GI Partners Joins Charlesbank Capital Partners to Accelerate Growth at American Residential Services
Major new investments announced
MEMPHIS, Tenn. — American Residential Services (ARS) announced that GI Partners is making a majority investment in the company. Existing investor Charlesbank Capital Partners (Charlesbank) and management are also making significant new investments in the business.
“We welcome GI Partners, our new majority partner, and are excited to work with them to build upon the considerable momentum in the business and execute on our growth opportunities,” said Dave Slott, CEO of ARS. “The GI Partners team brings deep services investment experience and operational and technological expertise that will provide significant opportunities for ARS’s employees while enhancing the customer experience. As we enter this next chapter of our evolution, we are also thrilled to continue our successful partnership with Charlesbank and are confident that these investments will accelerate our pace of both organic growth and M&A.”
“We have great appreciation for the business that the team has built and have been impressed by the growth and resiliency evidenced by the company to date,” said Hoon Cho, managing director at GI Partners. “We are very excited to partner with management and Charlesbank to accelerate positive change and execute on the significant opportunities ahead.”
“We look forward to collaborating with ARS and Charlesbank to aggressively expand ARS’s national footprint both organically and by acquiring best-in-class operators to strengthen ARS’s leading market position,” said Jeff Sheu, managing director at GI Partners. “We will remain committed to accelerating growth by deepening our strong relationships with customers, partners, and employees.”
“We appreciate the dedication of the senior leadership team since our initial investment in 2014, and we look forward to continuing to partner with them for the next phase of ARS’s growth as a national leader in the residential HVAC industry,” said Andrew Janower, managing director at Charlesbank. “We are especially grateful for the continued commitment of ARS’s front-line employees and technicians, who have worked tirelessly to provide outstanding uninterrupted service to consumers across the country through the COVID pandemic.”
The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions and regulatory approvals.
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