The transaction further demonstrates PKF Investment Banking’s expertise in the HVAC sector and success in identifying optimal strategic partners
PKF Investment Banking, the investment banking affiliate and subsidiary of PKF O’Connor Davies Advisory LLC, announced today that it represented Technical Air Systems, Inc. (“Technical Air” or the “Company”) in the sale of its business to AIR Control Concepts (“AIR”), a portfolio company of Blackstone.
“We’re delighted to have acted as the exclusive financial advisors to Technical Air on this important milestone,” said Robert Murphy, Partner at PKF Investment Banking. “The transaction highlights PKF Investment Banking’s continued and growing expertise in the HVAC sector and the Firm’s ability to navigate complex deal considerations for shareholders.”
Technical Air, an ESOP company, is a regional HVAC manufacturers’ representative headquartered in Morristown, New Jersey, serving the metropolitan New York and New Jersey markets. Founded in 1994, Technical Air provides engineered sales and marketing support for HVAC equipment across air handling, distribution, control systems, building performance and specialized commercial applications. With long-standing relationships across mechanical contractors, design engineers, construction managers and building owners throughout the region, Technical Air has played a key role in notable installations in healthcare, education, research and high-profile commercial facilities.
Headquartered in Norfolk, Virginia, AIR operates across 35 states and Canada through a network of more than 40 operating companies and over 2,000 associates. The platform supports leading OEM partners and the customers they serve by combining deep local market expertise with the scale, resources and connectivity of a national organization. AIR’s operating model is designed to preserve the entrepreneurial culture and trusted relationships of each operating company while enabling collaboration, shared services and long-term growth across the network. AIR’s extensive geographic footprint and proven track record of successful integrations position it as the ideal strategic partner for Technical Air’s next phase of growth.
“The PKF Investment Banking team provided invaluable guidance and consistent support throughout our engagement,” said Paul Scheele, President of Technical Air. “Their experience navigating the complexities of an ESOP-owned business was critical to a successful closing. At this stage of our Company’s evolution, we are confident that AIR Control Concepts is the right strategic partner and that this acquisition will accelerate Technical Air’s next phase of growth.”