Thermal Concepts Adds On with Buy of Irvine Mechanical

Thermal Concepts, a portfolio company of Trivest Partners and Halmos Capital Partners, has acquired Irvine Mechanical.

Irvine Mechanical provides HVAC maintenance and installation services to commercial and industrial customers throughout Florida. The company’s services include preventative maintenance, equipment replacement, and controls system installation and retrofits. Irvine Mechanical was founded in 1990 and is headquartered in Orlando.

Thermal Concepts is a provider of maintenance, repair and installation services for commercial HVAC and building control systems in South Florida. The company was founded in 1983 and is headquartered near Fort Lauderdale in Davie, Florida.

“We are excited about our partnership with Irvine Mechanical. It fits with our long-term strategy to execute add-on acquisitions, add scale and build one of the leading commercial HVAC services companies in the United States,” said Larry Maurer, the founder and CEO of Thermal Concepts.

The acquisition of Irvine Mechanical is Thermal Concept’s first add-on acquisition since being acquired by Trivest and Halmos Capital in May 2022.

Halmos Capital invests in North American lower middle market businesses that have revenues of $10 million to $100 million and EBITDA of $2 million to $30 million. The firm was founded by Andrew Cohan in 2010 and is headquartered in Coral Gables, Florida.

Trivest was founded in 1981 and has completed more than 400 transactions totaling over $7 billion in value. Sectors of interest include niche manufacturing, distribution, business and healthcare services, and consumer industries. Trivest has approximately $4 billion in assets under management and an investment team of more than 60 professionals in offices in Coral Gables (headquarters), Los Angeles, Philadelphia, Chicago, and Toronto.

© 2022 Private Equity Professional | September 1, 2022