04/07/2022 | Announcement
Ironwood Capital Connecticut Announces Acquisition of Hipoint Heating & Cooling Inc.
AVON, CONNECTICUT, April 7, 2022 – Ironwood Capital Connecticut, a unit of Ironwood Capital, is pleased to announce that Air Temp Mechanical Services, Inc. (“Air Temp”), a portfolio company of Ironwood Capital Connecticut and Anvil Capital, has acquired Hipoint Heating & Cooling Inc. of South Windsor, Connecticut (“Hipoint”). The deal was structured as an add-on acquisition for Air Temp with funding for the transaction provided by Salem Five Bank and funds managed by Ironwood Capital Connecticut.
Founded in 1991 by John Przybylski and Larry Pugrab, Hipoint is a leading regional commercial HVAC service company. John Przybylski, president of Hipoint, said, “Air Temp designed the ideal transaction structure for us. Larry and I achieved meaningful liquidity, yet we will continue to work going forward. With many of the administrative burdens being removed, we will now be able to focus even more on servicing our customers and growing the business. We’re excited about joining the Air Temp platform and being able to leverage their broader suite of offerings to our customers.”
“The acquisition of Hipoint represents the third acquisition under the Air Temp platform since our initial investment and provides Air Temp with an increased geographic reach, further diversified customer base, and synergy opportunities. Ironwood continues to support Air Temp’s growth as the company executes on its acquisition strategy,” noted Alex Levental, Partner of Ironwood Capital.
Jeff Leone, CEO of Air Temp, stated “With the addition of Hipoint, we’ll have the largest workforce of dedicated commercial service HVAC technicians in the state of Connecticut. Our priority remains providing best-in-class service to our customers and offering a full array of products, including controls, VRF systems, custom duct work and energy products.”
About Ironwood Capital Connecticut
Ironwood Capital Connecticut (“ICC”) was established by Ironwood Capital in 2010 to foster business growth and formation, promote economic opportunity and create and retain jobs in Connecticut through the InvestCT program. ICC co-manages funds that provide equity, mezzanine and senior debt investments in amounts ranging from $1 million to $5 million. Ironwood Capital has invested more than $1 billion in over 100 companies since 2001 and currently invests subordinated debt and minority equity in amounts ranging from $10 million to $30 million. Ironwood’s investments support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts located throughout the United States.
For more information, please visit: https://ironwoodcap.com/.
About Air Temp Mechanical Services, Inc.
Air Temp is a full-service commercial HVAC company with an emphasis on design build, service, maintenance, controls, retrofits, replacements and energy management systems. The Company focuses on customers in the corporate, education and government sectors within the Connecticut market. Air Temp has the capabilities to service and maintain large tonnage chillers, rooftops, ductless VRV/VRF systems, mission critical data centers, EMS control systems, and industrial boilers and burners.
For more information, please visit: https://www.ctairtemp.com/.
Media Contacts
Carolyn C. Galiette
Partner, President
and Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com
Kimberly A. Craig
Vice President
Investment Operations
(860) 409-2125
craig@ironwoodcap.com
