Baum Capital Partners ("BCP"), a private investment firm that provides equity capital and strategic resources in support of dynamic companies in the lower middle market, announced it has partnered with residential services and HVAC industry veteran Ken Goodrich to complete the recapitalization of Goettl Air Conditioning ("Goettl"), a leading provider of HVAC and plumbing maintenance, repair and replacement services to residential customers across the southwestern United States.
Headquartered in Las Vegas, Nevada, with additional locations in Phoenix and Tucson, Arizona, and Corona, California, Goettl Air Conditioning is one of the largest providers of residential HVAC and plumbing services in the region. Founded in Phoenix in 1939, the Goettl Air Conditioning name is synonymous with superior cooled air technology in the Southwest, having been granted more than 100 patents for its HVAC technology.
Serving more than 50,000 homeowners per year, Goettl Air Conditioning is the premier service provider in the Southwest and is primed to continue its rapid expansion. Goettl was recently named to the 2018 Inc. 5000 list of Fastest-Growing Private Companies in the United States.
Jonathan Baum, Managing Partner of BCP, noted, "We are thrilled to partner with Ken Goodrich, a proven leader who will continue as the CEO of Goettl and will remain a significant shareholder in the company. Working together with Ken and his team, we intend to provide the resources necessary to enable Goettl Air Conditioning to reach its full potential as the leading residential services company in the United States through continued organic growth and strategic acquisitions in new and existing geographic markets."
"It is truly an honor to be part of the leadership legacy of Goettl Air Conditioning, following industry icons such as Adam and Gust Goettl, Bill Goettl, David Murdock and Dan Burke," said Goodrich, CEO of Goettl, HVAC industry veteran and successful entrepreneur.
"I am humbled by Goettl employees past and present, and applaud the hard work, innovation and dedication that each one has contributed to build our brand's legacy. This partnership with BCP represents yet another leap forward for Goettl Air Conditioning toward realizing our mission of becoming the nation's gold standard residential services company. The capital and unique insight that BCP brings to the table will be a cornerstone for our continued growth and success. At Goettl Air Conditioning, we do things the right way, not the easy way."
The transaction was supported by debt financing from Tree Line Capital Partners and Bridge Bank. Tree Line Capital Partners also provided an equity co-investment. Perkins Coie LLP served as legal counsel to BCP.