BETHESDA, Md. — RLJ Equity Partners announced it has partnered with LP First Capital to recapitalize three companies to create Flow Service Partners. Financial terms of the transactions were not disclosed.
"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 its long-term strategy of executing add-on acquisitions, adding scale, and building a leading commercial HVACR and plumbing platform in the U.S."
"We are extremely excited to pursue a roll-up in the commercial HVACR and plumbing industries," said Thomas Ince, managing director at LPFC, who will also join the board of directors. "We have a well-developed thesis focused primarily on Southeast markets and believe we have partnered with three great businesses to create a differentiated leader in our served markets."
"We are very pleased to partner with the three companies making up our initial platform," said Michael Epperson, president and CEO, who will also join the board of directors. "With the support of RLJ and LPFC, we will continue to invest in the growth of the team and platform, and positively impact our customers, partners, and communities."