Caltius Equity Partners completed a recapitalization of its investment in Air Conditioning Innovative Solutions (ACIS) to Atlantic Street Capital. Caltius Equity Partners will continue to be an investor in ACIS and will remain on ACIS’ board of managers. The transaction closed on Dec. 3 and financial terms were not disclosed.
Founded in 2002, ACIS is a provider of commercial heating, ventilation and air conditioning (HVAC) services throughout Texas. Caltius Equity Partners first partnered with ACIS in 2019.
“As ACIS’ first institutional investor, it has been exciting to see the company’s rapid evolution, and we look forward to continuing our investment alongside Atlantic Street’s majority position,” Michael Morgan, managing director at Caltius Equity Partners, said.
Over the course of its investment period, Caltius Equity Partners partnered with ACIS in delivering growth, building a management team and investing in technology and processes. Additionally, Caltius Equity Partners assisted the company in completing two add-on acquisitions and developing a pipeline of additional acquisition opportunities.
“Caltius Equity Partners has been an excellent advisor and partner as the company has grown,” Mike Nichols, CEO of ACIS, said. “Their long history as investors in facilities services companies helped us refine operating processes, go-to-market strategies, and build out the management team. We are grateful for Caltius Equity Partners’ partnership in growing the business and look forward to executing on the next phase of our strategic plans alongside Atlantic Street.”
“We believe our experience with ACIS is a great example of Caltius Equity Partners’ sourcing capabilities, investment strategy and working closely with management [to] create value for all stakeholders,” Morgan said. “Atlantic Street is a great partner for ACIS as they too, like Caltius Equity Partners, are focused on helping companies grow faster to reach their full potential. We wish Mike and the rest of the ACIS team continued success during the next phase with Atlantic Street.”
Citizens M&A Advisory acted as financial advisor and Faegre Drinker acted as legal advisor to Caltius Equity and ACIS.
“We are appreciative of the opportunity to work with Caltius and ACIS on its sale to Atlantic Street Capital,” Jason Wallace, managing director at Citizens M&A Advisory, said. “ACIS is a highly scalable platform with a compelling value proposition and strong leadership team. We are excited to watch ACIS continue to grow in partnership with Atlantic Street Capital.”
