Abu dhabi: Mubadala Investment Company, in partnership with Bain Capital, has announced the successful closure of the acquisition of Service Logic, LLC, a leader in commercial HVAC and building automation services, from Leonard Green and Partners. Mubadala and Bain plan to support the company's next phase of growth.
According to Emirates News Agency, Service Logic is headquartered in Charlotte, North Carolina, and operates from over 140 locations across North America. The company specializes in commercial HVAC services, including preventative maintenance, emergency service, unit replacement, and retrofit projects. With a workforce of over 5,000 technicians, Service Logic combines local service with national scale, serving thousands of customers across various industries and regions. The company is known for its strategic acquisitions and collaboration with local owner-operators.
Zouhir Regragui, Head of Industrials and Business Services at Mubadala, expressed satisfaction with the partnership with Bain Capital and Service Logic. He highlighted Service Logic's national platform, technical expertise, and customer retention as key factors in the investment. Regragui emphasized that the investment aligns with Mubadala's strategy of investing in essential services businesses with growth potential.
Bain Capital's North America Private Equity team led the investment, adding Service Logic to its portfolio of service platforms such as Imperial Dade, US LBM, Frontline Road Safety, Dealer Tire, Guidehouse, and Harrington Process Solutions. Barclays and Jefferies acted as joint lead financial advisors, while Ropes and Gray served as legal advisor to Bain Capital. Harris Williams and Goldman Sachs and Co. LLC served as joint lead financial advisors to Service Logic, with J.P. Morgan and Morgan Stanley and Co. LLC also providing financial advice. Latham and Watkins served as legal advisor to Leonard Green.