Cortec Group invests in HVAC services firm Four Seasons

Four Seasons CEO Dave Musial will continue to lead the business and maintain a significant ownership stake alongside Cortec.

  • Paul Hastings LLP served as legal advisor to Cortec while Cowen served as financial advisor to Four Seasons
  • Antares Capital, Adams Street Partners, MetLife Investment Management and Apogem Capital provided the senior debt for the investment
  • Cortec invests in middle-market specialty consumer, healthcare, distribution and specialty services and products businesses

Cortec Group has completed a growth recapitalization of Chicago-based Four Seasons heating & Air Conditioning, a provider of residential HVAC replacement and repair services. No financial terms were disclosed.

“Dave and his team have achieved tremendous growth, all organically, by consistently providing high-quality service and value to their customers. Our familiarity and success with residential services businesses, including our investments in Window Nation, Groundworks and Goettl, allowed us to appreciate the strength of Four Seasons’ brand and growth potential. We’re excited about what the future holds for this partnership,” said Doug Kruep, a Partner at Cortec. Bill Tucker, also a Cortec Partner, added, “We look forward to working with the team to continue driving growth throughout the Midwest, including aggressively pursuing acquisitions of other HVAC, plumbing and electrical services providers.”

Moving forward, Four Seasons CEO Dave Musial will continue to lead the business and maintain a significant ownership stake alongside Cortec.

Paul Hastings LLP served as legal advisor to Cortec while Cowen served as financial advisor to Four Seasons. Antares Capital, Adams Street Partners, MetLife Investment Management and Apogem Capital provided the senior debt for the investment.

Founded in 1984, Cortec invests in middle-market specialty consumer, healthcare, distribution and specialty services and products businesses.