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7 November 2019
Resolute Industrial Holdings, LLC ("Resolute"), a leading independent provider of specialty HVAC&R equipment rental solutions, compressor remanufacturing, and refrigerant storage services, announced today that it has acquired American Equipment Group ("AEG").
Terms of the transaction were not disclosed. Resolute is a portfolio company of AE Industrial Partners, LP ("AEI"), a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets.
AEG, based in Worcester, Massachusetts, consists of American Spot Cooling, which provides temporary cooling, heating, dehumidification, and power solutions, and its sister company American Power Rental, which offers temporary HVAC products including generators, power distribution, and transformers. The company was founded in 2011 by Tim Johnson, President, and his father with Lee Morse joining in 2013 as a principal and VP of Sales and Operations. The business now has 10 offices in the US serving the Northeast, Mid-Atlantic, Southeast and Gulf Coast regions.
"AEG expands Resolute's existing rental fleet and service offerings, while also adding complementary power rental equipment products, enabling us to better serve our customers," said Mike McGraw, CEO of Resolute. "This acquisition also broadens our existing geographic presence into a handful of key target markets and allows us to maximize our sales channel reach. We are excited to welcome the AEG team to the Resolute and Mobile Air family."
"Joining Resolute is a win for our customers and employees, as we will have greater resources to support growth across the organization and deliver industry leading solutions to our customers," said Tim Johnson. "We look forward to working with Mike and his team to grow the combined company."
"The temporary HVAC&R market is growing and extremely fragmented," said Charlie Santos-Buch, Partner at AEI. "We remain strategically focused on additional acquisition opportunities that will allow Resolute to expand its product and geographic presence while also solidifying its leadership position in the industry."
"The shared vision of both Resolute and AEG made this opportunity to join together very exciting," said Lee Morse, VP of Sales and Operations at AEG. "The two companies complement each other very well."
Kirkland & Ellis LLP served as legal advisor and PricewaterhouseCoopers LLP served as financial advisor to Resolute.
About Resolute Industrial
Resolute Industrial is a leading independent provider of specialty HVAC&R rental services, compressor remanufacturing, and refrigerant storage solutions for mission critical applications across North America. Headquartered in Indianapolis, IN, Resolute Industrial is strategically positioned across seven depot facilities and 18 branch locations, which supports rapid delivery of temporary temperature control solutions anywhere in the country. For more information, please visit https://resolute-industrial.com/.
American Equipment Group
Based in Worcester, Massachusetts, American Equipment Group consists of American Spot Cooling, which provides temporary cooling, heating, dehumidification, and power solutions, and its sister company American Power Rental, which offers temporary HVAC products including generators, power distribution, and transformers. For more information, please visit https://www.americanspotcooling.com/ and http://www.americanpowerrental.com/.
About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. Learn more at www.aeroequity.com.
By Resolute Industrial
Blicksilver Public Relations
1 July 2019
American Spot Cooling and Power Rental would like to congratulate Andrew Molina, our new Gulf Region Sales Manager!
Andrew entered the HVAC field over two years ago, and has been in the sales industry for 20 years. Prior to HVAC he managed a 20 million dollar territory in the El Paso/New Mexico area. There, he built a strong sales team, analyzing data to maximize dollars vs. inventory and focusing on customer needs. He accomplished this by fostering and nurturing relationships with customers to understand their needs and link them to company goals. Over the past two years, he has applied these skills to build a vibrant business in the rental HVAC industry in El Paso. As the Gulf Region Sales Manager for American Spot Cooling, he looks forward to applying his extensive experience to build a best in class sales team in Texas.
25 June 2019
Welcome, Bob Markham, to the American Spot Cooling and Power Rental Sales Team!
A U.S. Air Force Veteran, Bob brings over 20 years of experience in the portable technology field in Sales and Customer Service roles, eight years as an owner of a distribution company, and a handful of years in manufacturing. His experience as both supplier and customer brings a valuable perspective to the marketplace, as he understands the pressures of being a business owner and the importance of being a solution provider to his customers.
We are excited to have Bob joining our team as the new Georgia Sales Representative, and look forward to all he has to offer Georgia.
24 June 2019
American Spot Cooling and Power Rental is excited to congratulate Jeff Burnham on his promotion to Northeast Sales Manager! Jeff is not only knowledgeable but highly respected throughout the industry. In the few years he has been with ASCPR he has grown tremendously and we are excited to see what he accomplishes in this new role. Jeff’s work-ethic, like-ability, and customer service orientation shine through his work every day. You can always count on Jeff to answer his phone whether it is a customer or another employee calling for help. Somedays Jeff can be found in his office doing paperwork, while other days he is out on jobsites physically working with the technicians to ensure his customers are satisfied.
Jeff began his career as an Apprentice Electrician twelve years ago, before becoming a Technician for a temporary HVAC firm based in Boston. Over the next nine years, he grew from Service Technician to New England Sales Representative within the firm. He then moved to AmeriCool, LLC, where his responsibilities included but were not limited to: accounts payable/accounts receivable, warehouse management, unit and parts ordering, and warranty claims. Jeff spent a year with AmeriCool before seeking an opportunity with American Spot Cooling and Power Rental as a Sales Representative, where he has been and will continue to be of great service to us.
In this new role Jeff will oversee all operations in Connecticut and assist in Massachusetts. He will also manage all New England sales, helping American Spot Cooling and Power Rental grow throughout the country.