Aggreko buys HVAC specialist in USA

Aggreko announced in late December that it was to acquire Resolute Industrial, a major heating, ventilation and cooling (HVAC) rental business in North America for US$440 million. The seller is AE Industrial Partners (AEI), a US private equity business.

Resolute is based in Tampa, Florida and has around 300 employees and 38 locations across North America. In the year to November 2022 it reported revenues of $146 million and EBITDA profits of $53 million.

A Tioga air heater rented by Resolute Industries. (Source: Resolute website)

The deal, which is expected to be completed in the first quarter of the year, will be funded by new debt facilities and is subject to regulatory approvals.

Resolute’s business includes both sales and rental activities. Its rental division, Mobile Air & Power Rentals, has been active since 1989 and rents air conditioners, heaters, chillers, dehumidifies and power.

This latest acquisition follows the announcement in in early December that Aggreko was buying UK-based powerbank specialist Crestchic for £122 million.

AEI bought Resolute in March 2019 and since then has grown the business organically and through acquisitions, including American Equipment Group, DriExpress, Empire, All American Portable Air and Rocky Mountain Portable Cooling.

Mike Smith, Chairman of Aggreko, said: “We are delighted to announce the acquisition of Resolute Industrial, a high-quality business specialising in HVAC solutions in North America, a key target market, and are excited by the additional growth opportunities that the acquisition brings to the group.”

Resolute’s CEO, Mike McGraw, said; “We are grateful for the outstanding partnership we have enjoyed with AEI and its support in growing our service offerings and geographic footprint.

“We look forward to moving ahead with our new owners as we continue to address the evolving needs of our customers.”

Since 2021 Aggreko has been owned by two major shareholders TDR Capital and I Squared Capital, both private equity businesses.