Summit Park Leads Majority Recapitalization of United Air Temp
Summit Park, a Charlotte-based private investment firm, is pleased to announce that it has led a recapitalization of United Air Temp, Air Conditioning and Heating LLC (“UAT” or “the Company”), a leading provider of residential heating, ventilation, and air conditioning (“HVAC”) services, in partnership with Capitala Group (“Capitala”), Pareto & Company (“Pareto”), and the UAT management team.
Headquartered in Lorton, Virginia, UAT provides HVAC maintenance and replacement services to residential homeowners. Its primary operations are in Washington D.C. and the surrounding area in Northern Virginia and Maryland, with additional operations in North Carolina, Georgia, and Florida. UAT has built a large, loyal customer base through its best-in-class service and responsiveness, as well as consistent, high quality work from its skilled technicians.
Gabe Ivanescu, majority owner of UAT prior to the recapitalization, said, “Throughout our history, we have provided our customers with first-class service and been an exceptional place to work for our employees. We look forward to continuing to build on that legacy with our new partners.”
Summit Park targeted the home services sector due to its fragmented nature and the essential nature of the services provided. Bob Calton, co-Founding Partner of Summit Park, said, “We are excited about our partnership with Gabe Ivanescu, Mike Giordano, and the entire UAT leadership team and are eager to build upon the Company’s historical success. We plan to invest significantly in the UAT platform, both through organic initiatives and add-on acquisitions, to expand the Company’s geographic reach, build its marketing capabilities, and expand their service offering which is today predominantly HVAC service and repair.”
Mike Giordano, President of UAT, added “For UAT’s next phase of growth, we were looking for partners that could not only provide additional capital and strategic resources, but also a team that shared our values and respected our unique culture. We believe that we found those partners in Summit Park, Capitala, and Pareto and that UAT is poised to capitalize on a number of exciting growth opportunities in the coming years as we execute on our shared vision for the Company.”
The transaction is the sixth investment in Summit Park’s current fund, Summit Park III, which had a final closing in August of 2018. BMO Sponsor Finance provided the debt financing for the transaction.