Architecture, Engineering, Construction & Building Products
Meridian Capital Advises CM Heating on its Sale to Air Pros
Published August 18, 2022
Meridian Capital LLC (“Meridian”), a Seattle-based leading middle market investment bank and M&A advisory firm is pleased to announce the successful acquisition of its client, CM Heating Inc. (“CM” or the “Company”) by Air Pros USA (“Air Pros”).
Founded in 1983 and headquartered in Everett, Washington, CM Heating is a top-rated HVAC services provider in Washington, providing installation, maintenance, and repair services across Snohomish, Skagit, and King Counties. The Company has proudly built an established customer base of over 25,000+ residential customers and prides itself in providing the best quality service, top-rated products, and comprehensive HVAC expertise.
CM Heating will continue to further grow and operate under its recognized brand and reputation in Washington State while leveraging Air Pros’ operational and sales resources to accelerate growth. CM customers will continue to receive best-in-class HVAC services throughout the North Puget Sound. Co-owners John and James will remain as leaders of the business.
James Garner, President and Co-owner of CM, shared, “The partnership with Air Pros is an exciting next step for CM’s continued growth, allows us to further our growth opportunities, and continue to do right by our customers and employees.”
“Our customers trust us with their homes and comfort, so finding the right culture fit in a partner was a critical element for us,” said John Giacomi, Co-owner and General Manager of CM Heating. “We had a number of different choices of strategic partners and we felt Air Pros will be able to best support our customers and our people.”
James and John commented, “As a multi-generational business that puts its people first, it was of utmost importance to find a partner that not only maintains and aligns with our culture, but also brings resources to accelerate growth. Meridian did an exceptional job identifying potential partners that were strongly aligned with CM’s culture and strategy, and ultimately helping us navigate a transaction with Air Pros that achieved all of our objectives.”
James Rothenberger, Managing Director at Meridian stated, “James, John, and the management team at CM Heating have built an incredible company that is the leading brand and provider north of Seattle. As part of the Air Pros platform, CM Heating will continue its strategic growth plans for many years to come. We are excited for what the future holds for CM Heating and Air Pros. Overall, HVAC M&A volume continues to be quite robust for providers of any scale; for those of scale, like CM, the valuation multiples and activity are attractive.”
Meridian Capital served as the exclusive financial advisor to CM Heating on the transaction while Carney Bradley Spellman provided legal advisory services and Moss Adams provided tax advisory services.
CM Heating’s partnership with Air Pros USA represents continued momentum for Meridian’s Residential & Commercial Engineering, Construction, and Building Products Practice. Other recent transactions include:
- GE Johnson’s acquisition by DPR
- Shoemaker Manufacturing’s acquisition by CSW Industrials
- Weatherhaven’s acquisition by White Wolf Capital
About CM Heating
CM Heating (“CM” or the “Company”) is one of the top-rated HVAC companies in Washington, providing installation, maintenance, and repair services for customers across Snohomish and King counties. Founded in 1983 and based in Everett, WA, CM Heating has proudly built a relationship with 25,000+ residential customers founded on providing the best quality service, the top-rated products, and comprehensive HVAC expertise.For more information, please visit: www.CMHeating.com.
About Air Pros USA
Air Pros USA was founded in South Florida on the promise of integrity, reliability, and putting customers first. The company has quickly expanded to many metro areas within Florida, Alabama, Mississippi, Colorado, Georgia, Texas, and Washington, with more locations expected to be introduced soon. Air Pros USA currently employs more than 800 experienced professionals in more than a dozen metro Service locations including Miami, Orlando, Dallas, Atlanta, Colorado Springs, Mobile and Spokane. For more information visit www.airprosusa.com.
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About Meridian Capital
Meridian Capital LLC is a leading independent middle market M&A advisory firm with locations in Seattle, Salt Lake City, the Bay Area, and Portland. Meridian has served as a trusted advisor to business owners on complex corporate finance, M&A and strategic challenges for over 29 years. The firm differentiates itself through its deep industry insights, highly customized service approach, and end-to-end commitment to execution. With a unique combination of financial, transactional, and operational professionals on your side, Meridian offers the depth and breadth of experience required to serve leading middle market companies in multiple sectors including aerospace defense & space, food, beverage & agribusiness, business services, consumer, diversified industrials, engineering & construction, building products, technology, and telecommunications. Meridian also offers clients unparalleled cross-border capabilities through its REACH M&A Partners network.
