Following AE Industrial’s acquisition of HealthWay in 2021, the PE firm sees an opportunity in the air purification space. As cold, flu, RSV and Covid season hits, it will be interesting to see how dealmakers view the industry.
“The potential for a “tri-demic” heading into cold and flu season further highlights the need for organizations to put a premium on indoor air quality as unventilated indoor spaces, such as offices, schools, and commercial buildings, where individuals congregate pose the highest risk of contracting one of these illnesses,” says Charlie Santos-Buch, partner, AE Industrial Partners. “As such, there will be a resilient and persistent demand for improved indoor air quality across a variety of indoor spaces, including the products and technology that HealthWay provides today.”
The firm notes that the air purification market boasts a number of market competitors offering a variety of products and technology including HEPA (high-efficiency particulate air filter), active carbon and ionic filters. As a result, Santos-Buch explains the need for HealthWay’s DFS technology which claims to kill bacteria and viruses at a 99.99 percent rate to be differentiated.
AE Industrial’s confidence within the air purification space is a continued representation of private equity’s interest in HVAC services categories. The industry represents continued services through the required maintenance of systems like HealthWay’s offerings in order to maintain effectiveness and longevity.
“HealthWay’s technology offerings are used in a wide variety of settings where air quality is critical including schools and day care, healthcare settings, office and high-rise apartment buildings, as well as residential home use,” says Santos-Buch. “HealthWay has successfully implemented its technology for a number of customers, including JP Morgan Chase, United Airlines, Hilton, Ritz-Carlton, the Rockefeller Group, the New York State Department of Health, and the three largest public school districts in the country: New York City, Los Angeles, and Chicago.”
What areas of HVAC do you anticipate could make an interesting investment moving forward? Let me know at [email protected].
–Cole Lipsky
