Harris Williams Advises Service Logic on its Sale to Leonard Green & Partners, L.P.

November 3, 2020

Harris Williams, a global investment bank specializing in M&A advisory services, announces that it advised Service Logic, a portfolio company of Warburg Pincus LLC (Warburg Pincus), on its sale to Leonard Green & Partners, L.P. (LGP). Service Logic is a leading independent commercial HVAC services provider in the United States. The transaction was led by Bob Baltimore, Brian Lucas, Anthony Basmajian, Bryce Walker and Brian Holden of the Harris Williams Business Services Group.

“Service Logic delivers best-in-class HVAC and mechanical services and is an indispensable partner to its customers,” said Brian Lucas, a managing director at Harris Williams.  “We look forward to watching the management team continue to deliver on their strategic vision across the company’s national platform.”

“We are proud to have worked on this transaction which extends our experience in the commercial services sector and believe LGP will be a terrific new partner for Service Logic,” added Bob Baltimore, a managing director at Harris Williams. “This transaction highlights the growing interest among investors in market leaders delivering non-discretionary services and we believe the sector is primed for future platform and add-on acquisitions.”

Headquartered in Charlotte, North Carolina, Service Logic is one of the largest privately held HVAC and mechanical services providers in the United States. Its nationwide footprint helps provide services for commercial HVAC equipment, chilled water systems and building automation/controls systems to over 25,000 customers.

Warburg Pincus is a leading global private equity firm focused on growth investing. The firm has more than $56 billion in private equity assets under management. The firm’s active portfolio of more than 190 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $86 billion in over 910 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam; Beijing; Berlin; Hong Kong; Houston; London; Luxembourg; Mumbai, India; Mauritius; San Francisco; São Paulo; Shanghai; and Singapore.

LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 90 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, business and healthcare services, as well as retail, distribution and industrials. LGP has raised over $40 billion of committed capital since inception. The firm’s eighth flagship fund, Green Equity Investors VIII, L.P., and its dedicated middle market fund, Jade Equity Investors, L.P., were raised in 2019 with commitments totaling $12 billion and $2.75 billion, respectively.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams Business Services Group has experience advising companies that provide a range of commercial, industrial and professional services. For more information on the firm’s Business Services Group and other recent transactions, visit the Business Services Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. awaited). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.