The Private Equity team represented American Residential Services (ARS), a portfolio company of client Charlesbank Capital Partners (Charlesbank), in connection with GI Partners majority investment in ARS. Charlesbank and management are also making significant new investments in the business. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions and regulatory approvals.
ARS serves both residential and light commercial customers by providing heating, cooling, indoor air quality, plumbing, drain cleaning, sewer line, radiant barrier, insulation, and ventilation services. Based in Memphis, Tennessee, ARS operates a network of more than 70 locally managed service centers in 23 states, with approximately 6,500 highly talented employees and the largest team of HVAC technicians and plumbers in the U.S.
Based in Boston and New York, Charlesbank is a middle-market private investment firm managing more than $7 billion of capital.
For additional details on the investment, please read the press release.