CAI Capital sells CustomAir stake to Service Logic Holdings Canada

CAI Capital Partners has completed the sale of its majority interest in Custom Air Conditioning to Service Logic Holdings Canada, according to PE Hub. Financial terms of the transaction were not disclosed.

The deal transfers control of a British Columbia commercial mechanical services provider with more than 2,400 customers across four locations, according to PE Hub. CustomAir provides HVAC/R, plumbing and electrical services, placing the transaction in the business services segment where recurring maintenance work and technical field capacity are often central to buyer interest.

PE Hub reported that CAI held CustomAir for eight years. During that period, the private equity firm supported five add-on acquisitions that widened the company’s geographic reach and added service capabilities.

What changed hands

CustomAir serves commercial customers through heating, ventilation, air conditioning and refrigeration services, alongside plumbing and electrical work, according to PE Hub. The customer count and four-location footprint indicate a regional services platform rather than a single-site contractor.

A sale of a majority interest typically gives the buyer control over governance and strategic direction, although the precise ownership structure after closing was not disclosed. PE Hub identified Service Logic Holdings Canada as the buyer and CAI Capital Partners as the seller of the majority stake.

The absence of disclosed transaction value means investors and market participants do not have a public multiple, enterprise value or financing structure to assess. No debt terms, retained ownership interests or management rollover details were reported.

Add-on strategy under CAI

PE Hub said CAI’s ownership period included five add-on deals. In private equity, add-on acquisitions are commonly used to build scale around an existing portfolio company by adding customers, staff, service lines or regional coverage.

In CustomAir’s case, PE Hub attributed the add-ons to two outcomes: expansion of the company’s geographic footprint and broadening of its service capabilities. The report did not name the acquired businesses or provide closing dates for those transactions.

The exit gives CAI a completed realization from an eight-year investment in a commercial mechanical services company. For Service Logic Holdings Canada, the acquisition adds a British Columbia provider with a multi-location presence and a customer base of more than 2,400, according to PE Hub.

No additional statements from CAI, Service Logic Holdings Canada or CustomAir management were included in the reported deal details.

This story draws on original reporting from PE Hub.