Aggreko in $440m swoop on US-based Resolute
Temporary power company Aggreko is acquiring Florida-based heating, ventilation and cooling firm Resolute Industrial from private equity firm AE Industrial Partners (AEI).
The cash and debt free deal has an enterprise valuation of $440 million (£365m). It will be fully funded by new secured debt facilities and is expected to complete during Q1 2023.
Resolute Industrial is headquartered in Tampa, Florida, and has about 300 employees. It operates in 38 locations across North America. In the 12 months to November 30, 2022, the business reported revenue of $146 million and EBITDA of $53 million.
Aggreko chairman Mike Smith said Resolute Industrial is “a high-quality business specialising in HVAC solutions in North America” operating in a key target market.
He said Aggreko is “excited by the additional growth opportunities that the acquisition brings to the group.”
It is a second deal in a month for the Glasgow-based company, which has been owned since 2021 by private equity firms TDR Capital LLP and I Squared Capital.
On 8 December Aggreko said it was buying Burton on Trent-based Crestchic in a deal that values the specialist equipment provider at £122m.
Resolute 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.”