HVAC & Mechanical Acquisitions in Canada

SPX Technologies, Inc. completed the acquisition of Thermolec Ltd. for total cash consideration of CA$195 million (approximately US$140 million). Montréal-based Thermolec manufactures custom electric duct heating and related electric heating solutions for commercial, multi-family residential, and light industrial HVAC applications and will join SPX’s HVAC segment within its Electric Heat business alongside Marley Engineered Products (MEP) and ASPEQ. SPX expects the deal to support growth by expanding Thermolec’s U.S. sales while leveraging Thermolec’s Canadian customer relationships to expand MEP’s sales in Canada.

PMC Energy Limited completed the acquisitions of Metro Commercial Heating & Cooling Limited and Active Heating & Air Conditioning Ltd., two Halifax-based commercial HVAC service providers. The deals expand PMC’s commercial HVAC and Building Automation Systems (BAS) services footprint in the Halifax Regional Municipality and strengthen its recurring service and maintenance platform. The founders and existing management teams of both acquired businesses will remain in place.

Lynx Equity Limited ("Lynx") announced the acquisition of Valley Plumbing & Heating, a mechanical services contractor based in British Columbia, Canada. Valley provides full-scope HVAC and plumbing services, with a focus on residential multifamily developments and an established commercial presence across the Okanagan.

Alphi Capital, a Toronto-based lower middle market private equity firm, announced a partnership and investment in RedBlue HeatPumps & Refrigeration, an HVAC, plumbing, and electrical services provider. RedBlue, founded in 2013 by Jordan Owen and Marshal Mason and headquartered in Victoria, British Columbia, will use the investment to accelerate growth through investments in people, processes, systems, and geographic expansion.

Blade Air Inc. has acquired InnerEco Environmental Inc., expanding from sustainable commercial indoor air quality solutions into the residential HVAC filtration market. InnerEco’s residential filtration brands (including Cimatec and ToxBox) will join Blade Air to broaden sustainable, energy-efficient, waste-reducing filter offerings across North America.

Custom Air Conditioning Ltd., a portfolio company of CAI Capital Partners, acquired Power Plus Electric Ltd. and certain assets of I.C.R. Air Inc. The deals expand CustomAir’s capabilities by adding regulated electrical services and further strengthening its HVAC footprint in British Columbia, Canada.

Right Time Group of Companies acquired Toronto, Ontario-based Belyea Bros Limited Heating, Cooling & Electrical to expand its residential home services presence in Ontario. Belyea Bros’ management and employees will join Right Time and continue operating the business; financial terms were not disclosed. Right Time is majority-owned by private equity firm Gryphon Investors, and this deal marks Right Time’s 22nd acquisition in its growth strategy.

W Investments Group II L.P., in partnership with Desjardins Capital, has acquired Quebec-based Groupe BFL, an HVAC design and manufacturing company. The transaction includes Groupe BFL’s subsidiaries, Bousquet Technologies and Nagas Innovation, with the existing management team remaining in place to support continued growth across North America.

SPX Technologies acquired privately held Ingénia Technologies for approximately CA$405 million (about US$300 million) in cash, including acquired real estate. Headquartered in Mirabel, Quebec, Ingénia designs and manufactures custom air handling units and will join SPX Technologies’ Cooling platform within its HVAC segment to expand its engineered air movement solutions.

Right Time Group of Companies (Right Time), a Canadian residential HVAC and home services provider, acquired Halifax, Nova Scotia-based Breathe Clean Mini Split Heat Pump Cleaning to expand its presence in Nova Scotia. Breathe Clean’s employees will join Right Time and continue serving customers in Halifax and surrounding areas. Transaction terms were not disclosed; Right Time is majority-owned by Gryphon Investors.

Right Time Group of Companies ("Right Time"), a Canadian home services and residential HVAC provider, acquired Calgary, Alberta-based Knight Plumbing Heating & Air Conditioning. The acquisition expands Right Time’s presence in Western Canada, with Knight’s management and employees joining Right Time; transaction terms were not disclosed. Right Time is majority-owned by private equity firm Gryphon Investors, and Knight was previously owned by the Wandler family.

