CHEVY CHASE, Md.--(BUSINESS WIRE)--American Combustion Acquisition, LLC (“ACA”), an affiliate of Blackstreet Capital Management (“Blackstreet”) a Chevy Chase, MD based private investment firm, has sold American Combustion Industries, Inc. (“ACI” or the “Company”) to Timothy J. Kirlin, Chief Executive Officer, and select members of his management team. ACI is a mechanical engineering firm located in Brentwood, MD and is one of the leading firms that installs and repairs boilers, chillers, HVAC units and other commercial mechanical systems. Blackstreet is led by Murry Gunty, Founder and Managing Partner, and Lawrence Berger, Managing Director.
“My 10 year partnership with Blackstreet has been rewarding both financially and operationally,” said Tim Kirlin. “We jointly rescued this company from the prior owner and saved over 100 primarily union jobs in the DC Area. During that time we turned a money losing operation into a growing enterprise and I look forward to the next 10 years as an independently owned business. I want to thank Blackstreet for giving me the opportunity and to thank them for what has been a great partnership for both of us.”
“It has been an honor to be partnered with Tim. From the first day when he approached me with the idea to purchase the company until the closing day of the sale, he has been a wonderful partner,” said Murry N. Gunty, Managing Partner of Blackstreet. “I am pleased that we were able to rescue this company from likely liquidation, fix the operations, grow the sales, and position it for what I believe will be an amazing next 10 years under Tim’s ownership. I just want to thank Tim for being such a good partner.”
Since its founding in 2002, Blackstreet and its affiliates have made investments in debt and equity of companies that were either underperforming, in out-of-favor industries or undergoing some form of transition. Blackstreet and its affiliates have targeted a range of industries including business services, manufacturing, distribution, ecommerce, and franchising.
“Blackstreet can provide flexible capital for all types of situations,” said Lawrence Berger, Blackstreet’s Managing Director. “We move exceptionally fast to understand and close transactions. In the case of ACI, we purchased the business three weeks from the time we were first notified of the company being available for sale.”
About Blackstreet Capital
Blackstreet Capital and its affiliates are a diversified Chevy Chase, MD based group of operating and investment vehicles run by Murry Gunty and Lawrence Berger. Blackstreet and its affiliates currently have equity and debt holdings in manufacturing, distribution, business services, restaurants, franchising, and retail. Mr. Gunty and Mr. Berger have deep experience buying companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition.