NEW YORK--(BUSINESS WIRE)--Pegasus Capital Advisors, a New York based private equity firm, announced today that it has completed the sale of Climatec LLC, a leading provider of building automation, energy efficiency, security and life-safety solutions, to Robert Bosch North America Corporation, regional holding company of the Bosch Group, a leading global supplier of technology and services in Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology sectors.
Pegasus acquired Climatec in April 2012 and forged a strong partnership with the company’s management team to execute on a strategic growth plan to enter into new geographic regions as well as capitalize on the growing demand for energy efficiency in existing and new construction. Working closely with the Pegasus team, Climatec completed and successfully integrated two add-on acquisitions as well as entered into multiple new markets organically. Since Pegasus’ acquisition, Climatec’s top line increased by more than 50% through both organic initiatives and acquisitions, and the employee base grew from 390 to 670.
“Pegasus identified building automation and energy services as an attractive sector that fit within our investment focus on resource scarcity and sustainability,” said Craig Cogut, Founder of Pegasus. “We are pleased with the outcome of this transaction and believe Climatec is well-positioned for continued expansion.”
“We were fortunate to have had the opportunity to partner with Climatec’s world class management team and to have achieved significant growth while working together to execute on our strategic plan,” said Eric Gribetz, Co-Managing Partner of Pegasus. “We wish Climatec well in its next chapter with Bosch.”
“Pegasus has been a great strategic partner and supporter to us at Climatec,” said Terry Keenen, President of Climatec. “Working with Pegasus and leveraging its resources has enabled us to better position Climatec for the future. I am confident that this transition to Bosch ownership will create a solid foundation for our customers and employees in the years to come.”
William Blair & Company was the advisor to Pegasus and Climatec on the transaction, and Kirkland & Ellis provided legal counsel.
About Pegasus Capital Advisors
Pegasus Capital Advisors, L.P. is a private equity fund manager that has been providing creative capital and strategic solutions to companies across a variety of industries since 1996. Pegasus partners with management teams of growth companies, with a focus on those that benefit from the business implications of global resource scarcity. Sectors where this trend is most pronounced are food, water, energy, health & wellness and security. Pegasus currently manages approximately $2.0 billion in assets. Visit www.pcalp.com for more information.
Founded in 1975, Climatec is a leading provider of advanced building technologies and energy efficiency solutions. It serves building owners across nearly all market segments including education, health care, office, hospitality, industrial, federal, state and local government. Climatec’s automation and efficiency solutions improve building comfort and deliver significant energy and operational savings. Its life-safety and security solutions create productive environments that protect building occupants and business assets. Climatec is headquartered in Phoenix with offices across Arizona, California, Nevada and Texas, and has over 670 full-time employees. Visit www.climatec.com for more information.
In the U.S., Canada and Mexico, the Bosch Group manufactures and markets automotive original equipment and aftermarket solutions, industrial drives and control technology, power tools, security and communication systems, packaging technology, thermotechnology, household appliances, healthcare telemedicine and software solutions. Having established a regional presence in 1906, Bosch employs 24,600 associates in more than 100 locations, with consolidated sales of $10.4 billion in 2013. For more information, visit www.boschusa.com, www.bosch.com.mx and www.bosch.ca.
The Bosch Group is a leading global supplier of technology and services. In 2013, its roughly 281,000 associates generated sales of 46.1 billion euros ($61.2 billion). Its operations are divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. The Bosch Group comprises Robert Bosch GmbH and its more than 360 subsidiaries and regional companies in some 50 countries. If its sales and service partners are included, then Bosch is represented in roughly 150 countries. This worldwide development, manufacturing, and sales network is the foundation for further growth. In 2013, Bosch invested some 4.5 billion euros ($6.0 billion) in research and development and applied for some 5,000 patents worldwide. The Bosch Group’s products and services are designed to fascinate, and to improve the quality of life by providing solutions which are both innovative and beneficial. In this way, the company offers technology worldwide that is “Invented for life.” Additional information on the global organization is available online at www.bosch.com, www.bosch-press.com, and http://twitter.com/BoschPresse.
*Due to a change in accounting policies, 2013 figures can only be compared to a limited extent with 2012 figures. The decision to forego the application of proportionate consolidation affects mainly BSH Bosch und Siemens Hausgeräte GmbH and ZF Lenksysteme GmbH (2013 consolidated sales volume of some $9.7 billion). Exchange rate: 1 EUR = $1.32812.