Resolute Industrial Acquires American Equipment Group
INDIANAPOLIS, Nov. 4, 2019 /PRNewswire/ -- Resolute Industrial Holdings, LLC ("Resolute"), a leading independent provider of specialty HVAC&R equipment rental solutions, compressor remanufacturing, and refrigerant storage services, announced today that it has acquired American Equipment Group ("AEG").
Terms of the transaction were not disclosed. Resolute is a portfolio company of AE Industrial Partners, LP ("AEI"), a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets.
AEG, based in Worcester, Massachusetts, consists of American Spot Cooling, which provides temporary cooling, heating, dehumidification, and power solutions, and its sister company American Power Rental, which offers temporary HVAC products including generators, power distribution, and transformers. The company was founded in 2011 by Tim Johnson, President, and his father with Lee Morse joining in 2013 as a principal and VP of Sales and Operations. The business now has 10 offices in the US serving the Northeast, Mid-Atlantic, Southeast and Gulf Coast regions.
"AEG expands Resolute's existing rental fleet and service offerings, while also adding complementary power rental equipment products, enabling us to better serve our customers," said Mike McGraw, CEO of Resolute. "This acquisition also broadens our existing geographic presence into a handful of key target markets and allows us to maximize our sales channel reach. We are excited to welcome the AEG team to the Resolute and Mobile Air family."
"Joining Resolute is a win for our customers and employees, as we will have greater resources to support growth across the organization and deliver industry leading solutions to our customers," said Tim Johnson. "We look forward to working with Mike and his team to grow the combined company."
"The temporary HVAC&R market is growing and extremely fragmented," said Charlie Santos-Buch, Partner at AEI. "We remain strategically focused on additional acquisition opportunities that will allow Resolute to expand its product and geographic presence while also solidifying its leadership position in the industry."
"The shared vision of both Resolute and AEG made this opportunity to join together very exciting," said Lee Morse, VP of Sales and Operations at AEG. "The two companies complement each other very well."
Kirkland & Ellis LLP served as legal advisor and PricewaterhouseCoopers LLP served as financial advisor to Resolute.
About Resolute Industrial
Resolute Industrial is a leading independent provider of specialty HVAC&R rental services, compressor remanufacturing, and refrigerant storage solutions for mission critical applications across North America. Headquartered in Indianapolis, IN, Resolute Industrial is strategically positioned across seven depot facilities and 18 branch locations, which supports rapid delivery of temporary temperature control solutions anywhere in the country. For more information, please visit https://resolute-industrial.com/.
American Equipment Group
Based in Worcester, Massachusetts, American Equipment Group consists of American Spot Cooling, which provides temporary cooling, heating, dehumidification, and power solutions, and its sister company American Power Rental, which offers temporary HVAC products including generators, power distribution, and transformers. For more information, please visit https://www.americanspotcooling.com/ and http://www.americanpowerrental.com/.
About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. Learn more at www.aeroequity.com.
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SOURCE Resolute Industrial
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