Partners Group, a global private markets firm, has agreed on behalf of its clients to acquire Reedy Industries, a heating, ventilation and air conditioning service provider in the U.S., from Audax Private Equity. As part of the transaction, the Reedy family, management, and Audax, will remain minority investors in the Deerfield, Illinois-headquartered business. The transaction is expected to close in the third quarter of 2021.
Andrew Oliver, managing director, private equity goods and products, Partners Group, stated, “Reedy is a well-established company in an attractive industry, supported by a talented management team who are uniquely positioned to capitalize on multiple tailwinds supporting sector growth. The Company has a tried and tested blueprint for expanding into new geographies by acquiring successful, reputable businesses. We are excited to bring our network, transformational investment strategy, and platform building expertise into partnership with Joe and his team.”
Joe Kirmser, chief executive officer, Reedy, commented, “We have experienced substantial growth in recent years but now want a long-term partner to help strengthen our competitive advantage, invest in technical resources, and expand into new markets. Partners Group shares our entrepreneurial values and brings decades of experience partnering with businesses to help achieve outsized growth in a responsible way both through organic growth and through acquisition.”
Mike Sexton, senior investment leader, Private Equity Services, Partners Group, added, “The maintenance and repair of commercial HVAC equipment has become an increasingly important theme since the COVID-19 pandemic, due to the heightened focus on indoor air quality and the effort to maintain facility environments that are healthy, energy-efficient and cost-effective. By offering reliable, high-quality, consistent service across a customer’s facility footprint, Reedy plays an essential role in enabling critical buildings to stay running safely.”
Latham & Watkins LLP represented Partners Group in the transaction.