Audax Private Equity (“Audax”) today announced that it has signed a definitive agreement to sell Reedy Industries (“Reedy” or the “Company”), a leading provider of commercial heating, ventilation and air conditioning (“HVAC”), to Partners Group, acting on behalf of its clients. Audax will continue to be an investor in the Company and remain on the Company’s board of directors. Terms of the transaction were not disclosed.
Founded in 1930, Reedy Industries serves commercial, industrial, and municipal buildings in the United States through its HVAC services, mechanical building automation, controls, and energy solutions. With 9,000 customers and nearly 5,000 preventative maintenance contracts, Reedy helps its customers reduce maintenance costs, optimize asset performance and improve energy efficiency to create healthier, more cost-effective environments. Through an active expansion strategy led by Reedy’s highly experienced management team, the company expanded into a multi-regional platform serving the Midwest, Mountain West, South, and Southeast regions.
Since Audax’ investment in 2019, Reedy has undergone a period of growth and transformation, which included:
* Completing 15 add-on acquisitions to date to create a multi-regional commercial HVAC and building controls platform diversified across end-markets, customers, geographies, and service lines;
* Building a world-class management team; and
* Investing in technology and infrastructure to support the company’s long-term growth.
Don Bramley, Managing Director at Audax, said, “The Reedy team has built an exceptionally strong business. We are proud to have partnered with management and supported the company’s growth during this pivotal time. We strongly believe Reedy is setting the standard for premier commercial and industrial building services and wish Joe and the entire Reedy team continued success on their next phase of growth with Partners Group.”
Joe Kirmser, CEO of Reedy Industries, said, “The Audax team has been an incredible partner over the past two years. With their support we have executed numerous add-on acquisitions to further our mission of providing high-quality service to our customers, and, we believe, position Reedy for sustainable, long-term growth. We are thankful for Audax’ partnership, which has been instrumental in driving our geographic expansion, and look forward to continuing to execute on our strategy alongside Partners Group.”
Truist served as financial advisor and Kirkland & Ellis served as legal advisor to Audax and Reedy.