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 ...