Current Capital Serves as Exclusive Financial Advisor to Gamut Capital on the Acquisition of Airtron Heating & Air Conditioning

NEW YORK, August 8, 2024 (BUSINESS WIRE) – Gamut Capital Management, L.P. (“Gamut”), a leading New York-based middle market private equity firm, announced today it has signed a definitive agreement to acquire Airtron Heating & Air Conditioning (“Airtron” or the “Company”), a leading designer, installer, and maintenance provider for heating, ventilation, and air conditioning (HVAC) systems, from NRG Energy, Inc. (“NRG”) (NYSE: NRG).

Airtron is one of the largest residential new construction HVAC installation providers in the US, with expansive geographic coverage across 13 metropolitan statistical areas (MSAs) in Texas, the Midwest, and Mid-Atlantic regions. It is a trusted partner for homebuilders nationwide. With a broad range of products, which includes all major HVAC brands, and extensive service capabilities, Airtron also offers ongoing maintenance services, providing coverage to end customers for the duration of the system lifecycle.

Airtron was most recently acquired by NRG as part of its acquisition of Direct Energy in 2021. Notwithstanding its ownership by larger corporate organizations, Airtron has largely operated as an independent business.

Since 2019, Airtron has been led by Jeff Morrow, who will assume the position of CEO. “Having been part of the Airtron team for over 20 years, we are proud of the progress we’ve achieved to reach this point. We would like to thank NRG for their partnership in positioning us for this next chapter, and we are excited to partner with Gamut to usher in a phase of accelerated growth. As a standalone business, we are fully dedicated to strengthening our customer and supplier relationships and are excited to enhance our service offerings through re-investment in the Company. Together, we look forward to developing the platform both organically and through acquisitions to expand our geographic presence and customer value proposition,” said Morrow.

Michael Hanigan, Partner at Gamut, added, “We are excited to partner with Jeff and the Airtron team to further build on the market leading, best-in-class HVAC platform that has been established over its successful history and strengthened under the ownership of NRG. As a standalone organization, we are encouraged by the multiple avenues of growth available to both accelerate the business’ evolution as a full-service provider of HVAC installation and maintenance offerings as well as further expand Airtron’s partnership capabilities with key homebuilders through strategic acquisitions. Together with the Airtron team, we expect the strategic initiatives identified to drive robust value creation and further strengthen Airtron as a value-added partner to its customers, suppliers and employees.”

Financial terms of the transaction were not disclosed. The acquisition is subject to customary closing conditions.

Current Capital Partners LLC served as exclusive financial advisor and Kirkland & Ellis LLP served as legal counsel to Gamut.

About Airtron

Founded in 1972, Airtron Heating & Air Conditioning is one of the leading providers of heating, ventilation, and air conditioning (HVAC) systems primarily focused on serving the residential construction channel with a presence in Texas, the Midwest, and Mid-Atlantic regions. Airtron provides an all-encompassing approach to HVAC solutions, from professional installations performed by North American Technician Excellence (NATE®) certified technicians to comprehensive Essential HomeCare Plans, which provide end customers ongoing maintenance and protection services. Learn more at www.airtron.com.

About Gamut Capital Management

Gamut Capital Management is a private investment firm based in New York managing over $3.5 billion in assets focused on middle market opportunities. Founded in 2015, Gamut employs a flexible, opportunistic investment approach and seeks to partner with companies to facilitate strategic growth and value creation. Learn more at www.gamutcapital.com.

About Current Capital Partners

Current Capital Partners LLC is an independent advisory and merchant banking firm focused primarily on the industrial and services sectors. We provide mergers and acquisitions advisory services, corporate management services, and private equity investing. The mergers and acquisitions advisory effort offers high-quality financial advisory services – including actionable ideas, buy-side and sell-side execution, strategic and capital structure reviews, restructuring advisory and related services – for corporate and investment firm clients seeking industry expertise, an independent perspective and senior attention. In our management services effort, we manage investments, provide restructuring advice, sit on Boards of Directors and provide related consulting services for other investors and financial institutions; and offer advice and expert witness services in complex corporate litigation. Our private equity investing business helps create value, primarily in lower middle market and smaller companies, with an integrated operating, finance and investment approach. Our Advisory Board and Executive Network are important advantages for our clients. Learn more at www.currentcap.com.

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Jonathan Foster
Managing Director
Email: jfoster@currentcap.com

Justin Levine
Vice President
Email: jlevine@currentcap.com