Right Time Group of Companies acquired Shines Energy Incorporated, a residential HVAC and home air quality services provider based in Dartmouth, Nova Scotia, expanding Right Time’s presence in Atlantic Canada. Shines’ management and employees will join Right Time and continue operating in the Halifax Regional Municipality area; transaction terms were not disclosed. Right Time is majority-owned by private equity firm Gryphon Investors.

Right Time Group of Companies, a Canadian residential home services and HVAC provider majority-owned by Gryphon Investors, acquired Greater Vancouver-based Thomson Industries Ltd. Heating & Air Conditioning. Thomson provides residential heating, cooling, electrical and air quality services in British Columbia’s Lower Mainland; transaction terms were not disclosed.

CAI Capital Partners’ portfolio company, Custom Air Conditioning Ltd. (CustomAir), has acquired Reliatech HVAC Inc., a commercial HVAC and mechanical services provider based in Kamloops, British Columbia. The acquisition expands CustomAir’s presence in British Columbia’s Interior/Thompson region and supports growth plans including opening a new Kamloops branch to broaden service offerings and technician coverage.

Right Time Group of Companies acquired Oosterveld Heating and Air Conditioning, a Guelph-based residential HVAC contractor serving Southern Ontario. The deal expands Right Time’s presence in the region; terms were not disclosed. Right Time is majority-owned by private equity firm Gryphon Investors.

Right Time Group of Companies acquired Waterloo-based Dunn Heating ClimateCare, which now operates as Dunn Heating and Air Conditioning. The business provides residential heating, cooling, air quality, and hot water services in the Tri-Cities area of Southern Ontario (Waterloo, Kitchener, and Cambridge). Transaction terms were not disclosed; the former owner Rick Dunn and the management team are joining Right Time.

Right Time Group of Companies acquired Northern Air & Mechanical Systems Inc., doing business as 669-Heat, to expand its residential HVAC and home services presence in Northern Ontario. 669-Heat, based in Sudbury, provides residential heating, cooling, air quality, and hot water services. Transaction terms were not disclosed; Right Time is majority-owned by Gryphon Investors.

Kontrol Technologies Corp. acquired all of the issued and outstanding shares of Global HVAC & Automation Inc. The announcement relates to Kontrol’s revised and refiled business acquisition report (BAR) for the completed acquisition, updated at the request of the Ontario Securities Commission in connection with an OSC review tied to Kontrol’s shelf prospectus filing.

Right Time Group of Companies acquired Wardlaw Heating and Cooling, a residential HVAC installation and service provider founded in 1981 in Sault Ste. Marie, Ontario. Wardlaw’s management and employees will join Right Time as the business continues serving local customers; financial terms were not disclosed. Right Time is majority-owned by private equity firm Gryphon Investors, and this represents Right Time’s fourteenth acquisition.

Right Time Group of Companies acquired The Comfort Group, an HVAC provider based in Parksville, British Columbia serving Central Vancouver Island with residential heating, cooling, and indoor air quality services. The Comfort Group’s co-owners Denis Stjepanovic and Terry Corsie will join Right Time along with the company’s employees; financial terms were not disclosed. Right Time is majority-owned by private equity firm Gryphon Investors and described this deal as its thirteenth acquisition as it expands across western Canada.

Right Time Group of Companies acquired 360 Super Techs of Vancouver Island, a British Columbia home-services business encompassing 360 Comfort Systems and The Super Plumber. The acquisition expands Right Time’s residential HVAC and home services footprint in western Canada; transaction terms were not disclosed. 360 Super Techs was co-owned by Brody Funk and Reed Gary, and Right Time is majority-owned by private equity firm Gryphon Investors.

Enercare Inc. acquired substantially all of the assets of Syles Mechanical Services Ltd., a residential and commercial services provider based in Tecumseh, Ontario. The deal expands Enercare’s presence in Southwestern Ontario, adding more than 55 employees and a fleet of 30 service vehicles, while Syles’ existing leadership team continues to operate the business locally.

Right Time Group of Companies acquired Climate Air Heating & Air Conditioning, a residential HVAC and home services provider founded in 2002 serving Barrie, Ontario and surrounding areas. Climate Air’s management and employees will join Right Time, which is majority-owned by private equity firm Gryphon Investors. Financial terms were not disclosed.

