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Wind Point-backed Zone acquires Smart Care

Zone Climate Services, which is backed by Wind Point Partners, has acquired St. Paul, Minnesota-based Smart Care, a provider of commercial kitchen equipment repair and maintenance services to the U.S. commercial food service industry.

Zone Climate Services, which is backed by Wind Point Partners, has acquired St. Paul, Minnesota-based Smart Care, a provider of commercial kitchen equipment repair and maintenance services to the U.S. commercial food service industry. No financial terms were disclosed. Harris Williams advised Smart Care on the deal. Smart Care was a portfolio company of Audax Private Equity.

PRESS RELEASE

RICHMOND, Va.–(BUSINESS WIRE)–Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised Smart Care Equipment Solutions (Smart Care), a portfolio company of Audax Private Equity (Audax), on its sale to Zone Climate Services (Zone), a portfolio company of Wind Point Partners (Wind Point). Smart Care is a national service provider for food service refrigeration, cooking, dish wash, HVAC and coffee equipment. The transaction was led by Brian Lucas, Bob Baltimore, Anthony Basmajian, Pete Morgan and Michael Tuohey of the Harris Williams Business Services Group.

“Need-based repair and maintenance service providers such as Smart Care continue to represent highly sought-after assets,” said Brian Lucas, a managing director at Harris Williams. “With strong industry fundamentals and critical service needs, food service is a very attractive end market to investors.”

“With its commitment to client service, its large footprint and its industry expertise, Smart Care is a trusted partner to clients in the commercial kitchen industry throughout the United States,” said Bob Baltimore, a managing director at Harris Williams. “The company has thrived in partnership with Audax, and we are excited to see what it achieves in its next chapter with Zone and Wind Point.”

Smart Care is headquartered in St. Paul, Minnesota. Smart Care is a leading provider of comprehensive commercial kitchen equipment repair and maintenance services to the U.S. commercial food service industry. The company services more than 40,000 locations in all 50 states across the following market segments: full serve restaurants, quick serve restaurants, healthcare, education, hospitality, government facilities and corporate offices. With over 900 technicians, Smart Care is the largest independent kitchen equipment service organization not affiliated with an OEM manufacturer.

Audax Group is a leading alternative investment manager with offices in Boston, New York and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in 150 platforms and over 1,050 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 300 employees, Audax is a leading capital partner for North American middle market companies.

Headquartered in Alsip, Illinois, Zone is a market leader in commercial refrigeration and HVAC services across the Midwest. Zone and its six operating companies serve hundreds of customers spanning grocers, convenience stores, restaurants, and warehouse operators across Illinois, Indiana, Ohio, and Wisconsin. Zone has a “customer-first” mission to do everything they can to help customers achieve success.

Wind Point is a Chicago-based private equity investment firm with approximately $4 billion in assets under management. Wind Point focuses on partnering with top caliber management teams to acquire well-positioned middle market businesses where it can establish a clear path to value creation. The firm targets investments in the consumer products, industrial products and business services sectors. Wind Point is currently investing out of Wind Point Partners IX, a fund that was initiated in 2019.
Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).