Audax-backed CMS Nextech makes two acquisitions

CMS Nextech, which is backed by Audax Private Equity, has acquired two HVAC/R services providers: Arctic Services and Patriot Mechanical. No financial terms were disclosed.

PRESS RELEASE

Audax Private Equity Portfolio Company, CMS Nextech, acquires Arctic Services & Patriot Mechanical

The Company
Arctic Services is a provider of HVAC / R services in the Greater Las Vegas area and Patriot Mechanical is a provider of HVAC / R services based in Ashland, VA.

The Deal
CMS Nextech (“CMS”), a portfolio company of Audax Private Equity (“Audax”), has completed the acquisitions of both Arctic Services and Patriot Mechanical. The acquisitions expand CMS’s geographical footprint while bolstering its technician density and allowing the company to service a wider customer demographic. These represent the company’s first and second acquisitions since Audax’ investment.

The Thesis
In November of 2020, Audax partnered with CMS Nextech, one of America’s largest independent, self-performing commercial HVAC/R service providers. Headquartered in Melbourne, Florida, CMS provides commercial HVAC/R repair, maintenance, and installation services across 37 states. Audax entered the partnership with the goal of building a comprehensive, national HVAC service platform with the ability to service customers across all 50 states. Audax will continue to work with the CMS management team to drive further organic growth and accelerate its acquisition strategy to widen its footprint, expand its customer base, and continue to drive efficiencies within the business.