Gamut Capital Management to Acquire Airtron Heating & Air Conditioning
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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Source: Gamut Capital Management, L.P.
