July 28, 2021 -- Partners Group Holding AG is acquiring commercial HVAC-services provider Reedy Industries, Deerfield, Ill., from Audax Private Equity, for approximately $1 billion, according to a person with knowledge of the deal.
Audax will remain a minority investor in the business as will the Reedy family and management, according to a statement released 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 employs about 1,500 people. It provides heating, ventilation and air-conditioning services to estimated 9,000 customers. 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, 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.