Blog Entries tagged 'HVAC MA'

Writedowns... Explained

clearrock — Mon, 09 Feb 2009 22:00:00 +0100

One can't go an hour or two during this earnings season without hearing about yet another large write-down from a public company. On the private side, though, most smaller companies rarely take write downs- so we thought the concept might bear some explanation:

WSJ: PE Heads to Smaller Deals

dandoran — Tue, 16 Sep 2008 22:00:00 +0100

Interesting article in the WSJ deal book this morning - basically confirming what we have been seeing in the market place. In sum: deals are trending downward in size, and the lower-middle market remains surprisingly strong.

The simple reason? Less leverage on deals. Historically these companies have transacted for far lower multiples than their PubCo and much larger cousins. And in an atmosphere off "de-leveraging" and tighter credit, less leverage on a deal means a gre [...]

Carrier Acquires Distributor

dandoran — Mon, 28 Apr 2008 22:00:00 +0100

Carrier announced that it completed the acquisition of E.B. Ward & Company, a well established distributor of Carrier HVAC products. E.B. Ward had revenues of approximately $150 million.

Deal Analysis

Whereas the current trend in the HVAC market is geographic consolidation amongst the "front line" installers and service companies, this is a great example of an OEM buying "into the channel."

We have seen this trend in several other [...]

ARS Acquires 24/7 Service Corp

dandoran — Mon, 28 Apr 2008 22:00:00 +0100

American Residential Service, LLC, a nationwide HVAC services company, recently acquired 24/7 Service Corp. 24/7 is a Las Vegas based HVAC , plumbing and sheet metal company that serviced the Las Vegas and Phoenix markets.

ARS now has a solid service footprint throughout the southwest U.S.

Deal Analysis

This deal falls squarely in the roll-up strategy backed by Clear Rock. In an industry that remains highly fragmented, but is typically dominated on a local level by a small nu [...]