|By Marketwired .||
|May 6, 2014 09:09 AM EDT||
BOSTON, MA -- (Marketwired) -- 05/06/14 -- Charlesbank Capital Partners announced today that it has acquired American Residential Services (ARS), a leading provider of heating and air conditioning (HVAC) and plumbing services nationwide. Headquartered in Memphis, Tennessee, ARS operates a network of more than 60 locally managed branches in 21 states. Charlesbank purchased the company from CI Capital Partners and its co-investor, Royal Palm Capital Partners, along with the existing management team, who made a significant co-investment in the transaction. Terms of the transaction were not disclosed.
With a team of 4,500 trained technicians, ARS primarily serves homeowners in need of emergency repair and replacement services for heating, air conditioning, energy efficiency, plumbing, drain cleaning and sewer lines. The company is dedicated to providing high-quality customer service, with an emphasis on highly skilled employees, state-of-the-art equipment, 24/7 service and a 100% money-back guarantee. It operates under two well-known national brands, ARS and Rescue Rooter, as well as through trusted local brands in select markets.
"We look forward to accelerating the growth of our business with new capital and are excited to be working with Charlesbank for the next stage of our development," said Don Karnes, Chief Executive Officer of ARS.
"CI Capital Partners has been an excellent partner since we acquired ARS together and, with their backing, we significantly improved the company's profitability and completed over 20 acquisitions. Today, we are well-positioned to invest in our branches, provide outstanding customer service, and continue our strategy of acquisitions in this highly fragmented industry, while benefiting from Charlesbank's support as we continue to build the business," added David Slott, President & Chief Operating Officer of ARS.
Mr. Karnes is a consumer services industry veteran who has been at the helm of ARS since 2006, serving alongside Mr. Slott. Both executives have 32 years of consumer service industry experience. "We are excited to invest in ARS with this very talented management team," said Sam Bartlett, Charlesbank Managing Director. "Don Karnes and Dave Slott have built a company with a strong business model and a reputation for excellent customer service, thanks to the high-caliber, dedicated employees throughout the organization, including its many branches. With this solid foundation we believe the business is well-developed to grow in new and existing markets, and we look forward to supporting the company's accelerated growth plans."
Tom Ritchie, Managing Director at CI Capital, added, "The ARS management team has done a terrific job developing the company internally and fortifying its strong industry position. This transaction marks the end of a rewarding investment for us, and we wish ARS every success as it begins its next chapter."
Berenson & Company and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised ARS for this transaction. Memphis-based Metronome Partners, RBC Capital Markets and Goodwin Procter LLP advised Charlesbank.
American Residential Services LLC provides air conditioning, heating, indoor air quality, plumbing, drain cleaning and sewer line services across the United States. Based in Memphis, Tennessee, the company has approximately 4,500 employees.
ARS operates a network of more than 60 company-operated, locally managed service locations spanning 21 states. United by exceptional service, the ARS network serves both residential and light commercial customers through a knowledgeable team of trained specialists. Providing elevated service and ensuring the highest standards of quality, ARS has the experience to do any job right -- the first time, with all work fully guaranteed.
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. For more information, visit www.charlesbank.com.
About CI Capital Partners
CI Capital Partners LLC, a North American private equity firm, has been investing in middle-market companies since 1993. CI Capital forms partnerships with experienced management teams and entrepreneurs to build substantial businesses through add-on acquisitions, organic growth and operational improvements. Since the firm's inception, CI Capital and its portfolio companies have made more than 125 acquisitions representing over $7 billion in enterprise value. CI Capital's existing portfolio consists of companies which collectively generate annual revenue of over $4 billion, EBITDA of over $400 million and employ approximately 14,000 people. To learn more about CI Capital Partners, please visit www.cicapllc.com.
Most companies hope for rapid growth so it's important to invest in scalable core technologies that won't demand a complete overhaul when a business goes through a growth spurt. Cloud technology enables previously difficult-to-scale solutions like phone, network infrastructure or billing systems to automatically scale based on demand. For example, with a virtual PBX service, a single-user cloud phone service can easily transition into an advanced VoIP system that supports hundreds of phones and ...
