Acquisition of Horizon Services, Inc.
Sun Capital Partners today announced that an affiliate has completed the acquisition of premier residential provider of plumbing, heating and air conditioning services, Horizon Services.
Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that an affiliate has completed the acquisition of Horizon Services, Inc. (“Horizon,” or “the Company”). Wilmington, Delaware-based Horizon Services is the premier residential provider of plumbing, heating and air conditioning services for Delaware, Pennsylvania, New Jersey, Connecticut, and Maryland. Terms of the private transaction were not disclosed.
Founded in 1987, Horizon Services is the region’s largest and most-referred home services company, specializing in heating, air conditioning, plumbing, drain cleaning, and sewer and water line replacement and repair. Horizon is also a leading seller and installer of energy-efficient heating and cooling systems in the mid-Atlantic.
“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 between Connecticut and Maryland, and manages more than 500 HVAC professionals. The Company has expanded rapidly in recent years, entering new markets organically and through acquisitions, including the acquisition of Hartford, Connecticut-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 strong experience 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.