PE-backed Reedy Industries makes two acquisitions

Reedy Industries, a portfolio company of Audax Private Equity, has acquired Just Service Inc and AirMasters, two providers of HVAC and other mechanical services. No financial terms were disclosed.

PRESS RELEASE

Audax Private Equity portfolio company, Reedy Industries, acquires AirMasters Inc. and Just Service Inc.

THE COMPANIES
Just Service, Inc. and AirMasters, Inc. are providers of HVAC and other mechanical services headquartered in Milwaukee, WI and Springfield, IL, respectively. Just Service and Airmasters are both recognized as market leaders in service quality and reliability.

THE DEAL
Reedy Industries, Inc. (“Reedy”), a portfolio company of Audax Private Equity (“Audax”), has completed the acquisitions of Just Service and AirMasters, representing the company’s third and fourth acquisitions since Audax’ investment.

THE THESIS
In February 2019, Audax partnered with Reedy Industries, Inc., a leading provider of commercial HVAC services, mechanical services, and energy solutions primarily serving commercial, industrial and municipal buildings in the Midwest. In addition to continuing to grow organically, Reedy will expand through acquisitions in existing and new markets. Audax will work with the Reedy management team to build on Reedy’s leading position and accelerate growth while continuing the company’s focus on quality and customer service. To support this strategy, the Company is seeking add-on acquisition opportunities of all sizes, from small tuck-in to regional “platform” acquisitions outside the upper mid-west.