NEW YORK - CI Capital Partners LLC, a New York-based private equity firm, announced that its portfolio company American Residential Services L.L.C. (ARS) has completed two acquisitions to increase its penetration in the Charlotte, N.C., and Columbus, Ohio, metropolitan markets.
ARS has concluded the purchase of Brothers Air and Heat (Brothers), a HVAC and plumbing company with revenues of almost $15 million, serving the Charlotte metropolitan area. ARS has also completed the purchase of Columbus/Worthington Air (CWA), a residential and light commercial HVAC contractor with revenues of almost $7.5 million, serving Columbus. Each company will continue to operate as a standalone business, with owners Roger and Donald Costner overseeing Brothers, and CWA under the guidance of its current general manager, Clint Schreck.
Thomas Ritchie, managing director at CI Capital said, “With the acquisitions of Brothers and CWA, ARS continues the successful implementation of its buy-and-build strategy in the residential services sector. Both the Charlotte and Columbus markets offer attractive business environments and enable ARS to enhance its regional footprint in these two highly desirable markets. We are very pleased to support ARS as it continues its successful expansion.”
David Slott, ARS president and chief operating officer said, “We are very excited about teaming up with both Brothers and CWA and their first-class management teams. Brothers is a rapidly growing business recognized as one of the top contractors to work for in the South, and CWA is a well-run business that provides us an opportunistic HVAC geographic expansion into the state capital of Ohio. Together, these acquisitions are both strategic and highly complementary to our existing operations.”