(Bloomberg) -- Partners Group Holding AG is acquiring commercial HVAC-services provider Reedy Industries from Audax Private Equity in a deal that values the target at roughly $1 billion, according to a person with knowledge of the matter.
Audax will remain a minority investor in the business as will the Reedy family and management, according to a statement Tuesday, confirming an earlier Bloomberg News report. It didn’t disclose terms of the deal. The transaction is expected to be completed in the third quarter.
Reedy, with about 1,500 employees and based in Deerfield, Illinois, provides heating, ventilation and air-conditioning services to about 9,000 customers, according to its website. Partners Group plans to expand its offerings and geographic reach while focusing on making the company and its services more sustainable and energy efficient.
Partners Group, which oversaw $119 billion at midyear, has been focusing on transactions valued at $500 million to $2.5 billion. The latest buyout is the Swiss firm’s ninth since the start of 2021, according to the statement.
In January, it bought medical-apparel maker Careismatic Brands for about $1.3 billion, including debt. In July, it agreed to acquire Pharmathen SA from BC Partners in a deal valuing the Greek pharmaceutical firm at about 1.6 billion euros ($1.9 billion).
Read more: Partners Group Agrees to Buy BC’s Drugmaker Pharmathen
Partners Group, founded in 1996, is primarily making the Reedy investment through its $59 billion private-equity business, which has committed about $4 billion to service-related companies since the beginning of 2020, according to the statement.
Latham & Watkins represented Partners Group in the deal.
(Updates with details from statement starting in the second paragraph.)
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