AE Industrial Partners has acquired United Building Solutions, a provider of complex HVAC services, from Crescendo Capital Partners.
United Building Solutions (UBS) provides specialty mechanical services and building controls/analytics for heating, ventilation, and air conditioning (HVAC) systems through three subsidiaries: Lor-Mar, A&B HVAC Services, and Unitemp MDI.
UBS’s services include HVAC system design, installation, and maintenance; HVAC retrofits, upgrades, and system tuning to improve energy efficiency; inspections and condition-based monitoring; 24/7 emergency repair services; piping and ductwork modifications; and specialized services for chillers, boilers, and other large-scale HVAC equipment. UBS serves commercial and industrial customers, including office buildings, healthcare facilities, and manufacturing plants.
Under Crescendo’s ownership, UBS acquired New Jersey-based Lor-Mar Mechanical in November 2020 and New Jersey-based Unitemp/Mechanical Degrees in August 2022.
Simultaneous with UBS’s acquisition by AEI, UBS completed the add-on acquisition of Total Comfort Solutions (TCS), a provider of commercial HVAC services in North Florida and Georgia. TCS is led by President Tom Williams and has offices and facilities in Jacksonville and Orlando, Florida.
UBS is led by CEO David Leathers and is headquartered near Philadelphia in Pennsauken, New Jersey. “The investment from AE Industrial will provide us with the resources and support we need to strengthen our team and capitalize on new growth opportunities in the commercial HVAC space,” said Mr. Leathers. “In addition, by partnering with TCS, we are uniting with an organization whose skills and capabilities are highly complementary to our own and strategically expanding our footprint into the Southeast, which is one of the fastest-growing HVAC markets in the country.”
The U.S. HVAC systems market—valued at $30.4 billion in 2023 and projected to grow at a compound annual growth rate of 7.4% from 2024 to 2030—is driven by efforts to retrofit buildings with advanced technologies, leveraging tools such as AI and automation. With HVAC systems typically accounting for the largest share of a building’s power consumption, operators are also prioritizing upgrades aimed at enhancing energy efficiency.
“Commercial customers are increasingly seeking service partners who can deliver holistic solutions, including maintenance, controls, and retrofits for this mission-critical infrastructure,” said Bryan McElwee, a partner at AE Industrial. “With the incorporation of TCS, we have taken the first steps in establishing UBS as a leading, multi-regional platform committed to addressing that demand.”
AE Industrial Partners invests in the aerospace and defense, power generation, and specialty industrial sectors. Typical company targets have revenues ranging from $50 million to $500 million.
“In this next phase of our growth, UBS, in partnership with AEI, will seek additional partnerships with local market leaders in attractive geographies to bolster our aggressive organic growth strategy and develop UBS into a dominant HVAC service solutions provider,” added Mr. Leathers.
Crescendo Capital Partners makes control investments in middle-market companies with EBITDA greater than $4 million and enterprise values ranging from $20 million to $150 million. Sectors of interest include commercial and residential construction services, facility services, industrial facility infrastructure and building automation, light manufacturing and distribution, and business services. Crescendo operates from offices in Austin, Texas, and Chicago, Illinois.
© 2025 Private Equity Professional | February 19, 2025
