Baum Capital Partners has acquired Goettl Air Conditioning, a provider of HVAC and plumbing maintenance, repair and replacement services, in partnership with CEO Ken Goodrich.
The buy of Goettl was backed by debt financing from Tree Line Capital Partners, which also made an equity co-investment, and Bridge Bank.
Goettl Air Conditioning – with headquarters in Las Vegas and additional locations in Phoenix, Tucson, and near Los Angeles in Corona, CA – is one of the larger providers of residential HVAC and plumbing services in the region and serves more than 50,000 homeowners per year.
Goettl Air Conditioning was established in Phoenix in 1939 by brothers Gust and Sam Goettl and acquired by CEO Ken Goodrich in 2013. The company was recently named to the 2018 Inc. 5000 list of Fastest-Growing Private Companies in the United States (www.goettl.com).
“We are thrilled to partner with Ken Goodrich, a proven leader who will continue as the CEO of Goettl and will remain a significant shareholder in the company,” said Jonathan Baum, Managing Partner of Baum Capital Partners. “Working together with Ken and his team, we intend to provide the resources necessary to enable Goettl Air Conditioning to reach its full potential as the leading residential services company in the United States through continued organic growth and strategic acquisitions in new and existing geographic markets.”
Baum Capital Partners (BCP) invests in US-based companies that have from $1 million to $5 million of EBITDA. Sectors of interest include business and consumer services; education and training; software; commercial and industrial services; testing, inspection and compliance; and healthcare. The firm is headquartered in Kansas City, MO (www.baumpartners.com).
“This partnership with BCP represents yet another leap forward for Goettl Air Conditioning toward realizing our mission of becoming the nation’s gold standard residential services company,” said Mr. Goodrich. “The capital and unique insight that BCP brings to the table will be a cornerstone for our continued growth and success.”
Tree Line Capital Partners, which provided debt and made an equity co-investment in Goettl Air Conditioning to support the transaction, is a direct lender focused on providing first lien term loans, unitranche term loans and equity co-investments to North American-based lower middle market borrowers with at least $3 million of EBITDA. Since inception in October 2014, Tree Line has completed over 52 transactions representing over $750 million in loan commitments for acquisitions, recapitalizations, refinancings, expansion projects and other growth capital needs. Tree Line is headquartered in San Francisco with additional offices in New York and New Orleans (www.treelinecp.com).
© 2018 Private Equity Professional | September 6, 2018