Add-on Acquisition • Business Services

Ironwood Capital, Anvil Capital and Advantage Capital Partners Exits Air Temp Mechanical Services

On January 2, 2025, PremiStar invested in business services company Air Temp Mechanical Services from Ironwood Capital, Anvil Capital and Advantage Capital Partners

Investment Context
  • This is PremiStar’s 14th transaction in the Business Services sector.
  • This is PremiStar’s 16th transaction in the United States.
  • This is PremiStar’s 1st transaction in Connecticut.

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Investment Summary

Date January 2, 2025
Target Air Temp Mechanical Services
Sector Business Services
Investor(s) PremiStar
Sellers(s) Ironwood Capital
Anvil Capital
Advantage Capital Partners
Deal Type Add-on Acquisition

Target Company

Air Temp Mechanical Services

Berlin, Connecticut, United States
Air Temp Mechanical Services is a HVAC service providers. Air Temp Mechanical Services operates as a full-service mechanical contractor with an emphasis on design-build, service, maintenance, controls, retrofits, replacements, and energy management systems. Air Temp Mechanical Services was founded in 1978 and is based in Berlin, Connecticut.
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Investor Overview 1

Investor

PremiStar

Glenview, Illinois, United States

Category Company
Founded 1930
Sector Business Services
DESCRIPTION

PremiStar is a provider of commercial HVAC services, mechanical services, and energy solutions primarily serving commercial, industrial, and municipal buildings in the Midwest. PremiStar was founded in 1930 and is based in Glenview, Illinois.


Deal Context for Investor #
Overall 16 of 19
Sector: Business Services 14 of 17
Type: Add-on Acquisition 16 of 18
State: Connecticut 1 of 1
Country: United States 16 of 19
Year: 2025 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-31 Page Mechanical

Fort Myers, Florida, United States

Page Mechanical is a provider of comprehensive commercial HVAC services that encompass mechanical projects such as commercial equipment replacement, planned facility maintenance, pre-fabrication, commercial HVAC system installation, and in-house maintenance. Page Mechanical was founded in 1985 and is based in Fort Myers, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-04 Dahme Mechanical - HVAC Services Division

Arlington Heights, Illinois, United States

Dahme Mechanical's HVAC Services Division offers HVAC Services. Dahme Mechanical's HVAC Services Division is based in Arlington Heights, Illinois

Buy -

Seller Profiles 3

SELLER

Ironwood Capital

Avon, Connecticut, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1986
PE ASSETS 1.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironwood Capital is a private investment firm that makes equity and subordinated debt investments in lower middle-market companies. Investment proceeds are generally used to support leveraged buyouts, growth financings, and recapitalizations. Investments typically range from $10 to $40 million in companies generating $20 to $250 million in annual sales. Target sectors include healthcare products/services, value-added manufacturing, business services, consumer products, specialty distribution, and education. Ironwood prefers opportunities East of the Mississippi, but will selectively consider investments in the Western US. The Firm's investment horizon is three to five years. Ironwood Capital was formed in 2002 and is based in Avon, Connecticut.


Deal Context for Seller #
Overall 54 of 55
Sector: Business Services 4 of 5
Type: Add-on Acquisition 33 of 33
State: Connecticut 16 of 16
Country: United States 54 of 55
Year: 2025 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-15 Certified Aviation Services

Ontario, California, United States

Certified Aviation Services is an aircraft maintenance repair and overhaul (MRO) service provider. It provides MRO services for fleet operators, lessors, OEMs, and adjusters globally conducting line maintenance services, modifications, and worldwide aircraft recovery and repairs. Certified Aviation Services is based in Ontario, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-27 H3

Champaign, Illinois, United States

H3 is a manufacturer specializing in complex, custom weldments and sheet metal fabrication serving the medical, power, and transportation industries. H3 is comprised of Hi-Grade Welding and Manufacturing and HL Precision Manufacturing. H3 was founded in 2019 and is based in Champaign, Illinois.

Buy -
SELLER

Anvil Capital

Boston, Massachusetts, United States

Investor Investor


Category Private Equity Firm
Founded 2002
Size Small
Type Sector Agnostic
DESCRIPTION

Anvil Capital is a private investment firm that seeks equity investments in established, privately held businesses. The Firm pursues companies with revenues of $8 to $20 million and EBITDA between $1 and $3 million. Anvil looks for businesses with significant organic and acquisition growth opportunities. Funds are generally used to support generational transitions of family businesses, recapitalizations, industry consolidations, and corporate divestitures. Anvil avoids investing in companies that are turnarounds, early stage, or operate in the industries of high technology, real estate, and healthcare. Anvil Capital was formed in 2002 and is based in Boston, Massachusetts.


Deal Context for Seller #
Overall 5 of 5
Sector: Business Services 1 of 1
Type: Add-on Acquisition 2 of 2
State: Connecticut 1 of 1
Country: United States 5 of 5
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-16 Lynch Landscape & Tree Service

Sudbury, Massachusetts, United States

Lynch Landscape & Tree Service is a residential landscaping company with a service area primarily focused on the Boston Metro West towns of Sudbury, Weston, Wayland and Wellesley. Lynch Landscape & Tree Service was founded in 1980 and is based in Sudbury, Massachusetts.

Buy -
SELLER

Advantage Capital Partners

New Orleans, Louisiana, United States

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1992
PE ASSETS 2.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Advantage Capital Partners is a private equity firm focused on providing growth capital to a variety of companies. The Firm's geographic coverage includes Alabama, Colorado, Florida, Hawaii, Louisiana, Mississippi, Missouri, New York, Texas, Wisconsin and Washington DC. Advantage looks to initially commit $0.5 to $2 million per investment and can provide mezzanine debt in addition to equity capital. Areas of interest include communications, information technology, life science, and energy. Advantage Capital was formed in 1992 and is headquartered in New Orleans, Louisiana.


Deal Context for Seller #
Overall 106 of 115
Sector: Business Services 4 of 4
Type: Add-on Acquisition 60 of 68
State: Connecticut 10 of 10
Country: United States 106 of 115
Year: 2025 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-11 Servicengine

Danbury, Connecticut, United States

Servicengine is a software-as-a-service company providing comprehensive software solutions for relocation management companies. Servicengine was founded in 1998 and is based in Danbury, Connecticut.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-27 UMECC

West Chester, Ohio, United States

UMECC specializes in providing a variety of quality equipment for integrated steel mills, mini mills, stainless and aluminum mills, and iron ore mines. UMECC is based in West Chester, Ohio.

Buy $3M