Warburg Buys Service Logic from Sterling
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Warburg Buys Service Logic from Sterling

Warburg Pincus has agreed to acquire MSHC (dba Service Logic), a provider of aftermarket maintenance, repair and replacement services for commercial HVAC equipment, from Sterling Investment Partners which acquired the company in October 2012.

Service Logic is one of the largest privately held energy, HVAC, and mechanical services companies in the United States and services over 90 million square feet of commercial, industrial and institutional real estate for more than 8,000 customers through 34 locations across 25 states. Service Logic is led by CEO Craig Steinke and is headquartered in Charlotte, NC (www.servicelogic.com).

“Service Logic has established itself as an industry leader by providing mission-critical services to thousands of clients nationwide and is well positioned to continue its impressive growth under the leadership of Craig Steinke and the company’s management team,” said Jeff Goldfaden, a Managing Director at Warburg Pincus.

Warburg Pincus has more than $44 billion in assets under management and has raised 16 private equity funds since its founding in 1966. In November 2015, the firm reached a final close of Warburg Pincus Private Equity XII, LP at the hard cap of $12 billion. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore (www.warburgpincus.com).

“We are pleased to welcome Warburg Pincus as our new investment partner,” said Mr. Steinke. “Together, we will continue to grow and expand Service Logic, both organically and through strategic acquisitions.  We would like to thank Sterling for their close partnership with our team, dedication to the business, and consistent support of investments in the company’s growth.”

During the term of its ownership, Sterling was very active in executing add-on acquisitions for Service Logic. “We are proud of the transformative investments and 11 successful acquisitions completed during our ownership of Service Logic.  The company is well positioned for future growth, and we wish the Service Logic team all the best in its next chapter,” said William Macey, Managing Partner and Co-Founder of Sterling.

Sterling Investment Partners invests in companies with revenues of $100 million to $500 million and EBITDAs of $10 million to $40 million. Sectors of interest include business services, industrial and consumer value-added distribution, specialty manufacturing, and transportation and logistics. Sterling has approximately was founded in 1991 and is based in Westport, CT (www.sterlinglp.com).

© 2017 Private Equity Professional | August 1, 2017

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