Pegasus Capital Advisors has completed the sale of Climatec, a provider of building automation and energy management services, to Robert Bosch North America Corporation (RBNA). Pegasus acquired Climatec in April 2012.
Climatec, founded in 1975, is a provider of building automation, energy efficiency, security and life-safety services to the education, health care, office, hospitality, industrial, federal, state and local government sectors. Climatec has approximately 670 employees and is headquartered in Phoenix with additional offices in Arizona, California, Nevada and Texas (www.climatec.com).
During the course of Pegasus’ ownership, Climatec completed and integrated two add-on acquisitions and also organically entered new markets. Since Pegasus’ acquisition, Climatec’s top line revenues have increased by more than 50% and the employee base grew from 390 to 670. “Pegasus identified building automation and energy services as an attractive sector that fit within our investment focus on resource scarcity and sustainability,” said Craig Cogut, Founder of Pegasus. “We are pleased with the outcome of this transaction and believe Climatec is well-positioned for continued expansion.”
Pegasus invests in middle market companies across a range of industries. The firm partners with management teams of growth companies, with a focus on those that benefit from the business implications of global resource scarcity. Sectors where this trend is most pronounced are food, water, energy, health & wellness and security. Pegasus currently manages approximately $2 billion in assets. The firm was founded in 1996 and has offices in New York and Cos Cob, CT (www.pcalp.com).
“We were fortunate to have had the opportunity to partner with Climatec’s world class management team and to have achieved significant growth while working together to execute on our strategic plan,” said Eric Gribetz, Co-Managing Partner of Pegasus. “We wish Climatec well in its next chapter with Bosch.”
“Pegasus has been a great strategic partner and supporter to us at Climatec,” said Terry Keenen, President of Climatec. “Working with Pegasus and leveraging its resources has enabled us to better position Climatec for the future.”
Robert Bosch North America is a regional holding company of the Bosch Group, a global supplier of technology and services to the mobility, industrial technology, consumer goods, and building technology sectors. The company is based in the Detroit suburb of Farmington Hills (www.boschusa.com). The company’s parent, Robert Bosch GmbH, is headquartered in Stuttgart, Germany (www.bosch.com).
William Blair & Company was the advisor to Pegasus and Climatec on the transaction and Kirkland & Ellis provided legal counsel.
