RLJ Equity Partners and LP First Capital Announce a New Platform with the Recapitalization of Three Companies in the HVACR and Plumbing Industries
[ad_1]
BETHESDA, Md., June 30, 2021 / PRNewswire / – RLJ Equity Partners (“RLJ”) announced today that it has partnered with LP First Capital (“LPFC”), a private investment firm based in Austin, TXto recapitalize three companies to create Flow Service Partner (“Flow” or the “Company”), a leading provider of basic services including heating, ventilation, air conditioning and cooling (“HVACR”) and plumbing services in Florida and Indiana. Financial terms of the transactions were not disclosed.
Headquarters in Nashville, TN, Flow mainly focuses on maintenance, repair, replacement / retrofit and installation services for commercial customers. Flow has three locations in two states and employs around 230 people.
“Flow provides critical services to its customers and has differentiated leadership positions in its markets,” said Nigel Howard, Managing Director at RLJ who will become Chairman of the Board of Directors. “We look forward to supporting the Flow team in their long-term strategy of making add-on acquisitions, growing in size, and building a leading commercial HVACR and plumbing platform in the US.”
“We are excited to see a roll-up in the commercial HVACR and plumbing industries,” said Thomas Fein, Managing Director at LPFC who will also join the Board of Directors. “We have a well-developed thesis that mainly focuses on Southeastern markets and we believe we have worked with three great companies to create a differentiated leader in our markets we serve.”
“We are very excited to be working with the three companies that make up our initial platform,” said Michael Epperson, President & CEO, who will also join the Board of Directors. “With the support of RLJ and LPFC, we will continue to invest in growing the team and the platform and positively impacting our customers, partners and communities.”
RLJ provided the controlling equity for the transaction. Brookside Capital Partners provided the transaction with debt and equity investments to facilitate the transaction. DLA Piper LLP and McGuireWoods LLP served as legal counsel and CohnReznick LLP served as financial advisor to RLJ and LPFC. Priority Business Brokers advised the selling shareholders of the three acquired companies.
RLJ and LPFC are actively seeking partnerships with other HVACR and plumbing companies mainly in the Southeast. If you are aware of HVACR and plumbing companies looking for a financial / strategic partner to enable future growth, please contact us.
About RLJ Equity Partners (“RLJ”): Headquarters at Bethesda, MD, RLJ Equity Partners is a medium-sized private equity company with approx. $ 440 million of capital under management is focused on generating long-term capital growth by investing in profitable and growing companies led by strong management teams. Founded in 2006 by Robert L. Johnson, RLJ initiates and invests in traditional buyouts and leveraged recapitalizations. RLJ Equity Partners is a portfolio company of The RLJ Companies. More information is available at www.rljequitypartners.com.
About LP First Capital (“LPFC”): Headquarters at Austin, TX, LP First Capital is a lower middle class private equity firm focused on the healthcare, business services, and education industries. LPFC specializes in growth capital, platform roll-ups, buyouts and recapitalizations. LPFC’s sweet spot is working with founder-run or family-owned companies and helping them scale to the next level by providing industry expertise and the right capital structure. More information is available at www.lpfirstcapital.com.
About Flow Service Partner (“Flow”): Headquarters in Nashville, TN, is a provider of heating, ventilation, air conditioning, refrigeration (“HVACR”) and plumbing services, including maintenance, repair, replacement / retrofitting and installation services. Flow has three locations in Florida and Indiana and employs around 230 people. More information is available at www.flowservice.com.
FOR MORE INFORMATIONS:
RLJ EQUITY PARTNER
Nigel Howard, Managing Director, (240) 744-7835, [email protected]
LP FIRST CAPITAL
Thomas Fein, Managing Director, (512) 826-7355, [email protected]
FLOW SERVICE PARTNER
Michael Epperson, President and CEO, (502) 558-1264, [email protected]
SOURCE RLJ Equity Partners, LLC
similar links
http://www.rljequitypartners.com
[ad_2]
