Deal of the Year, Turnaround, 2017: American Capital, Service Experts


American Capital, Service Experts, private equity, merger, M&A, turnaround
SNAPSHOT:
  • Company: Service Experts Heating and Air Conditioning
  • Legal Adviser: Arnold & Porter (lead M&A and U.S. counsel); Osler (Canadian counsel)
  • Investment Bank: Moelis & Co.
WHY THEY WON:
  • 184 pct IRR; 18x multiple
  • Nearly $60 mln EBITDA turnaround
  • Executed multifaceted restructuring plan
In 2013, American Capital Ltd, through its special-situations investment team, carved out a struggling unit of residential HVAC service centers from Lennox International. At the time, the unit, Service Experts Heating and Air Conditioning, was generating significant operating losses. American ...

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