Leading lower middle-market private equity firm Huron Capital (“Huron”) today announced that The Exigent Group (“Exigent” or the “Company”), a provider of commercial HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services, has acquired Ambient Temperature Corp. (“ATCO”) and, in a separate transaction, Global Facility Solutions (“GFS”). Established in 1985, ATCO is a union mechanical services provider based in Newburyport, Massachusetts serving markets throughout New England. GFS, founded in 2006 and based in Columbia, Maryland provides energy efficiency, sustainability, and engineering services to commercial clients across the United States.
“The addition of ATCO and GFS to Exigent’s growing portfolio of services and locations bolsters the Company’s sustainability offerings and expands our geographic coverage,” said Huron Partner Scott Hauncher. “Huron’s deep experience in mission critical facility services combined with the outstanding leadership team led by CEO Peter van Niekerk has driven Exigent to become a market leader in the eastern United States.”
These acquisitions mark the fourth and fifth acquisitions for Exigent since its August 2022 launch. The Presidents of ATCO and GFS will remain in their leadership roles and will be shareholders of Exigent going forward. The ATCO acquisition marks Exigent’s first investment in the New England region and both GFS and ATCO are an important part of a continuing expansion plan to service new markets, build out a base of top-tier clients, and expand offerings through several avenues, including the hiring of more skilled technicians.
“In looking to expand our business, I wanted a partner who could provide the resources and experience to help ATCO achieve its growth potential and who would be supportive of our culture and the strong union employee base that drives our success” said ATCO President Russ Stiles. “Joining forces with the Exigent platform will allow ATCO to grow organically and via acquisition throughout New England. I am excited to be an investor in Exigent and to continue running the business with the outstanding team we have built over the years.”
“GFS is proud to partner with a best-in-class mechanical services provider and expand our offerings to key clients and core markets supported by Exigent,” said Robert Calloway, President and CEO of GFS. “It’s exciting to team with an established and experienced investor who understands how to drive organic growth while guiding overall firm strategy.”
Honigman LLP served as legal advisor and Moss Adams LLP served as financial diligence advisor to Huron and Exigent.
About Huron Capital
Huron Capital brings a people-first and thematic approach to private equity investing in secularly relevant and fragmented sectors of the North American facility and infrastructure and professional services industries. We pride ourselves on an unwavering commitment to candor, trust, accountability, and transparency in our relationships with management teams, investors, advisors, and employees.
Founded in Detroit in 1999, we partner with entrepreneurs and management teams, empowering their companies to new levels of excellence. We provide resources to help companies grow by professionalizing operations, improving service offerings, executing M&A strategies, and accessing new markets.
Huron Capital has managed over $1.9 billion on behalf of a global institutional investor base. We fulfill our commitment to all stakeholders by employing a repeatable playbook to drive thoughtful value creation, showcased in over 270 acquisitions since the firm’s inception.
About Exigent
Reston, Virginia-based Exigent was launched by Huron Capital in 2022 as an ExecFactor initiative focused on providing critical HVAC, plumbing, engineering, and energy efficiency services as well as other mechanical system repair, maintenance, and replacement services to complex facility operations for healthcare, education, industrial, government, and other commercial customers.
About ExecFactor
ExecFactor is Huron Capital’s proprietary, thematic investment strategy where we underwrite an industry and partner with an executive to deploy our build-and-build investment model. This strategy brings together our sector focus, deep industry relationships, committed capital and repeatable buy-and-build approach to create a new platform investment.
Notable ExecFactor initiatives include ExperiGreen, a leading provider of residential lawn care services; Sciens Building Solutions, a prominent full-service commercial fire and life safety company; Pueblo Mechanical & Controls, a premier commercial HVAC and plumbing services company; and Highstreet Insurance Partners, a full-service insurance brokerage platform.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231031294597/en/
Contacts
Jonathan Marino
Prosek Partners
jmarino@prosek.com
