Sun Capital, a private equity firm has purchased Horizon Services, a residential heating, plumbing and air-conditioning company based near Wilmington.
The firm has operations in Delaware, Pennsylvania, New Jersey, Connecticut, and Maryland. Terms were not disclosed.
According to a release, Horizon Services is the region’s largest home services company. The company is known for its aggressive advertising efforts and availability of technicians.
“We’re eager to leverage our knowledge of the home and business services industry to help grow Horizon Services even further,” said Marc Leder, Co-CEO of Sun Capital. “Horizon’s founders and management team have built a great company, and we look forward to working with them to maximize the business’s potential.”
Horizon currently operates six locations and manages more than 500 HVAC staff. The company has expanded rapidly in recent years, entering new markets through internal growth and and acquisitions, including Hartford, CT-based HARP in May 2016.
“Adding value to services companies has been a special focus of Sun Capital over the years,” said M. Steven Liff, Senior Managing Director at Sun Capital. “We are eager to partner with Horizon’s management to provide the resources needed for growth, organically and through acquisitions, as well as to offer our expertise in strengthening systems and business processes and enhancing the Company’s service offerings.”
Horizon has differentiated itself from other HVAC and plumbing businesses through a growth strategy of acquisitions and integrations that have allowed the Company to build its client base across the region.
“My partner Mark Aitken and I believe our Company is primed for growth with the right partner and resources. We spent 18 months going through an exhaustive process to find that partner in Sun Capital,” said Dave Geiger, co-president of Horizon Services. “Sun Capital’s team aligns perfectly with ours, from our vision for customer experience to our view on company culture.”
Sun Capital has sexperience in related home and business services sectors through current and recent affiliated portfolio companies including Spectralink, a leading global provider of on-site enterprise mobile communication solutions, and Bundy Refrigeration, a manufacturer and supplier of fluid carrying cooling system components for the domestic refrigeration industry.
SF&P Advisors served as financial advisor to Sun Capital, and Morgan, Lewis & Bockius LLP provided legal counsel. Horizon Services was advised by STS Capital Partners.
