Bain Capital has completed its acquisition of Service Logic, a national provider of commercial heating, ventilation, and air conditioning (HVAC) and building automation services. The deal was completed in partnership with Mubadala Investment Company and transfers ownership from Leonard Green & Partners.
Financial terms were not disclosed.
Service Logic is headquartered in Charlotte, North Carolina, and operates at more than 140 locations across North America. The company provides preventative maintenance, emergency services, equipment replacement, retrofit projects and building-automation services for commercial customers. It employs more than 5,000 technicians and supports more than 1 billion square feet of commercial building space, according to the company.
Jason Richardson, chief executive officer of Service Logic, said Bain Capital will support the company’s next phase of growth.
“With Bain Capital’s support, we will continue delivering excellent service to our customers and meaningfully grow our business through a combination of organic growth and strategic acquisitions,” Richardson said in a statement.
Bain Capital said Service Logic’s scale and acquisition-driven growth strategy were key factors behind the investment. Joe Robbins, a partner at Bain Capital, described Service Logic as the leading independent operator in the commercial HVAC services market.
“Its durable organic growth, operational excellence, and disciplined approach to strategic acquisitions have created a differentiated platform with national scale,” Robbins said.
Service Logic has built its national presence through acquisitions of regional HVAC and mechanical services providers, operating a decentralized model that retains local ownership and management while providing centralized resources.
Leonard Green & Partners said Service Logic expanded both its geographic reach and service capabilities during its ownership period. Chris McCollum, a senior partner at the firm, said the company is positioned for continued growth.
Bain Capital’s North America Private Equity team led the investment. Service Logic will join Bain Capital’s portfolio of services and distribution businesses, which includes Imperial Dade, US LBM, Dealer Tire and Harrington Process Solutions.
Service Logic will continue to operate under its existing management team following the transaction.
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