(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm which focuses on investing in and growing entrepreneur and family-owned middle-market business-to-consumer and business-to-business products and services companies serving consumer, healthcare, and other attractive end markets, announced that on November 18, 2022, an affiliated investment group led by Cortec Group Fund VII, L.P. (“Cortec VII”), in partnership with CEO Dave Musial and management, completed the growth recapitalization of Four Seasons Heating & Air Conditioning (“Four Seasons” or the “Company”). Terms of the transaction were not disclosed.
Headquartered in Chicago, Illinois and serving the Chicago metropolitan market, Four Seasons is one of the largest independently-owned providers of residential HVAC replacement and repair services in the U.S., with a growing plumbing and electrical services offering. Since 1995, founder and CEO Dave Musial has led Four Seasons through a sustained period of rapid expansion and today the Company is the most trusted HVAC service provider in Chicago.
“Dave and his team have achieved tremendous growth, all organically, by consistently providing high-quality service and value to their customers. Our familiarity and success with residential services businesses, including our investments in Window Nation, Groundworks and Goettl, allowed us to appreciate the strength of Four Seasons’ brand and growth potential. We’re excited about what the future holds for this partnership,” said Doug Kruep, a Partner at Cortec. Bill Tucker, also a Cortec Partner, added, “We look forward to working with the team to continue driving growth throughout the Midwest, including aggressively pursuing acquisitions of other HVAC, plumbing, and electrical services providers.”
Dave Musial, who will continue to lead the business and maintain a significant ownership stake alongside Cortec VII, commented: “We wanted a partner with deep knowledge in residential services and that could provide the necessary resources to accelerate our growth, both organically and through acquisitions. Cortec delivers all of this, along with their demonstrated track record of helping entrepreneur-led management teams drive long-term success. We look forward to leveraging Cortec’s expertise to take Four Seasons to a new level.”
The Four Seasons investment represents the seventh platform in Cortec VII, a $2.1 billion fund which closed in November 2019. Paul Hastings LLP served as legal advisor to Cortec. Senior debt to support the investment was provided by Antares Capital, Adams Street Partners, MetLife Investment Management and Apogem Capital. Cowen served as financial advisor to Four Seasons.
About Four Seasons
Four Seasons is a leading provider of residential HVAC, plumbing and electrical maintenance, repair, and replacement services in the Chicagoland area. For nearly three decades, Four Seasons has consistently delivered high levels of service and value for its customers. More information about Four Seasons can be found at www.fourseasonsheatingcooling.com.
About Cortec
Founded in 1984, Cortec invests in leading, middle-market specialty consumer, healthcare, distribution, and specialty services and products businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.
