Partners Group to Buy HVAC Firm Reedy at $1 Billion Value
(Bloomberg) — Partners Group Holding AG is acquiring commercial HVAC service provider Reedy Industries from Audax Private Equity in a deal that estimates the target at about $1 billion, according to a person with knowledge of the matter.
Audax remains a minority investor in the company, as do the Reedy family and management, according to a statement Tuesday, confirming an earlier Bloomberg News report. It did not disclose the terms of the deal. The transaction is expected to close in the third quarter.
Reedy, with approximately 1,500 employees and based in Deerfield, Illinois, supplies heating, ventilation and air conditioning to approximately 9,000 customers, according to its website. Partners Group plans to expand its offering and geographic reach while focusing on making the company and its services more sustainable and energy efficient.
Partners Group, which oversaw $119 billion mid-year, has focused on transactions valued from $500 million to $2.5 billion. The latest buyout is the Swiss company’s ninth since early 2021, according to the statement.
In January, it bought medical apparel maker Careismatic Brands for about $1.3 billion, including debt. In July, it agreed to acquire Pharmathen SA from BC Partners in a deal valuing the Greek pharmaceutical company at around 1.6 billion euros ($1.9 billion).
Read More: Partners Group Agrees to Buy BC’s Drugmaker Pharmathen
Founded in 1996, Partners Group is making the Reedy investment primarily through its $59 billion private equity business, which has committed approximately $4 billion to service-related companies since early 2020, according to the statement.
Latham & Watkins represented Partners Group in the deal.
(Updates with details of the statement beginning in the second paragraph.)
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