Two local commercial HVAC providers are now part of a Dallas-based private equity firm.
Sister companies Kennedy Mechanical and Ryan Plumbing & Heating have joined the NexCore commercial HVAC platform, which is backed by private equity entity Trinity Hunt Partners.
Kennedy Mechanical, founded in 1979, is a multi-faceted mechanical contractor specializing in HVAC, plumbing and fire protection installation and services for commercial and residential customers.
Ryan, launched in 1999 by Kennedy ownership, specializes in HVAC, plumbing and fire protection service and maintenance for commercial and residential customers. The firms both operate out of 11 Comfort St. in Rochester.
“We are thrilled Kennedy and Ryan are joining the NexCore family,” CEO Steve Knowles said in a news release. “We believe these partner businesses represent some of the best and brightest in the commercial HVAC and plumbing services industry.
“The NexCore platform enables like-minded leaders to collaborate and build upon their well-earned success, sharing best practices to build winning teams and continue to provide top-tier services to their customers.”
Said Kennedy president Steve Cassidy: “I remain incredibly dedicated to this company and I look forward to a bright future with the NexCore team. NexCore shares the same vision and values as Kennedy and Ryan, with top-tier customer service and providing growth opportunities for our workforce.”
The deal continues a trend of independent HVAC firms becoming affiliated with private equity groups. In June of 2022, Taylor Heating & Air Conditioning was purchased by HomeServe USA.
Later that year, Isaac Heating & Air Conditioning was acquired by TruArc Partners, which then moved its HVAC firms under the Northwinds Services Group umbrella. Since then, Northwinds has added three other Rochester HVAC firms: All-Temp Systems Mechanical, Rebmann Plumbing & Air Conditioning and AP Plumbing.
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