Image: Supplied
Abu Dhabi’s Mubadala Investment Company partnered with Bain Capital to acquire US-based Service Logic, a provider of commercial HVAC and building automation services, from private equity firm Leonard Green & Partners.
Financial terms of the transaction were not disclosed.
Service Logic, which is headquartered in Charlotte, North Carolina, operates more than 140 locations across North America and employs over 5,000 technicians.
The company provides mission-critical commercial HVAC services, including maintenance, emergency repairs, equipment replacement and retrofit projects.
The acquisition brings Mubadala alongside Bain Capital, which will continue to back the company in its next phase of growth, the firms said in a joint statement.
Service Logic expansion
Service Logic has expanded through a series of acquisitions while maintaining partnerships with local owner-operated businesses, combining regional service delivery with national scale.
“This investment reflects our conviction in Service Logic’s continued growth potential and our strategy of backing resilient, essential services businesses,” Zouhir Regragui, head of Industrials and Business Services at Mubadala, said.
Deal led by Bain Capital team in North America
The deal was led by Bain Capital’s North America private equity team. Service Logic joins Bain’s portfolio of US services and distribution companies, which includes Imperial Dade, US LBM, Frontline Road Safety and Dealer Tire.
Barclays and Jefferies acted as joint lead financial advisers on the transaction. Harris Williams and Goldman Sachs advised Service Logic, while J.P. Morgan and Morgan Stanley also served as financial advisers.
Legal advisers included Ropes & Gray for Bain Capital and Latham & Watkins for Leonard Green.
