AE Industrial Partners, LP, a private equity firm specializing in National Security, Aerospace, and Industrial Services, announced that it has partnered with United Building Solutions, a pioneering provider of heating, ventilation, and air conditioning services in the Northeast U.S., to create a comprehensive platform dedicated to complex HVAC services for commercial buildings.
In addition, UBS has joined forces with Total Comfort Solutions, Inc. (“TCS”), one of North Florida’s top commercial HVAC service providers, expanding the platform’s capabilities and geographic reach.
incorporation of TCS
UBS has joined forces with TCS, one of North Florida’s top commercial HVAC service providers
The senior leadership teams at both companies will remain in place. Financial terms of the private transactions were not disclosed.
“Commercial customers are increasingly seeking service partners who can deliver holistic solutions, including maintenance, controls, and retrofits for this mission-critical infrastructure. With the incorporation of TCS, we have taken the first steps in establishing UBS as a pioneering, multi-regional platform committed to addressing that demand,” said Bryan McElwee, Partner at AE Industrial.
Operating industrial services
McElwee added: “We have a long and successful track record of investing and operating industrial services businesses, including previous investments in Altus Fire & Life Safety, BHI, Enercon, and Resolute Industrial."
"We look forward to leveraging our extensive experience, partnering with the outstanding team at UBS, and continuing to build out the platform.”
Efforts to retrofit buildings
The U.S. HVAC market is poised for rapid growth over the next decade, driven by efforts to retrofit buildings
The U.S. HVAC market is poised for rapid growth over the next decade, driven by efforts to retrofit buildings with advanced technologies, leveraging tools such as AI and automation.
With HVAC systems typically accounting for the largest share of a building’s power consumption, operators are also prioritizing upgrades aimed at enhancing energy efficiency.
New growth opportunities in the HVAC space
“The investment from AE Industrial will provide us with the resources and support we need to strengthen our team and capitalize on the new growth opportunities in the commercial HVAC space,” said David Leathers, CEO of UBS.
“In addition, by partnering with TCS, we are uniting with an organization whose skills and capabilities are highly complementary to our own and strategically expanding our footprint into the Southeast, which is one of the fastest growing HVAC markets in the country."
Organic growth strategy
Leathers added: "In this next phase of our growth, UBS will seek additional partnerships with local market pioneers in attractive geographies to bolster our aggressive organic growth strategy and develop UBS into a dominant HVAC service solutions provider.”
“Joining the UBS network will enable us to draw upon their extensive experience in executing complex projects, scale our operations, and position us for sustained growth,” added Tom Williams, President of TCS.
Customers with new offerings
Williams added: “We will be able to provide our customers with new offerings while ensuring they continue to receive the industry-pioneering service they have come to expect.”
PwC served as financial advisor to AE Industrial and Kirkland & Ellis served as legal advisor. William Blair served as financial advisor to UBS and Loeb & Loeb served as legal advisor. The Palmeri Law Group served as legal advisor to TCS.
