Pulte Capital Partners has sold portfolio company Southern Air & Heat to MSouth Equity Partners, a private equity fund with USD1.3 billion under management across three funds.
Southern Air & Heat, based in the South-Eastern US, provides heating and air conditioning installation to the nation's largest homebuilders and is also a leading servicer and installer for over 70,000 homeowners across its South-Eastern target markets.
"Our team built Southern Air & Heat from just an idea to one of the largest heating and air conditioning platforms in the US. Southern Air was a highly successful investment for us, and we are thrilled to have selected MSouth Equity Partners as the company's partner going forward," says Bill Pulte, CEO of Pulte Capital Partners and grandson of PulteGroup founder William Pulte.
Charles Stubbs, an MSouth partner, says: "We are very excited about our investment in Southern Air & Heat, and appreciate that the Pulte organisation has built such a strong and scalable platform. The Southern Air & Heat platform is an early consolidator in the coastal HVAC market, and we look forward to partnering with the management team in the company's next phase of growth."
