Leading lower-middle-market private equity firm Huron Capital, which is based in Detroit, today announced that its portfolio company Exigent Holdco, a provider of mission-critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services, has acquired JPG Plumbing & Mechanical Services Inc. and ThermaServe Inc.
The terms of the deal were not disclosed.
“Our newest partnerships with JPG and ThermaServe allow Exigent to better serve its customer base with further scale in the Washington, D.C.; Maryland; and Virginia area, new locations in the Southeast, and additional service capabilities across the platform,” says Scott Hauncher, Huron partner. “Selectively targeting highly accretive opportunities in relevant markets to our ongoing operations is a hallmark of our ExecFactor platform planning and will support Exigent’s scale and growth.”
JPG is a union plumbing and mechanical service company based in Jessup, Maryland, providing plumbing, mechanical, HVAC, and industrial vacuum services to commercial, industrial, government, and municipal customers in the Washington, D.C.; Maryland; and Virginia area.
ThermaServe is a union mechanical service company based in Jacksonville, Florida, focused on repair, retrofit, and maintenance of chillers and other HVAC systems to customers in northern Florida and southern Georgia.
“The Huron team understands the value-creation strategies that accelerate growth, and we’re excited to join forces with the JPG and ThermaServe teams to continue our path towards becoming a market leader in the HVAC, plumbing, and mechanical services industry,” says Peter van Niekerk, CEO of Exigent. “These strategically sourced acquisitions will bring additional services to our capabilities in existing operations, including the DMV area, and will leverage our collective capacity in new markets, including Florida and Georgia.
“We look forward to building upon the legacy that the JPG and ThermaServe leadership teams have created.”
Honigman in Detroit served as legal adviser and Moss Adams served as financial diligence adviser to Huron and Exigent.
