Saw Mill Capital Partners II LP, a middle-market private equity firm focused on partnering with founders of facility and industrial service, distribution and manufacturing businesses, has closed Saw Mill Capital CV LP, which simultaneously acquired Climate Pros and Industrial Refrigeration Pros.

The continuation fund provides time and capital to further invest in each company’s growth initiative, while also offering liquidity to existing limited partners. Climate Pros is a provider of refrigeration and HVAC repair, maintenance and modernization services. Industrial Refrigeration Pros offers design, construction, repair and maintenance services for ammonia and CO2-based industrial refrigeration systems. The transaction was led by Neuberger Berman, providing a significant capital commitment. Accounts managed by Hamilton Lane also made a significant capital commitment.

“This fresh and dedicated capital commitment will accelerate the investments in technology, organic expansion and strategic acquisitions, and provide the necessary time to realize the full potential of both rapidly growing companies,” states Tim Nelson, partner at Saw Mill.