04/04/2024
Citizens Serves as Exclusive Financial Advisor to United Air Temp on its Sale to Littlejohn & Co., LLC
PROVIDENCE, RI – Citizens M&A Advisory announced today that it served as the exclusive financial advisor to United Air Temp on its sale to Littlejohn & Co., LLC. United, previously a portfolio company of Charlotte, N.C.-based middle-market private equity firm Summit Park, is a leading provider of HVAC and plumbing services to residential homeowners across the Mid-Atlantic and Southeast regions.
Founded in 1931 and headquartered in Lorton, VA, United provides heating and cooling system installation, repair and maintenance services, indoor air quality and plumbing services to homeowners across Washington, D.C., Maryland, Virginia, North Carolina and Florida. Over the last three years, the company has expanded its footprint through a disciplined and deliberate acquisition strategy, assembling an attractive portfolio of long-tenured brands with strong reputations in their respective markets.
Mike Giordano, CEO of United, said: “We are delighted to have selected Citizens to lead us through our transaction. They designed a competitive, high-touch process that ultimately delivered our ability to choose the best partner for our next stage of growth. We thoroughly enjoyed working with the Citizens team.”
Summit Park Vice President Stephen Stites added: “The Citizens team served as a trusted advisor to Summit Park from pitch to close. Their demonstrated knowledge of the residential services and M&A markets proved invaluable in achieving a great outcome for all parties. We are grateful for their efforts on this transaction.”
Citizens Managing Director Ryan Sugrue said: “We partnered closely with United and Summit Park throughout this process to help them navigate the current environment. We are impressed by the strength of the United platform and bullish on the long-term growth prospects. We are excited to watch the company’s continued success in its next stage and partnership with Littlejohn.”
Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach to realize our clients' true value. The Citizens team has more than 100 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens JMP Securities, a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $222.0 billion in assets as of December 31, 2023. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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