Flow Service Partners, a portfolio company of RLJ Equity Partners and LP First Capital, acquires Nunning Heating, Air Conditioning and Refrigeration

BETHESDA, Md., March 6, 2023 /PRNewswire/ -- Flow Service Partners ("Flow" or the "Company"), a leading provider of heating, ventilation, air conditioning, and refrigeration ("HVACR") and plumbing services, announced today the acquisition of Nunning Heating, Air Conditioning and Refrigeration ("Nunning"), a highly reputable heating and cooling service provider in Evansville, Indiana. The acquisition of Nunning expands Flow's footprint in Indiana and reinforces its commitment to providing quality service to its commercial customers. Flow Service Partners is a portfolio company of RLJ Equity Partners, an affiliate of The RLJ Companies, and LP First Capital. Financial terms of the transaction were not disclosed.

Founded in 1978, Nunning is a family-owned business that has been serving the Evansville community for over four decades. The company specializes in providing HVACR installation, repair, and maintenance services to commercial customers. Nunning has built a strong reputation for providing exceptional service to its customers, and this acquisition will enable the company to leverage Flow's resources and expertise to accelerate its growth and continue to provide high-quality service to its customers.

"We are delighted to join the Flow family," said John Aimone, President of Nunning Heating, Air Conditioning and Refrigeration. "This partnership will enable us to expand our service offerings and reach more customers while maintaining our commitment to quality service."

"We believe that focusing on exceptional service is key to building a successful HVACR and plumbing services platform," said Nigel Howard, Managing Director at RLJ Equity Partners. "Nunning's focus on service has been the cornerstone of its success, and we are excited to continue building on that legacy."

"Flow's continued investment in and expansion of its HVACR capabilities is a testament to our commitment to delivering value to our customers in a dynamic and competitive market," said Thomas Ince, Managing Director at LP First Capital. "We are excited to welcome Nunning to the Flow family."

Nunning represents Flow's fifth acquisition, and the Company intends to continue executing its strategy of building servicing scale and expanding its geographic footprint in the Midwest, Southeast and Mid-Atlantic regions.

About Flow Service Partners ("Flow"): Headquartered in Nashville, TN, is a leading provider of heating, ventilation, air conditioning, and refrigeration ("HVACR") and plumbing services, including maintenance, repair, replacement/retrofit and installation services. Through its partners, Flow currently operates in Delaware, Florida, Indiana, Kentucky, Maryland, and Pennsylvania and has approximately 350 employees. For more information, please visit www.flowservice.com.

About RLJ Equity Partners ("RLJ"): Headquartered in Bethesda, MD, RLJ Equity Partners is a middle-market private equity firm with approximately $440 million in capital under management focused on generating long-term capital appreciation by investing in profitable and growing businesses led by strong management teams. Founded in 2006 by Robert L. Johnson, RLJ originates and invests in traditional buyouts and leveraged recapitalizations. RLJ Equity Partners is a portfolio company of The RLJ Companies. For more information, please visit www.rljequitypartners.com.

About The RLJ Companies: Founded by Robert L. Johnson and headquartered in Bethesda, MD, The RLJ Companies is an innovative business network that provides strategic investments to a diverse portfolio of companies in the media and entertainment, financial services, real estate, hospitality, and gaming industries. Prior to founding The RLJ Companies, Johnson founded Black Entertainment Television. For more information visit: www.rljcompanies.com.

About LP First Capital: LP First Capital is a private investment firm with experience creating super-regional and national platforms by leveraging its expertise in mergers & acquisitions, profit center integration, and team building to drive performance. Headquartered in Austin, TX, LP First Capital maintains an active presence in much of the Southwest, Southeast, and Midwest markets as it continues to take interest in building best-in-class businesses within traditionally fragmented industries.www.lpfirstcapital.com.

FOR MORE INFORMATION:
RLJ EQUITY PARTNERS
Nigel Howard, Managing Director, (240) 744-7835, [email protected]

SOURCE RLJ Equity Partners, LLC