Mubadala Investment Company (“Mubadala”), in partnership with Bain Capital (“Bain”), recently announced it has closed the acquisition of Service Logic, LLC (“Service Logic” or the “Company”), a leader in comprehensive commercial HVAC and building automation services, from Leonard Green & Partners. Mubadala and Bain will continue to support the Company in its next phase of growth.
Headquartered in Charlotte, NC, and operating from over 140 locations across North America, Service Logic specializes in mission critical commercial HVAC services, including preventative maintenance, emergency service, unit replacement, and retrofit projects. With over 5,000 technicians across the organization, Service Logic combines a high-touch, local service model with the benefits of national scale, making the Company a trusted partner to thousands of customers across industries and geographies. The Company has a long track record of successful strategic acquisitions and continued collaboration with local owner-operators.
“Mubadala is pleased to partner with Bain Capital and the team at Service Logic at this exciting juncture for the company,” said Zouhir Regragui, Head of Industrials & Business Services at Mubadala. “Service Logic has built a leading national platform underpinned by strong local execution, market-leading technical expertise and customer retention. This investment reflects our conviction in Service Logic’s continued growth potential and our strategy of backing resilient, essential services businesses with clear avenues for value creation. We look forward to working closely with Bain Capital and the management team to support continued scale, deepen market presence and to unlock the full potential of the platform.”
The investment was led by Bain Capital’s North America Private Equity team, which has a long heritage of partnering with and accelerating growth at market-leading services and distributions businesses. Service Logic joins the firm’s portfolio of scale services platforms including Imperial Dade, US LBM, Frontline Road Safety, Dealer Tire, Guidehouse, and Harrington Process Solutions.
Barclays and Jefferies acted as joint lead financial advisors. Ropes & Gray served as legal advisor to Bain Capital. Harris Williams and Goldman Sachs & Co. LLC served as joint lead financial advisors to Service Logic, and J.P. Morgan and Morgan Stanley & Co. LLC also acted as financial advisors. Latham and Watkins served as legal advisors to Leonard Green.
