Audax Private Equity (Audax) has recapitalised Reedy Industries (Reedy) having partnered with the Reedy family and management.
Reedy Industries, headquartered in Glenview, Illinois, is a provider of commercial HVAC services, mechanical services, and energy solutions primarily serving commercial, industrial, and municipal buildings in the Midwest.
Bill Reedy, CEO of Reedy Industries, says: “We are excited to be partnering with Audax for the next stage of our growth. We have always put our people and customers first, and Audax is committed to investing in our strong culture and our ability to serve the customer. Audax also brings expertise and resources that will help us continue to build our position in the market through strategic acquisitions and growth initiatives.”
Reedy’s acquisitions and customer growth strategies have achieved record sales growth across their core geographies in 2019.
Don Bramley, Managing Director, Audax Group, says: “Reedy Industries is a leader in the commercial, mechanical, and HVAC services market within the Midwest. We believe the Company is poised for growth as it continues to expand its presence throughout the United States. We look forward to supporting Bill, and the entire Reedy team, as they continue growing the business organically and through acquisitions.”
Terms of the transaction have not been disclosed. Metronome Partners acted as exclusive financial advisor to Reedy Industries. Kirkland & Ellis LLP served as legal counsel to both Reedy Industries and Audax.
