Baum Capital Partners has sold Goettl Home Services to Cortec Group. No financial terms were disclosed. Cowen & Company served as financial advisor to BCP on the deal. Based in Las Vegas, Goettl is a provider of residential HVAC and plumbing maintenance, repair and replacement services.
KANSAS CITY, MO. – January 4, 2022 – Baum Capital Partners (“BCP”), a private investment firm that provides equity capital and strategic resources in support of dynamic companies in the lower middle market, announced the sale of Goettl Home Services, LLC (“Goettl”) on December 10, 2021, to investment funds affiliated with Cortec Group. Terms of the transaction were not disclosed.
Headquartered in Las Vegas, Nevada, Goettl is a leading provider of residential HVAC and plumbing maintenance, repair and replacement services. Established in 1939, the Goettl brand is one of the original cooling system pioneers in the United States. Under the leadership of CEO Ken Goodrich, Goettl scaled rapidly over the past several years through organic growth and acquisitions to become one of the premier home services providers in the Southwest, servicing homeowners throughout Arizona, California, Nevada and Texas.
In 2018, Goettl was recapitalized by investment funds affiliated with BCP in partnership with management. During the term of BCP’s ownership, Goettl achieved dynamic growth, entered attractive new geographic markets, and continued to refine its unique operating model.
“Through the customer focus, operational discipline, and creative mindset of Ken and his team, Goettl has quickly become one of the most innovative and differentiated competitors in the home services industry,” noted Jonathan Baum, Managing Partner of BCP. “We are thankful for their tireless efforts and proud of the results we achieved together.”
“Our partnership with BCP brought great benefit to Goettl,” added Ken Goodrich. “They had a clear vision of what Goettl could become, and fully applied their resources and know-how to support our management team. BCP helped us go further and get there faster. Like Goettl, BCP does things the right way, not the easy way. They put us in position for continued success.”
Cowen & Company served as financial advisor to BCP on the transaction and Perkins Coie LLP served as BCP’s legal counsel.
About Baum Capital Partners
Baum Capital Partners is a private investment firm that provides equity capital and strategic resources in support of dynamic companies in the lower middle market. BCP seeks to invest in technology-enabled and service-based businesses with exceptional prospects for growth. Working in close partnership with entrepreneurs and managers, BCP has a passion for helping promising companies reach their potential. For more information, please visit www.baumpartners.com.