and Air Conditioning and Samsung HVAC. Shearer’s management team, the Shearer family and PNC Riverarch Capital will remain shareholders in the company alongside Investcorp.

“Shearer operates in a large, resilient and highly fragmented market driven by non-discretionary replacement demand and will continue to benefit from strong secular tailwinds including an aging housing stock, shortening replacement cycles and favorable regulation, in addition to its attractive Southern U.S. geographic footprint,” says Dave Tayeh, head of private equity North America at Investcorp. “We are excited to partner with the Shearer family to drive organic growth and further expansion.”