Investcorp has made a majority investment in Shearer Supply, an independent distributor of heating, ventilation and air conditioning equipment.
Partnering with Investcorp on this transaction are members of Shearer’s management team, the Shearer family, and PNC Riverarch Capital which all remain shareholders in the company. PNC Riverarch first invested in Shearer Supply in September 2021.
Shearer is one of the nation’s largest independent distributors of HVAC equipment, parts and supplies used by more than 5,500 residential and commercial customers. The company’s parts, supplies and accessories are sourced from over 300 vendors and its product lines include American Standard Residential and Commercial HVAC, Ameristar Heating and Air Conditioning, and Samsung HVAC.
Source: Shearer Supply
Shearer Supply was founded in 1983 and is headquartered near Dallas in Farmers Branch, Texas. The company has 22 branch locations in Texas, Oklahoma, Arkansas, Tennessee and Louisiana.
“Investcorp has an established history of working with companies like Shearer and has demonstrated a strong track record in HVAC and specialty distribution,” said Michelle Shearer-Rodriguez, the CEO of Shearer Supply. “We are looking forward to partnering with them on our next phase of growth and leveraging their strong industry insights.”
“Shearer operates in a large, resilient, and highly fragmented market driven by non-discretionary replacement demand and will continue to benefit from strong secular tailwinds including an aging housing stock, shortening replacement cycles, and favorable regulation, in addition to its attractive Southern US geographic footprint,” said Dave Tayeh, the head of North American private equity at Investcorp.
The buy of Shearer follows Investcorp’s final close in March of Investcorp North American Private Equity Fund I LP with $1.2 billion in capital commitments.
Source: Shearer Supply
Fund I focuses on control buy-outs of North America-based, family- and founder-owned, middle-market services companies with a specific interest in tech-enabled, knowledge and professional, data and information, supply chain, industry, and specialty consumer services. Shearer Supply is the eighth portfolio company for Fund I.
“Shearer provides a compelling value proposition for both contractors and original equipment manufacturers, acting as a one-stop-shop local partner with a breadth of products, expertise, and value-added services,” said Steve Miller, a managing director at Investcorp. “This is an impressive family-owned and run business that has differentiated itself in its ability to scale and grow in excess of the market throughout its history and we are thrilled to be partnering with the company’s highly motivated management team.”
“We are excited to partner with the Shearer family to drive organic growth and further expansion,” added Mr. Tayeh. “We have experienced robust activity across our North American private equity platform this year, underscoring the strength of our strategy in partnering with growing, founder-led businesses as they look to scale their businesses.”
Investcorp is active in alternative investments, including private equity, real estate, absolute return investments, and credit management. Since its founding in 1982, Investcorp has closed more than 200 private equity transactions across a range of sectors, including retail and consumer products, technology, business services, and industrials. Investcorp, with $50 billion of assets under management, has more than 500 employees with multiple offices, including in New York City, London, and Bahrain.
Pittsburgh-based PNC Riverarch invests from $10 million to $50 million in privately held companies headquartered throughout North America. Sectors of interest include outsourced services, specialized manufacturing, and value-added distribution. PNC Riverarch is a division of PNC Capital Finance, which in turn is a subsidiary of The PNC Financial Services Group (NYSE: PNC).
Investcorp has made a majority investment in Shearer Supply, an independent distributor of heating, ventilation and air conditioning equipment.
“Shearer operates in a large, resilient, and highly fragmented market driven by non-discretionary replacement demand and will continue to benefit from strong secular tailwinds including an aging housing stock, shortening replacement cycles, and favorable regulation, in addition to its attractive Southern US geographic footprint,” said Dave Tayeh, the head of North American private equity at Investcorp.
“Shearer provides a compelling value proposition for both contractors and original equipment manufacturers, acting as a one-stop-shop local partner with a breadth of products, expertise, and value-added services,” said Steve Miller, a managing director at Investcorp. “This is an impressive family-owned and run business that has differentiated itself in its ability to scale and grow in excess of the market throughout its history and we are thrilled to be partnering with the company’s highly motivated management team.”
Pittsburgh-based 
