Sun Capital Partners has acquired Horizon Services, a provider of residential plumbing, heating and air conditioning services. According to Sun, Horizon is the Mid-Atlantic’s largest and most-referred home services company.
The company specializes in heating, air conditioning, plumbing, drain cleaning, and sewer and water line replacement and repair. Horizon also sells and installs energy-efficient heating and cooling systems. The company provides its services to customers that are located in the states of Delaware, Pennsylvania, New Jersey, Connecticut, and Maryland. Horizon was founded in 1987 and is headquartered in Wilmington, DE (www.horizonservicesinc.com).
Horizon currently operates six locations and has more than 500 employees. The company has expanded rapidly in recent years, entering new markets organically and through acquisitions, including the acquisition of Hartford, Connecticut-based HARP in May 2016.
“We’re eager to leverage our knowledge of the home and business services industry to help grow Horizon Services even further,” said Marc Leder, Co-CEO of Sun Capital. “Horizon’s founders and management team have built a great company, and we look forward to working with them to maximize the business’s potential.”
Sun Capital invests in leveraged buyouts, equity, and debt in companies that can benefit from its in-house operating professionals and experience. Sun Capital has invested in and managed more than 340 companies worldwide with combined sales in excess of $45 billion since the firm’s inception in 1995. The firm has offices in Boca Raton, Los Angeles and New York, and affiliates in London, Frankfurt, Stockholm and Shenzhen (www.SunCapPart.com).
“My partner Mark Aitken and I believe our company is primed for growth with the right partner and resources. We spent 18 months going through an exhaustive process to find that partner in Sun Capital,” said Dave Geiger, Co-President of Horizon Services. “Sun Capital’s team aligns perfectly with ours, from our vision for customer experience to our view on company culture.”
“Adding value to services companies has been a special focus of Sun Capital over the years,” said M. Steven Liff, Senior Managing Director at Sun Capital. “We are eager to partner with Horizon’s management to provide the resources needed for growth, organically and through acquisitions, as well as to offer our expertise in strengthening systems and business processes and enhancing the company’s service offerings.”
SF&P Advisors (www.sfpadvisors.com), a specialist advisor to companies in the HVAC, plumbing and cellular phone industries, was the financial advisor to Sun Capital on this transaction. Horizon Services was advised by STS Capital Partners (www.stscapital.com).
© 2017 Private Equity Professional | March 9, 2017
