Alpine Investors Recaps Berkeys Plumbing and Air Conditioning


The San Francisco-based, middle-market PE firm Alpine Investors has finished a management recapitalization of Southlake, Texas-based Berkeys Plumbing and AIr Conditioning. Alpine has partnered with Seattle-based Skylight Capital to complete and help actively manage the investment. Terms of the deal weren’t disclosed.

PRESS RELEASE:

Alpine Investors (Alpine), a middle-market private equity firm based in San Francisco, announces that it has completed a management recapitalization of Berkeys Plumbing and Air Conditioning, a leading provider of residential plumbing and HVAC services in Dallas/Ft. Worth metropolitan area. Through a steadfast focus on technician training, a market-leading maintenance program aimed at keeping plumbing and HVAC systems in top shape, and a commitment to delivering great value to homeowners, Berkeys has created a distinguished brand reputation in the local market.

Alpine has partnered with Collin Hathaway, Partner of Skylight Capital, to complete and help actively manage the investment. Collin brings to bear extensive experience in the plumbing and HVAC services industry through his involvement with and investment in Bonney Plumbing, Heating, and Air, a successful Sacramento-based residential service provider. Alpine is excited to leverage Collin’s industry and investment management expertise in order to build Berkeys into a leading home services company. Collin said, “After meeting with and evaluating hundreds of plumbing & HVAC service businesses, it is apparent that Berkeys is far and away one of the best managed and best positioned regionally-focused home service businesses in the country.  I am very excited to be working with the Berkeys team.”

Berkeys Founder and CEO, Bill Stevens, will continue to run the business.  Mr. Stevens added, “Collin and Alpine represent everything I’d want in partners: they are honest, have a long-term focus, and bring years of experience in growing small businesses to the table, which will be critical to Berkeys as we enter the next phase of growth. I could not be happier to have them both as partners.”

Berkeys was represented by Business Source, a mergers and acquisitions financial advisory firm based in Dallas, TX.  The financial terms of the transaction were not disclosed.

About Alpine Investors

Based in San Francisco, Alpine Investors is a middle-market private equity firm that invests in growing companies in technology, businesses services and consumer.  The firm’s $500 million of capital under management is used to provide liquidity to owners and fuel business expansion.  Berkeys is Alpine’s second investment in its newest fund, Alpine Investors IV SBIC, LP, which was raised in January 2011.   www.alpine-investors.com

About Skylight Capital

Based in Seattle, Skylight Capital is a small-cap private equity firm focused on investing in or acquiring small, privately-held companies in the Western and Central U.S. The firm strives to help business owners to create and capture value while rewarding investors with consistently superior returns over the long term. Skylight Capital co-invested in Berkeys alongside Alpine. www.skylight-capital.com

About Berkeys Plumbing and Air Conditioning

Berkeys is a leading provider of plumbing and HVAC services to homeowners in the Dallas/Ft. Worth metropolitan area. Established in 1975 and transitioned to new ownership in 1996, the Company has garnered a reputation in the local market for tirelessly focusing on delivering an unmatched quality of service and continuously seeking ways to offer value to its loyal customers.  From maintenance and repair under the Berkeys Automatic Maintenance (BAM) plan to new system installation, Berkeys offers a full suite of residential plumbing and HVAC services. www.berkeys.com