BOSTON–(BUSINESS WIRE)–Audax Private Equity today announced that it has signed a definitive agreement to sell Reedy Industries, a leading provider of commercial heating, ventilation and air conditioning, 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.
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $7 billion in more than 140 platforms and over 975 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 250 employees, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow us on LinkedIn.
About Partners Group
About Partners Group Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 150 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 119 billion in assets under management as of 30 June 2021, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.
About Reedy Industries
Reedy Industries serves critical environments in the commercial and industrial market spaces by focusing on HVAC, plumbing, and building controls services and solutions. Reedy Industries is actively expanding the services it provides within the building envelope and is doing so through both organic growth and acquisitions. Reedy Industries is a 90-year-old company and is headquartered in Deerfield, IL, just outside Chicago. For more information, visit www.reedyindustries.com.
