M&A Deal Summary

Gryphon Investors Acquires Right Time Heating and Air Conditioning

On December 30, 2020, private equity firm Gryphon Investors acquired business services company Right Time Heating and Air Conditioning from Clairvest Group for 100M CAD

Acquisition Highlights
  • This is Gryphon Investors’ 6th transaction in the Business Services sector.
  • This is Gryphon Investors’ largest (disclosed) transaction.
  • This is Gryphon Investors’ 1st transaction in Canada.
  • This is Gryphon Investors’ 1st transaction in Ontario.

M&A Deal Summary
Date 2020-12-30
Target Right Time Heating and Air Conditioning
Sector Business Services
Buyer(s) Gryphon Investors
Sellers(s) Clairvest Group
Deal Type Secondary Buyout
Deal Value 100M CAD

Target

Right Time Heating and Air Conditioning

Saint Catharines, Ontario, Canada
Right Time Heating and Air Conditioning is an independent heating, ventilation and air-conditioning (“HVAC”) contractor focused strictly on the residential replacement market. Right Time operates out of seven locations in Ontario and Manitoba and provides preventative maintenance programs, repairs, and replacements of household HVAC units. Right Time Heating and Air Conditioning is based in Saint Catharines, Ontario.

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Buyer(S) 1

Buyer

Gryphon Investors

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1995
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Gryphon Investors is a private equity firm focused on making $50 to $500 million of equity or equity-linked investments in middle-market companies. Target transaction situations include traditional buyouts, leveraged build-ups, and growth financings. Gryphon will consider both control and shared-control positions. Sectors of interest include business services, consumer, retail, automotive, chemicals, general manufacturing, healthcare, and hotels. Gryphon Investors was formed in 1995 and is based in San Francisco, California.

DEAL STATS #
Overall 59 of 75
Sector (Business Services) 6 of 7
Type (Secondary Buyout) 18 of 25
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2020) 9 of 9
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-22 Meazure Learning

McLean, Virginia, United States

Meazure Learning is a remote exam proctoring company, also offering a full suite of assessment products and services, including proprietary exam development and delivery software as well as reporting and psychometric services, to the academic and professional testing markets. Meazure Learning is based in McLean, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-01 Water’s Edge Dermatology

Arcadia, Florida, United States

Water’s Edge Dermatology is a provider of comprehensive dermatology services in over 30 locations in Florida. The company treats patients of all ages suffering from skin diseases, acne, sun damage, skin cancer, vein health issues, as well as those seeking cosmetic and plastic surgery. Water’s Edge Dermatology was founded in 1998 and is based in Arcadia, Florida.

Sell -

Seller(S) 1

SELLER

Clairvest Group

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 4.5B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Clairvest Group is a generalist Canadian private equity firm focused on mid-market businesses with C$10 to C$50 million of EBITDA. While Clairvest does not have any sector preferences, the Firm prefers fragmented sectors with recurring revenue business models and economies of scale. Clairvest will consider both minority and majority investment positions and invests in the range of C$25- C$100 million per transaction. Clairvest was formed in 1987 and is based in Toronto.

DEAL STATS #
Overall 24 of 31
Sector (Business Services) 3 of 4
Type (Secondary Buyout) 6 of 7
State (Ontario) 9 of 9
Country (Canada) 12 of 12
Year (2020) 3 of 3
Size (of disclosed) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-30 Brunswick Bierworks

East York, Ontario, Canada

Brunswick Bierworks is a Canadian contract manufacturer of beer, pre-mixed ready-to-drink alcoholic beverages, non-alcoholic beer, and other alcoholic and non-alcoholic drinks. Brunswick provides a turnkey supply chain solution for, principally alcoholic, beverage brands from recipe development through to production, quality control, and warehousing and distribution. Brunswick Bierworks was founded in 2016 and is based in East York, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-05 Delaware Park Casino

Wilmington, Delaware, United States

Delaware Park Casino is a multi-faceted gaming facility. The company consists of over 100,000 square feet of gaming space with traditional gaming positions (i.e. slot machines, tables games, poker tables), and also offers retail sports betting, iGaming, and live thoroughbred racing. Delaware Park Casino was founded in 1937 and is based in Wilmington, Delaware.

Buy -
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