Gamut Capital Management to Acquire Airtron Heating & Air Conditioning
Gamut Capital Management has signed a definitive agreement to acquire Airtron Heating & Air Conditioning from NRG Energy, Inc. (NYSE: NRG). Airtron is a leading designer, installer, and maintenance provider for HVAC systems, operating across 13 MSAs in Texas, the Midwest, and Mid-Atlantic regions. The company is one of the largest residential new construction HVAC installation providers in the US.
Jeff Morrow, who has been with Airtron for over 20 years, will assume the position of CEO. The acquisition aims to accelerate Airtron's growth as a standalone business, focusing on strengthening customer and supplier relationships, enhancing service offerings, and expanding geographically through organic growth and acquisitions.
Gamut Capital Management ha firmato un accordo definitivo per acquisire Airtron Heating & Air Conditioning da NRG Energy, Inc. (NYSE: NRG). Airtron è un'azienda leader nella progettazione, installazione e manutenzione di sistemi HVAC, operando in 13 aree metropolitane (MSA) in Texas, nel Midwest e nelle regioni del Mid-Atlantic. L'azienda è uno dei principali fornitori di installazione di sistemi HVAC per nuove costruzioni residenziali negli Stati Uniti.
Jeff Morrow, che è con Airtron da oltre 20 anni, assumerà il ruolo di CEO. L'acquisizione mira ad accelerare la crescita di Airtron come azienda indipendente, concentrandosi sul rafforzamento delle relazioni con clienti e fornitori, migliorando l'offerta di servizi e ampliando geograficamente attraverso la crescita organica e acquisizioni.
Gamut Capital Management ha firmado un acuerdo definitivo para adquirir Airtron Heating & Air Conditioning de NRG Energy, Inc. (NYSE: NRG). Airtron es un líder en el diseño, instalación y mantenimiento de sistemas HVAC, operando en 13 áreas metropolitanas (MSA) en Texas, el Medio Oeste y la región del Atlántico Medio. La empresa es uno de los principales proveedores de instalación de HVAC para nuevas construcciones residenciales en los EE. UU.
Jeff Morrow, quien ha estado en Airtron durante más de 20 años, asumirá el cargo de CEO. La adquisición tiene como objetivo acelerar el crecimiento de Airtron como un negocio independiente, enfocándose en fortalecer las relaciones con clientes y proveedores, mejorar la oferta de servicios y expandirse geográficamente a través del crecimiento orgánico y adquisiciones.
Gamut Capital Management가 NRG Energy, Inc. (NYSE: NRG)로부터 Airtron Heating & Air Conditioning를 인수하기 위한 최종 계약을 체결했습니다. Airtron은 텍사스, 중서부 및 중대서양 지역의 13개 대도시권에서 운영되는 HVAC 시스템의 설계, 설치 및 유지 관리 제공업체입니다. 이 회사는 미국에서 주거용 신규 건축 HVAC 설치 제공업체 중 하나입니다.
Airtron에서 20년 넘게 근무한 Jeff Morrow가 CEO 자리로 취임할 예정입니다. 이번 인수는 Airtron이 독립된 비즈니스로서 성장할 수 있도록 가속화하는 것을 목표로 하며, 고객 및 공급업체와의 관계 강화, 서비스 제공 향상, 유기적인 성장과 인수를 통해 지리적으로 확장하는 데 중점을 두고 있습니다.
Gamut Capital Management a signé un accord définitif pour acquérir Airtron Heating & Air Conditioning de NRG Energy, Inc. (NYSE: NRG). Airtron est un leader dans la conception, l'installation et la maintenance de systèmes HVAC, opérant dans 13 zones métropolitaines (MSA) au Texas, dans le Midwest et dans les régions du Mid-Atlantic. L'entreprise est l'un des plus grands fournisseurs d'installation de systèmes HVAC pour la construction résidentielle neuve aux États-Unis.
Jeff Morrow, qui travaille chez Airtron depuis plus de 20 ans, assumera le poste de CEO. L'acquisition vise à accélérer la croissance d'Airtron en tant qu'entreprise autonome, en se concentrant sur le renforcement des relations avec les clients et les fournisseurs, l'amélioration des offres de services et l'expansion géographique par le biais d'une croissance organique et d'acquisitions.
Gamut Capital Management hat einen endgültigen Vertrag zur Übernahme von Airtron Heating & Air Conditioning von NRG Energy, Inc. (NYSE: NRG) unterzeichnet. Airtron ist ein führendes Unternehmen für das Design, die Installation und die Wartung von HVAC-Systemen und ist in 13 Stadtgebieten (MSAs) in Texas, dem Mittleren Westen und den Regionen des mittleren Atlantiks tätig. Das Unternehmen gehört zu den größten Anbietern von HVAC-Installationen für den Neubau im Wohnbereich in den USA.
