“Service Logic is a leader in its industry. We believe that in an environment of rising energy costs, Service Logic’s strong capabilities to improve clients’ energy efficiency through increasingly sophisticated solutions, such as remote monitoring technology, positions the Company for future growth,” said William Macey, a Managing Partner of Sterling. “We believe that Service Logic has an outstanding management team, who we greatly look forward to working with. Sterling is committed to providing the necessary resources to grow Service Logic through internal initiatives as well as add-on acquisitions.”
Service Logic is a provider of preventive and predictive maintenance services and related energy sustainability services for heating, ventilation and air conditioning systems. The company services over 6,000 commercial, industrial and institutional clients for HVAC systems, chilled water systems and building automation and controls. Operating through its co-branded business unit Engineered Cooling Systems, FacilitTech, Midwest Mechanical, Piedmont Service Group, PSR Mechanical and Tolin Mechanical, the company provides services in Arizona, Colorado, Illinois, North Carolina, South Carolina, Florida, Alabama, Virginia and Washington, and employs approximately 600 field technicians, engineers and project managers. The company is based in Denver, CO (www.servicelogic.com).
“We are very impressed with Sterling’s history of building businesses, and philosophy of working as partners with management. Our team is excited to be working with Sterling, and our business units will continue to provide the same high level of service our customers. Sterling intends to support the growth of both the services we provide to our customers and the geographies we cover,” said Stephen O’Donnell, Chief Executive Officer of Service Logic.
Credit Suisse’s Customized Fund Investment Group (“CFIG”) co-invested with Sterling, GE Capital led the senior credit facility, and Babson Capital and PNC Erieview Capital (formerly National City Equity Partners) provided subordinated debt for the transaction. These lenders, together with CFIG, co-invested alongside Sterling in the transaction.
Sterling Investment Partners invests in companies with revenues of $50 million to $300 million and EBITDAs of $10 million to $40 million. Sectors of interest include business services, industrial and consumer value-added distribution, niche manufacturing, and transportation and logistics. Sterling has approximately $1 billion of equity capital under management and was founded in 1991. The firm is based in Westport, CT (www.sterlinglp.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-17-12