Benchmark International has successfully facilitated the acquisition of Hagan Heating & Air Conditioning, LLC (Hagan) by an affiliate of NearU HVAC Services. Hagan is a leading recurring maintenance, installation, repair, and service company specializing in residential and commercial heating, cooling, air quality control, and dehumidifying services. Hagan was founded by Paul Hagan and has been in operation for over 30 years. In addition to traditional HVAC systems, Hagan also services boilers, gas furnaces, and heat pumps.
The decision to sell Hagan was made after careful consideration. According to Mr. Hagan, “The thought of selling our 33-year-old HVAC business to actually listing it was overwhelming. After much research it was certain that we would need help. We narrowed down brokers and chose Benchmark International. The personal and professional attention we received exceeded our expectations. All members of the team provided the knowledge and expertise needed to get us from listing to closing with confidence, despite this occurring during the COVID pandemic, March-September 2020.”
Regarding their choice of suiters, Mr. Hagan added, “At Hagan, we have worked hard and honestly to always do right by our customers and employees. We chose to transition our brand to NearU because of our confidence in NearU’s vision for the HVAC industry.”
NearU is a technician and customer-centric provider of residential and light commercial HVAC services. Hagan marks the fourth HVAC business in the NearU portfolio. Ashish Achlerkar, NearU’s Founder, Chairman and CEO stated, “Our portfolio in upstate South Carolina now boasts two strong and strategically-combined local brands: Carolina Heating Services in Greenville and Hagan Heating and Air in Anderson. We welcome the customers and employees of Hagan to the rapidly growing NearU family.”
Regarding the transaction, Senior Associate Nick Woodyard at Benchmark International stated, “We are excited to see the Hagan team begin this next chapter in the company’s legacy. It was an absolute pleasure working with Paul and Les Hagan and we’re excited to have facilitated a successful transaction.”
Americas: Sam Smoot at +1 (813) 898 2350 / Smoot@BenchmarkIntl.com
Europe: Michael Lawrie at +44 (0)161 359 4400 / Lawrie@BenchmarkIntl.com
Africa: Anthony McCardle at +2721 300 2055 / McCardle@BenchmarkIntl.com
ABOUT BENCHMARK INTERNATIONAL:
Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximizing solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $6B across various industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.