Service Logic was acquired by Leonard Green & Partners from Warburg Pincus. Debt financing for the transaction was provided by JPMorgan Chase Bank, Morgan Stanley, Antares Capital and Crescent Capital.
Headquartered in Charlotte, NC, Service Logic is an HVAC and mechanical service provider that operates HVAC service businesses out of 76 branches across the United States.
“We are pleased to welcome Leonard Green & Partners as our new investment partner. We intend to partner with them to continue to drive growth in the Service Logic platform, both organically and through strategic acquisitions. We would like to thank Warburg Pincus for their close partnership with our team and for their valuable contributions and strategic insight over the years,” Craig Steinke, CEO of Service Logic, said.
“Our investment philosophy is to partner with world-class management teams to support market-leading companies with multiple ways to grow. Service Logic exemplifies this market leadership in the commercial HVAC services space, making it an ideal fit. We are excited to partner with Craig and the entire Service Logic team in supporting the next phase of the company’s growth,” Chris McCollum, partner at Leonard Green & Partners, said.
“We are incredibly proud to have supported Service Logic through a transformative period of organic and acquisitive growth. Over the course of our partnership, Service Logic completed 28 successful acquisitions and experienced significant organic growth while building out robust capabilities in strategic accounts, business intelligence and technology. The company is well-positioned for continued success, and we wish Craig and the Service Logic team all the best in their next chapter,” Jeff Goldfaden, managing director at Warburg Pincus said.
Harris Williams and Moelis served as financial advisors and Kirkland & Ellis served as legal advisors to Service Logic. Latham & Watkins served as legal advisors to Leonard Green & Partners.