NAPLES, Fla. — Conditioned Air Corp. of Naples Inc. announced it has successfully completed a recapitalization as it prepares to expand in the southwest Florida region. The company has taken on partners with an equity position via private equity firm, Gemini Investors, based in Boston.
Along with the addition of partners, the company also underwent a minor change in corporate structure going from Conditioned Air Corp. of Naples Inc. to Conditioned Air Co. of Naples LLC.
The company provides HVAC services to residents from Marco Island to Bradenton, along the Gulf Coast from its Naples, Fort Myers, and Sarasota locations. The firm recently added 10,000 square feet to its Fort Myers operation to serve growing demand in the Lee and Charlotte County region.
The recapitalization was done to aid in further growth, specifically over the next five years as the company aims to double its business. Growth initiatives include acquisitions, and adding to current services to include emergency plumbing repair and service, electrical, and expanded light commercial work.
Gemini Investors said all operations will remain a function of the locally headquartered business. The company was purchased by the present ownership in 1993, and has been led by Theo Etzel since 1995. He and his team have grown revenues by more than 1,400 percent. Etzel will remain CEO and has also been named chairman of the board. Tim Dupre and Carol Papesh will remain in their roles as president and COO, and senior vice president and CFO, respectively.
For more information, visit www.conditionedair.com.
Publication date: 8/27/2015