Audax Private Equity Announces the Acquisition of Reedy Industries, Inc.
BOSTON--(BUSINESS WIRE)--May 7, 2019--Audax Private Equity (“Audax”) announced that earlier this year it recapitalized Reedy Industries, Inc. (“Reedy” or the “Company”) and partnered with the Reedy family and management. Reedy Industries, headquartered in Glenview, IL, is a leading provider of commercial HVAC services, mechanical services, and energy solutions primarily serving commercial, industrial, and municipal buildings in the Midwest.
Bill Reedy, CEO of Reedy Industries, said, “We are excited to be partnering with Audax for the next stage of our growth. We have always put our people and customers first, and Audax is committed to investing in our strong culture and our ability to serve the customer. Audax also brings expertise and resources that will help us continue to build our position in the market through strategic acquisitions and growth initiatives.”
Reedy’s acquisitions and customer growth strategies have achieved record sales growth across their core geographies in 2019.
Don Bramley, Managing Director, Audax Group, said, “Reedy Industries is a leader in the commercial, mechanical, and HVAC services market within the Midwest. We believe the Company is poised for growth as it continues to expand its presence throughout the United States. We look forward to supporting Bill, and the entire Reedy team, as they continue growing the business organically and through acquisitions.”
Terms of the transaction were not disclosed. Metronome Partners acted as exclusive financial advisor to Reedy Industries. Kirkland & Ellis LLP served as legal counsel to both Reedy Industries and Audax.
ABOUT REEDY INDUSTRIES
Reedy Industries provides HVAC and other mechanical services to the commercial end-market and has achieved consistent, long-term growth through customer-centered relationships and exceptional service. Reedy Industries is a market leader within the Chicagoland area and has additional entities servicing the surrounding areas of Indiana, Kansas, Missouri, Ohio, and Wisconsin. Reedy Industries serves over 6,000 customers focusing on preventative maintenance, break / fix repairs, and retrofit projects. To learn more, please visit www.reedyindustries.com.
ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $24 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $5 billion in more than 125 platforms and 760 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 240 employees and over 100 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Group website www.audaxgroup.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190507005769/en/
CONTACT: Audax Private Equity
Geoffrey S. Rehnert
Co-Chief Executive Officer
Chief Executive Officer
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: BUILDING SYSTEMS PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY
SOURCE: Audax Group
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PUB: 05/07/2019 11:08 AM/DISC: 05/07/2019 11:08 AM