Caymus Equity Partners and Centerfield Capital have acquired Temp-Con, a commercial HVAC contractor.
Temp-Con is a provider of heating, ventilation, air conditioning and refrigeration (HVACR) installations, maintenance and repair services in the greater Kansas City market. Customers of Temp-Con are active in the government, healthcare, restaurant and commercial buildings sectors. The company has 75 employees including service technicians, project managers, estimators, fabrication, accounting, and management personnel.
Temp-Con, founded in 1989 by Jerry Bain, is headquartered 25 miles southwest of Kansas City in Olathe, KS (www.tempconkc.com).
The buy of Temp-Con was sourced and structured by Caymus with Centerfield as a partner and majority co-investor. The two firms intend to grow Temp-Con through geographical expansion and add-on acquisitions. “We are proud to partner with Temp-Con and look forward to working with Jerry and the entire management team as they continue to grow their business,” said Geoffrey Faux, Managing Partner at Caymus Equity. “This transaction also marks the second time we have partnered with Centerfield and we look forward to continuing a relationship that has resulted in success in the past.”
“This is an important transaction for Temp-Con to fuel our growth and further develop our position as the premier provider of HVACR installations, maintenance and repair services in our market,” said Jerry Bain, Founder and CEO of Temp-Con. “Caymus Equity’s strategic approach to creating value, along with a conservative balance sheet, positions the company to rapidly scale in the coming years. We are excited to partner with Caymus and Centerfield as we continue to grow the Temp-Con brand and expand into new territories.”
Caymus invests from $3 million to $25 million in middle and lower-middle market companies that are valued from $10 million to $100 million and have revenues of $10 million to $100 million and EBITDA of $2 million to $12 million. Sectors of interest include business services, healthcare services, consumer, and niche manufacturing. The firm is based in Atlanta with an additional office in New York (www.caymuspartners.com).
Centerfield provides from $7 million to $35 million of subordinated debt and equity financing to middle-market companies that have $15 million to $100 million of revenue and $4 million to $15 million of EBITDA. In January 2018 the firm held a final closing of its fourth mezzanine debt and equity investment fund at the hard cap of $310 million. Centerfield is based in Indianapolis (www.centerfieldcapital.com).
© 2018 Private Equity Professional | March 29, 2018