May. 22, 2015 07:00 AM EDT Reads: 2,565
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use c...
May. 22, 2015 06:00 AM EDT Reads: 4,638
The recent trends like cloud computing, social, mobile and Internet of Things are forcing enterprises to modernize in order to compete in the competitive globalized markets. However, enterprises are approaching newer technologies with a more silo-ed way, gaining only sub optimal benefits. The Modern Enterprise model is presented as a newer way to think of enterprise IT, which takes a more holistic approach to embracing modern technologies.
May. 22, 2015 06:00 AM EDT Reads: 5,791
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
May. 22, 2015 06:00 AM EDT Reads: 1,995
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
May. 22, 2015 06:00 AM EDT Reads: 3,685
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...
May. 22, 2015 06:00 AM EDT Reads: 4,453
“Oh, dev is dev and ops is ops, and never the twain shall meet.” With apoloies to Rudyard Kipling and all of his fans, this describes the early state of the two sides of DevOps. Yet the DevOps approach is demanded by cloud computing, as the speed, flexibility, and scalability in today's so-called “Third Platform” must not be hindered by the traditional limitations of software development and deployment. A recent report by Gartner, for example, says that 25% of Global 2000 companies will b...
May. 22, 2015 05:45 AM EDT Reads: 2,597
Software-driven innovation is becoming a primary approach to how businesses create and deliver new value to customers. A survey of 400 business and IT executives by the IBM Institute for Business Value showed businesses that are more effective at software delivery are also more profitable than their peers nearly 70 percent of the time (1). DevOps provides a way for businesses to remain competitive, applying lean and agile principles to software development to speed the delivery of software that ...
May. 22, 2015 05:45 AM EDT Reads: 6,245
Big Data is amazing, it's life changing and yes it is changing how we see our world. Big Data, however, can sometimes be too big. Organizations that are not amassing massive amounts of information and feeding into their decision buckets, smaller data that feeds in from customer buying patterns, buying decisions and buying influences can be more useful when used in the right way. In their session at Big Data Expo, Ermanno Bonifazi, CEO & Founder of Solgenia, and Ian Khan, Global Strategic Positi...
May. 22, 2015 05:30 AM EDT Reads: 2,176
JFrog on Thursday announced that it has added Docker support to Bintray, its distribution-as-a-service (DaaS) platform. When combined with JFrog’s Artifactory binary repository management system, organizations can now manage Docker images with an end-to-end solution that supports all technologies. The new version of Bintray allows organizations to create an unlimited number of private Docker repositories, and through the use of fast Akamai content delivery networks (CDNs), it decreases the dow...
May. 22, 2015 05:30 AM EDT Reads: 3,113
More organizations are embracing DevOps to realize compelling business benefits such as more frequent feature releases, increased application stability, and more productive resource utilization. However, security and compliance monitoring tools have not kept up and often represent the single largest remaining hurdle to continuous delivery. In their session at DevOps Summit, Justin Criswell, Senior Sales Engineer at Alert Logic, Ricardo Lupo, a Solution Architect with Chef, will discuss how to ...
May. 22, 2015 05:15 AM EDT Reads: 2,870
Thanks to Docker, it becomes very easy to leverage containers to build, ship, and run any Linux application on any kind of infrastructure. Docker is particularly helpful for microservice architectures because their successful implementation relies on a fast, efficient deployment mechanism – which is precisely one of the features of Docker. Microservice architectures are therefore becoming more popular, and are increasingly seen as an interesting option even for smaller projects, instead of bein...
May. 22, 2015 05:00 AM EDT Reads: 4,168
Over the last few years the healthcare ecosystem has revolved around innovations in Electronic Health Record (HER) based systems. This evolution has helped us achieve much desired interoperability. Now the focus is shifting to other equally important aspects - scalability and performance. While applying cloud computing environments to the EHR systems, a special consideration needs to be given to the cloud enablement of Veterans Health Information Systems and Technology Architecture (VistA), i.e....
May. 22, 2015 05:00 AM EDT Reads: 3,864
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises a...
May. 22, 2015 05:00 AM EDT Reads: 2,058
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understand...
May. 22, 2015 05:00 AM EDT Reads: 4,189