Munch's Supply, a North American HVAC and plumbing distributor backed by Ridgemont Equity Partners, acquired Ontario-based TML Supply and its 13 branches. The deal doubles Munch's footprint in Canada and expands its network to 64 locations across 16 U.S. states and Ontario.

CAI Capital Partners’ portfolio company, Custom Air Conditioning Ltd. (CustomAir), acquired Britech HVAC Ltd., an HVAC and mechanical services provider headquartered in Kelowna, British Columbia. The acquisition expands CustomAir’s presence in British Columbia’s Interior/Okanagan region and broadens service capabilities through additional technicians and offerings.

Right Time Group of Companies acquired furnaceguys Home Heating & Cooling, a residential HVAC and home services provider founded in 2008 serving Saskatoon, Saskatchewan and surrounding areas. The deal represents Right Time and its majority owner Gryphon Investors’ tenth acquisition, with furnaceguys’ management and employees joining Right Time; financial terms were not disclosed.

Right Time Group of Companies acquired Anchor Home Comfort, a residential HVAC, air quality, and hot water services provider serving Ottawa, Ontario and surrounding areas. Anchor’s management and employees will join Right Time as it continues its expansion across Canada with the support of its majority owner, private equity firm Gryphon Investors. Financial terms were not disclosed.

Right Time Group of Companies acquired Haven Home ClimateCare, a residential HVAC, air quality, and hot water services provider in Ontario, which will now operate as Haven Home. The acquisition supports Right Time’s strategy to expand its national footprint through add-on purchases of residential HVAC replacement contractors across Canada. Transaction terms were not disclosed.

Munch's Supply, a U.S.-based HVAC and plumbing distributor backed by Ridgemont Equity Partners, acquired Ontario-based Marks Supply, including its Watermarks division. The deal adds nine branches, three retail plumbing showrooms, and two distribution centers in Ontario, expanding Munch's Supply’s footprint into Canada.

Right Time Group of Companies acquired Comfort Masters LTD., a residential HVAC contractor providing heating, air quality, and hot water services across the Oshawa, York, Durham, and Simcoe regions of Ontario. Comfort Masters’ management and employees will join Right Time, which is majority-owned by private equity firm Gryphon Investors; financial terms were not disclosed.

Right Time Group of Companies acquired Romaniuk Heating and Air Conditioning, expanding Right Time’s footprint into Alberta and the Edmonton market. Romaniuk, founded in 1989 by Tony Romaniuk, provides residential and commercial HVAC, air quality, plumbing, and hot water services; transaction terms were not disclosed. The deal is Right Time’s sixth acquisition and its second since partnering with Gryphon Investors in December 2020.

Right Time Group of Companies acquired Atlas Service Company Inc. (operating as AtlasCare), a residential HVAC, air quality, plumbing, and hot water services provider serving Ontario from its Oakville branch. The deal represents Right Time’s fifth acquisition and the first since its December 2020 partnership in which Gryphon Investors became the majority owner of Right Time; financial terms were not disclosed.

Gryphon Investors completed a majority investment in Right Time Heating and Air Conditioning, acquiring the company from Clairvest Group Inc. Right Time’s management team will remain in place and retain a significant equity stake, with financial terms undisclosed.

Right Time Heating and Air Conditioning Canada (Right Time) has acquired Moore & Russell Heating LTD (M&R Heating), a residential HVAC and hot water services provider serving the Vancouver market from Coquitlam, British Columbia. M&R Heating’s management and employees will join Right Time, supporting Right Time’s strategy to expand nationally through acquisitions following its partnership with Clairvest Group.

Emerson (NYSE: EMR) completed the acquisition of Verdant Environmental Technologies, an energy management solutions provider for the hotel and hospitality industry. Verdant, based in Montreal, Quebec, designs and markets smart thermostats, cloud/SaaS energy management software, and monitoring services using occupancy and thermal sensing with real-time analytics. The business was sold by Fulcrum Capital Partners, which had acquired Verdant from its founder in 2016.

CAI Capital Partners’ portfolio company Custom Air Conditioning Ltd. (CustomAir) acquired Mavco Plumbing and Heating Ltd., a provider of HVACR and plumbing services. The combination expands CustomAir’s presence in British Columbia’s Interior and broadens Mavco’s service capabilities and access to technicians.