Point 41 Partners with Interstate AC Service, Kimbro Mechanical and Open Source Controls

Point 41 Affiliate Partners with Founders and Management to Recapitalize Interstate AC Service, Kimbro Mechanical and Open Source Controls to Support the Company's Next Phase of Growth

GREENWICH, Conn., Jan. 9, 2024 /PRNewswire-PRWeb/ -- Point 41 Capital Partners ("Point 41"), a middle-market private equity firm, today announced a partnership with Interstate AC Service, Kimbro Mechanical, and Open Source Controls ("Interstate" or the "Company"), investing alongside the founders and management team to further build a commercial services platform focused on HVAC, plumbing and building automation solutions. Terms of the private transaction were not disclosed.

Founded in 2004, Interstate is a leading provider of commercial HVAC, plumbing and building automation solutions to industrial, education, warehouse, government, healthcare, datacenter and other end markets. The Company specializes in light commercial applications and offers a full range of install, retrofit, replacement and maintenance services. Interstate is headquartered in Nashville, TN with approximately 200 employees, including approximately 150 skilled technicians, and has a longstanding reputation as a market leader.

"When the ownership team decided to add an investor to drive growth, our priority was to select a partner who understood and valued our culture, our family working environment, and our reputation for quality and integrity with our customers," said Alan Sielbeck, Managing Partner, Interstate, who will remain with the Company as Board Member. "Our owners have spent the last 20 plus years defining and building those qualities and we wanted to make sure they were protected. Point 41 was a unanimous choice for us, and we are delighted to be able to continue to grow and deliver the excellent services our customers expect."

"This partnership is an important milestone for Interstate, but only the beginning of an exciting journey ahead. We are thrilled with our new partner, Point 41, who shares our vision for aggressive organic and inorganic growth, driven by our most important asset, our people. We look forward to executing on the many new and exciting opportunities this partnership provides our customers and team members." said John Hurst, President, Interstate.

"We are excited to partner with Alan, John and the Interstate team to accelerate the Company's growth. We look forward supporting Interstate's further evolution into a multi-discipline, multi-region commercial services leader with proven strategy, capital and other resources," said Aaron Wolfe, Managing Partner, Point 41. "We have significant experience building market-leading technician-driven services companies. Commercial services remains a highly fragmented sector, and we quickly identified Interstate as a consolidator of choice. Interstate's experienced management team, diverse service capabilities, high-quality customer service and exceptional company culture will enable us to scale the platform," said Jordan Wadsworth, Managing Partner, Point 41.

Interstate is actively seeking partnerships with leading HVAC, plumbing and building automation companies, with the goal of providing best-in-class support to local leadership teams. Founders, owners and managers are encouraged to contact Point 41 to learn more about partnering with Interstate.

Klehr Harrison Harvey Branzburg LLP and Kirkland & Ellis LLP served as legal advisors to Point 41, while M2O Private Fund Advisors served as placement agent. SF&P Advisors and Spencer Fane LLP served as financial and legal advisors to Interstate.

About Point 41 Capital Partners

Point 41 Capital Partners is a middle-market private equity firm that partners with founders and management teams to drive transformational growth. Point 41 focuses on attractive, well-structured markets within the specialty industrials and services sectors, building market-leading companies by combining deep sector knowledge with tailored resources, systematic processes and operational excellence. Point 41 is based in Greenwich, CT and Los Angeles, CA. For more information, please visit www.point41capital.com.

Media Contact

Jeff Feigenbaum, Point 41 Capital Partners, 1 424-465-4988, [email protected], https://www.point41capital.com 

SOURCE Point 41 Capital Partners