Published in Manufacturing

PE-backed HVAC manufacturer sells to Madison Industries

BY MiBiz Staff Thursday, October 04, 2018 08:21am

GRAND RAPIDS — A West Michigan-based private equity-backed HVAC equipment manufacturer has been sold to privately-held Madison Industries of Chicago.

According to a statement, Houston-based The Sterling Group said it sold the multi-branded Specified Air Solutions portfolio this week.

The private equity firm formed Specified Air Solutions in 2014 with the acquisition of Roberts-Gordon LLC, which included three co-located Comstock Park-based divisions: Rapid Engineering LLC, Bananza Air Management Systems Inc. and Weather-Rite. The companies operate from a location at 1100 7 Mile Road NW. 

Specified Air Solutions, which also has divisions in Buffalo, N.Y. and Montreal, Quebec, manufactures commercial and industrial HVAC equipment used in education, hospitality, distribution warehouses, retail, community centers, vehicle service shops, commercial offices, and manufacturing facilities, according to a statement. The company’s capabilities complement the HVAC solutions already offered by the privately-held Madison Industries.

Sterling Group said it tripled the business since taking it over in 2014 through a combination of organic growth and three acquisitions.

“Our goal was to help a formerly family operated company quickly grow into a leading commercial HVAC solutions provider,” Sterling Group Partner John Hawkins said in a statement. “In partnership with an exceptional and deep management team, Sterling transformed Specified Air Solutions into a winning business for employees, customers and investors alike.”

Sterling Group, which did not respond to a request for comment, was advised by BlackArch Advisors and Bracewell LLP

Terms of the transaction were not disclosed.

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