First Investment in Astara Capital Partners Fund I, L.P.
NEW YORK, Nov. 8, 2022 /PRNewswire/ -- Astara Capital Partners, LLC ("Astara") announced today that a newly formed affiliate of Astara Capital Fund I, L.P. has made an investment in Del-Air Heating and Air Conditioning ("Del-Air" or the "Company"), in partnership with the Company's employee owners. Headquartered in Sanford, Florida, Del-Air is a leading provider of residential HVAC installation and service, plumbing, electrical home services and replacements, and light commercial HVAC services and replacements throughout the Florida market.
Astara also announced that Rick Rogers has joined Del-Air as Chief Executive Officer and Faizzy Saghir has joined as Chief Operating Officer. Mr. Rogers and Mr. Saghir are proven business leaders with successful track records in the HVAC industry. They will work closely with the Company's management team to driver operational excellence and strategic growth.
"Del-Air has been the most recognized HVAC name in Central Florida for many decades and we are excited to partner with its employee owners in this investment" said Rob Groberg, Partner of Astara. "As a result of Astara's investment, Del-Air is debt free and has a capital structure that positions it to invest in its people, processes, and systems to drive growth across all of its business units."
"Del-Air is the first platform investment in our newly raised fund. This acquisition is a perfect fit with our investment strategy of acquiring great companies where our capital, strategic, and operational resources will build a stronger organization with sustainable value" said Michael Ranson, Managing Partner of Astara. "We are grateful for the support of our investors and for the trust that the employees of Del-Air, who have owned the Company through an ESOP for almost 20 years, have placed in us. We look forward to a terrific partnership with all of them."
Robinson Bradshaw & Hinson, PA served as legal advisor and Stephens, Inc. served as financial advisor to Astara. The transaction terms were not disclosed.
Astara Capital Partners is an integrated team of investors and operators investing in the middle market. The firm brings capital, strategic, and operational resources to its investments to build sustainable value and position them for long-term success. Astara focuses on a variety of sectors where it has deep experience, including packaging and converting, food, building products, forest products, and industrial manufacturing, distribution, and services. More information about Astara can be found at www.astaracapital.com.
Headquartered in Sanford, Florida, Del-Air is a leading provider of residential HVAC installation and service, plumbing, electrical home services and replacements, and light commercial HVAC services and replacements throughout Florida. Del-Air operates in seven locations in Florida including Sanford, Clermont, Davenport, Melbourne, Jacksonville, and Tampa. More information about Del-Air can be found at www.delair.com.
SOURCE Astara Capital Partners