Jeff Morrow, der seit über 20 Jahren bei Airtron ist, wird die Position des CEO übernehmen. Die Übernahme zielt darauf ab, das Wachstum von Airtron als eigenständiges Unternehmen zu beschleunigen, indem die Beziehungen zu Kunden und Lieferanten gestärkt, das Serviceangebot verbessert und geographisch durch organisches Wachstum und Übernahmen expandiert wird.
- Acquisition by Gamut Capital Management could provide resources for accelerated growth
- Airtron is a market leader in residential new construction HVAC installation
- Company has expansive geographic coverage across 13 MSAs
- Potential for organic growth and expansion through acquisitions
- Experienced leadership with Jeff Morrow assuming CEO position
- None.
Insights
The acquisition of Airtron by Gamut Capital Management represents a strategic move in the HVAC industry. As one of the largest residential new construction HVAC installation providers in the US, Airtron's extensive geographic coverage across 13 MSAs positions it well for growth. The deal's financial terms weren't disclosed, limiting our ability to assess its immediate impact on Gamut's financials. However, the acquisition aligns with Gamut's middle-market private equity strategy and could potentially enhance its portfolio value. For NRG Energy (NYSE: NRG), this divestiture might streamline its operations, potentially impacting its financial statements positively. Investors should monitor NRG's next earnings report for any material impact. The HVAC market's growth prospects, driven by construction activity and energy efficiency trends, make this acquisition potentially lucrative for Gamut in the long term.
This acquisition highlights the attractiveness of the HVAC sector to private equity firms. The US HVAC market is projected to grow at a CAGR of
The acquisition agreement between Gamut Capital Management and NRG Energy for Airtron Heating & Air Conditioning presents several legal considerations. First, the transaction is subject to customary closing conditions, which typically include regulatory approvals and the absence of any material adverse changes. Given Airtron's significant market presence, there might be antitrust scrutiny, although it's likely manageable. The transition of Airtron from a subsidiary of a public company (NRG) to a private equity-owned entity will involve complex contractual negotiations, particularly regarding employee contracts, existing customer agreements and supplier relationships. The appointment of Jeff Morrow as CEO suggests continuity in management, which could help mitigate transition risks. Investors should be aware that undisclosed liabilities or regulatory issues could potentially impact the deal's completion or valuation.
Airtron is one of the largest residential new construction HVAC installation providers in the US, with expansive geographic coverage across 13 metropolitan statistical areas (MSAs) in
Airtron was most recently acquired by NRG as part of its acquisition of Direct Energy in 2021. Notwithstanding its ownership by larger corporate organizations, Airtron has largely operated as an independent business.
Since 2019, Airtron has been led by Jeff Morrow, who will assume the position of CEO. “Having been part of the Airtron team for over 20 years, we are proud of the progress we’ve achieved to reach this point. We would like to thank NRG for their partnership in positioning us for this next chapter, and we are excited to partner with Gamut to usher in a phase of accelerated growth. As a standalone business, we are fully dedicated to strengthening our customer and supplier relationships and are excited to enhance our service offerings through re-investment in the Company. Together, we look forward to developing the platform both organically and through acquisitions to expand our geographic presence and customer value proposition,” said Morrow.
Michael Hanigan, Partner at Gamut, added, “We are excited to partner with Jeff and the Airtron team to further build on the market leading, best-in-class HVAC platform that has been established over its successful history and strengthened under the ownership of NRG. As a standalone organization, we are encouraged by the multiple avenues of growth available to both accelerate the business' evolution as a full-service provider of HVAC installation and maintenance offerings as well as further expand Airtron’s partnership capabilities with key homebuilders through strategic acquisitions. Together with the Airtron team, we expect the strategic initiatives identified to drive robust value creation and further strengthen Airtron as a value-added partner to its customers, suppliers and employees.”
Financial terms of the transaction were not disclosed. The acquisition is subject to customary closing conditions.
Current Capital Partners LLC served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Gamut.
About Airtron
Founded in 1972, Airtron Heating & Air Conditioning is one of the leading providers of heating, ventilation, and air conditioning (HVAC) systems primarily focused on serving the residential construction channel with a presence in
About Gamut Capital Management
Gamut Capital Management is a private investment firm based in
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Media:
Jack McCarthy, Prosek Partners
Pro-Gamut@prosek.com
+1 646-818-9098
Source: Gamut Capital Management, L.P.
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