Vesterra buys PHFM facilities maintenance platform from Powerhouse

Vesterra Capital Partners has acquired PHFM, a Columbus, Ohio-based facilities maintenance platform, from Powerhouse Services, according to PE Hub. The purchase price and other financial terms were not disclosed.

The transaction places PHFM in Vesterra’s portfolio as an independent provider of interior and exterior facilities maintenance services. PHFM had been part of Powerhouse Services, which is backed by Lincolnshire Management.

PHFM serves businesses that operate across multiple sites. Its customer base spans retail, restaurants, healthcare, education, grocery, industrial and other markets, according to the announcement.

Vesterra was formerly known as Comvest Private Equity. The acquisition gives the firm a platform investment in business services, with PHFM positioned around recurring facilities needs for companies with distributed operating footprints.

Management to remain in place

PHFM will keep its current leadership team after the deal, including chief executive Michelle Egan. That continuity indicates Vesterra is backing the existing operating team rather than replacing management at closing.

Maneesh Chawla, managing partner of Vesterra, said in a statement that the firm was pleased to add PHFM to its portfolio and work with Egan and her team. Chawla said PHFM fits Vesterra’s approach of investing in services companies in its target sectors that can use the firm’s financial and operating resources to support growth.

The deal structure separates PHFM from Powerhouse Services and establishes it as a standalone company under Vesterra ownership. In private equity transactions of this type, the buyer typically acquires the operating platform and then supports it with capital, governance and strategic resources, while the acquired company continues to serve its customers under its own management. The announcement did not provide details on leverage, ownership percentages or planned add-on acquisitions.

Advisers named on both sides

Baird acted as financial adviser to Lincolnshire and Powerhouse on the transaction. Kirkland & Ellis LLP provided legal counsel to Lincolnshire and Powerhouse.

Vesterra used Citizens and Piper Sandler & Co. as financial advisers. Paul Hastings LLP served as legal adviser to Vesterra.

The parties did not disclose when the transaction closed. They also did not release revenue, employee count or valuation metrics for PHFM.

This story draws on original reporting from PE Hub.