The Sterling Group has sold Specified Air Solutions to Madison Industries. No financial terms were disclosed. BlackArch Advisors and Bracewell LLP advised Sterling on the deal. Grand Rapids, Michigan-based Specified Air Solutions is a commercial and industrial HVAC equipment manufacturer.
HOUSTON, Oct. 2, 2018 /PRNewswire/ — The Sterling Group announced that it has completed the sale of Specified Air Solutions to Madison Industries.
Headquartered in Grand Rapids, Michigan, Specified Air Solutions is a multi-branded, commercial and industrial HVAC equipment manufacturer focused on providing end users with semi-custom, energy efficient solutions for indoor air quality, cooling, heating, and dehumidification needs. The company’s diverse product offering is utilized in a range of niche market applications, including education, hospitality, distribution warehouses, retail, community centers, vehicle service shops, commercial offices, and manufacturing facilities. The company complements Madison Industries’ suite of HVAC solutions that bring the highest possible indoor air quality.
Sterling launched the Specified Air Solutions platform in 2014 with the acquisition of Roberts-Gordon. Through a combination of organic growth initiatives and three acquisitions, the business has grown over three times in size. “Our goal was to help a formerly family operated company quickly grow into a leading commercial HVAC solutions provider,” said John Hawkins, a Partner at The Sterling Group. “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 was the right strategic, operational and financial partner for Specified Air Solutions’ recent period of strong growth. We look forward to capitalizing on the business’ momentum in partnership with Madison,” said Charley Brown CEO of Specified Air Solutions.
Since 1982, Sterling has been partnering with management teams of family owned businesses and corporate carve-outs to transform companies in the industrial sector. Sterling was advised by BlackArch Advisors and Bracewell LLP. Financial details of the transaction were not disclosed.
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $750 million. Sterling has sponsored the buyout of 52 platform companies and numerous add-on acquisitions for a total transaction value of over $10.0 billion. Currently, Sterling has over $1.9 billion of assets under management. For further information, please visit www.sterling-group.com.