Audax Private Equity has acquired Reedy Industries in partnership with the founding Reedy family and the company’s management team.
Reedy Industries is a provider of commercial HVAC services and mechanical services to commercial, industrial, and municipal buildings in the Midwest. The company has more than 6,000 customers and is a market leader within the Chicagoland area and also services the surrounding states of Indiana, Kansas, Missouri, Ohio, and Wisconsin.
Reedy Industries was founded in 1930 by Thomas “TJ” Reedy and today is led by CEO Bill Reedy with a headquarters near Chicago in Glenview, IL (www.reedyindustries.com).
“We are excited to be partnering with Audax for the next stage of our growth,” said Mr. Reedy. “We have always put our people and customers first, and Audax is committed to investing in our strong culture and our ability to serve the customer. Audax also brings expertise and resources that will help us continue to build our position in the market through strategic acquisitions and growth initiatives.”
“Reedy Industries is a leader in the commercial, mechanical, and HVAC services market within the Midwest,” said Don Bramley, a managing director at Audax. “We believe the company is poised for growth as it continues to expand its presence throughout the United States. We look forward to supporting Bill, and the entire Reedy team, as they continue growing the business organically and through acquisitions.”
Audax invests in middle market companies that have from $8 million to $50 million in EBITDA and enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services; energy; healthcare; technology, media and telecom; and industrials including chemicals, infrastructure and building materials. Audax has offices in Boston, New York and San Francisco (www.audaxgroup.com).
Metronome Partners (www.metronomepartners.com) was the financial advisor to Reedy Industries.
The buy of Reedy follows the March 2019 sale by Audax of Source Refrigeration Holdings (DBA CoolSys) to Ares Management. CoolSys, headquartered near Los Angeles in Brea, CA, is the parent of company of a number of refrigeration and HVAC companies nationwide that provide commercial refrigeration and HVAC services to food retailers, convenience store chains, commercial and industrial companies (www.coolsys.com).
© 2019 Private Equity Professional | May 8, 2019