Investment in Service Logic will support its market-leading position fueling further innovation and growth
CHARLOTTE, N.C. (November 2, 2020) – Service Logic, the largest independent provider of aftermarket maintenance, repair and replacement services for commercial HVAC equipment, today announced that it has been acquired by Leonard Green & Partners from Warburg Pincus. Terms of the transaction were not disclosed. The Company will continue to be led by Chief Executive Officer Craig Steinke and the rest of the current management team.
Headquartered in Charlotte, North Carolina, Service Logic operates leading HVAC service businesses out of 76 branches across the United States. By investing in these businesses, Service Logic has created a strong national platform that combines a local service delivery model with the financial and technical resources of a market leader in the energy and mechanical service industry.
Craig Steinke, CEO of Service Logic, commented, “We are pleased to welcome Leonard Green & Partners as our new investment partner. We intend to partner with them to continue to drive growth in the Service Logic platform, both organically and through strategic acquisitions. We would like to thank Warburg Pincus for their close partnership with our team and for their valuable contributions and strategic insight over the years.”
Chris McCollum, Partner, Leonard Green & Partners, commented, “Our investment philosophy is to partner with world-class management teams to support market-leading companies with multiple ways to grow. Service Logic exemplifies this market leadership in the commercial HVAC services space, making it an ideal fit. We are excited to partner with Craig and the entire Service Logic team in supporting the next phase of the Company’s growth.”
Jeff Goldfaden, Managing Director, Warburg Pincus, added, “We are incredibly proud to have supported Service Logic through a transformative period of organic and acquisitive growth. Over the course of our partnership, Service Logic completed 28 successful acquisitions and experienced significant organic growth while building out robust capabilities in strategic accounts, business intelligence, and technology. The company is well positioned for continued success, and we wish Craig and the Service Logic team all the best in their next chapter.”
Harris Williams and Moelis served as financial advisors and Kirkland & Ellis LLP served as legal advisors to Service Logic. Latham & Watkins LLP served as legal advisors to Leonard Green & Partners. Committed debt financing for the transaction was provided by JPMorgan Chase Bank, N.A., Morgan Stanley, Antares Capital, and Crescent Capital.
About Service Logic
Headquartered in Charlotte, North Carolina, Service Logic is the largest privately held HVAC and energy mechanical services company in the United States. Our integrated services optimize energy efficiency, comfort, productivity, health and safety for more than 25,000 clients nationwide and over 500 million square feet of commercial, industrial and institutional real estate. With leading HVAC service companies in key markets under our umbrella, we address the HVAC and energy needs of clients nationwide. For more information, visit www.servicelogic.com.
About Leonard Green & Partners
Leonard Green & Partners, L.P. is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 100 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. LGP primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $56 billion in private equity assets under management. The firm’s active portfolio of more than 190 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $86 billion in over 910 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com.
CONTACT:
Warburg Pincus, Sarah McGrath, Associate Director of Communications, Sarah.mcgrath@warburgpincus.com
