Percheron Capital Announces Formation of Commercial HVAC Service Platform Led by Accomplished Industry Executive Katrina Liddell

Platform Seeks to Become the Provider, Employer and Acquisition Partner of Choice in the Commercial HVAC Service Industry

SAN FRANCISCO, July 8, 2025 /PRNewswire/ -- Percheron Capital ("Percheron"), a private equity firm focused on partnering with high-quality essential services businesses, today announced the launch of its commercial HVAC service platform in partnership with industry veteran Katrina Liddell. The platform is actively establishing partnerships with top-performing commercial HVAC companies that prioritize world-class customer service, technical expertise and a values-driven culture rooted in teamwork and employee development.

Katrina brings decades of leadership experience and a proven ability to scale leading commercial services businesses by driving operational excellence and executing strategic M&A, establishing a strong base for the growth of Percheron's commercial HVAC service platform. Most recently, she served as President of Smart Care, a leading national repair and service provider for commercial equipment including HVAC, foodservice and refrigeration systems. At Smart Care, she fostered a culture of teamwork and accountability that significantly enhanced technician productivity, retention and safety performance. Prior to that role, Katrina was Chief Commercial Officer of Republic Services, playing a key role in the company achieving over $15 billion in annual revenues through driving industry-leading organic growth and successfully executing and integrating high-quality acquisitions. Previously, Katrina held various senior leadership positions at XPO Logistics and Johnson Controls, a leading national provider of commercial HVAC services, where she led one of the company's largest and most successful markets.

"We're thrilled to launch our commercial HVAC service platform alongside Katrina, who brings deep operational expertise and proven, people-centric leadership," said Chris Lawler, Co-Founder and Managing Partner of Percheron. "We believe the commercial HVAC service industry is a mission-critical, recession-resilient and highly-fragmented sector, and we are confident in our ability to capitalize on the significant growth opportunities ahead. Together, we are committed to partnering with exceptional operators to accelerate the growth of their businesses and create the provider, employer and acquisition partner of choice in the commercial HVAC service industry."

"I am excited to join Percheron and establish a market-leading commercial HVAC service platform," said Ms. Liddell. "Our goal is to be the acquisition partner of choice for top-tier commercial HVAC service companies by fostering a strong technician-first culture and delivering an unmatched customer experience. Together, we look forward to creating a premier network of exceptional providers that sets the standard for best-in-class performance while honoring the values and legacies that have driven the success of the businesses that join us in this partnership."

About Percheron Capital

Percheron Capital is a private equity firm focused on partnering with exceptional teams to build market-leading essential services businesses. Percheron has over $3.5 billion in assets under management and supports high-quality essential services businesses to accelerate growth and enhance long-term value. For more information, please visit www.percheron.com. 

Company Contact

For commercial HVAC business leaders interested in partnership opportunities, please contact [email protected] or visit https://percheron.com/chvac.

Media Contact

Woomi Yun / Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

SOURCE Percheron Capital