TORONTO — Clairvest Group Inc. announced that Clairvest and Clairvest Equity Partners V made a growth equity investment in Right Time Heating and Air Conditioning Canada Inc. Clairvest partnered with the two co-founders who will continue to own 50 percent of the business after Clairvest’s investment.
Right Time is an independent HVAC contractor focused strictly on the residential replacement market. Right Time operates out of seven locations in Ontario and Manitoba, and provides preventative maintenance programs, repairs, and replacements of household HVAC units. Clairvest will support the existing management team to continue to build out the company’s corporate infrastructure, increase investment in marketing, and assist with future acquisitions.
“We are excited to partner with Right Time and support its seasoned leaders," said Mitch Green, managing director of Clairvest. "With its base of seven branches, Right Time represents a rare platform in a very attractive industry. We are impressed with our new partners’ track record and look forward to working with them in the coming years to help the Company achieve its growth objectives."
“When Right Time decided to bring on an equity partner, we were looking for an active, non-control-oriented growth investor who would complement our existing skill set, and we found just that in Clairvest," said Jeremy Hetherington, president of Right Time. "Right Time is embarking on an exciting new growth chapter, and we have the best team in place to go after our goals.”
Right Time is Clairvest’s 52nd platform investment and the eighth investment by CEP V. The Clairvest / CEP V co-investment pool is capitalized at $600 million and focuses on equity investments in growth companies.
Publication date: 12/10/2018