Key Takeaways
- • Audax Private Equity completed the sale of Smart Care Equipment Solutions to Zone Climate Services, a refrigeration and HVAC services provider backed by Wind Point Partners; financial terms were not disclosed.
- • Smart Care, a Minneapolis/St. Paul-based commercial kitchen equipment maintenance provider, grew under Audax's Buy & Build strategy through 14 add-on acquisitions, reaching over 1,400 employees and more than 350,000 service events annually.
- • Audax acquired Smart Care in November 2017 through a carve-out from a Fortune 250 company, establishing the Smart Care brand and building out functional teams, IT infrastructure, and sales capabilities.
- • Bill Emory, Smart Care's CEO, becomes Chairman of the company, while Henry Lees-Buckley will serve as CEO of the combined organization.
- • Harris Williams advised Audax as financial advisor and Ropes & Gray served as legal advisor.
Summary
Audax Private Equity ("Audax") announced on March 10, 2022 that it has completed the sale of Smart Care Equipment Solutions ("Smart Care"), a leading provider of commercial kitchen equipment maintenance services, to Zone Climate Services, according to a Business Wire release. Zone Climate Services provides mission-critical refrigeration and HVAC services and is backed by Wind Point Partners. Financial terms of the transaction were not disclosed.
Headquartered in Minneapolis/St. Paul, Minnesota, Smart Care provides repair and maintenance services to foodservice brands, helping ensure customers' commercial kitchen equipment remains operational. The company services more than 40,000 locations across all 50 states, spanning full-service and quick-service restaurants, healthcare, education, hospitality, government facilities, and corporate offices. With over 900 technicians, Smart Care is described by the company as the largest independent kitchen equipment service organization not affiliated with an OEM manufacturer.
Under Audax's Buy & Build strategy, Smart Care completed 14 add-on acquisitions, grew to over 1,400 employees, and now completes more than 350,000 service events annually. Since Audax's partnership began in November 2017, the company carved out the business from a Fortune 250 company, established the Smart Care brand, invested in talent and IT infrastructure including proprietary reporting for customers, and entered two adjacent markets while pursuing organic growth through sales and innovation investments.
Don Bramley, Managing Director at Audax, said the firm was proud of the business built with the Smart Care team. Bill Emory, Smart Care's CEO, credited Audax with providing operational expertise and business acumen, and said he will move into the role of Chairman of Smart Care Equipment Solutions, working alongside new CEO Henry Lees-Buckley, who will manage the combined organization with Zone Climate Services.
Harris Williams served as financial advisor and Ropes & Gray as legal advisor to Audax. Audax, founded in 1999 and headquartered with offices in Boston, New York, and San Francisco, has raised over $30 billion across its private equity and private debt businesses and is investing from its $3.5 billion sixth private equity fund.
Headquartered in Minneapolis/St. Paul, Minnesota, Smart Care provides repair and maintenance services to foodservice brands, helping ensure customers' commercial kitchen equipment remains operational. The company services more than 40,000 locations across all 50 states, spanning full-service and quick-service restaurants, healthcare, education, hospitality, government facilities, and corporate offices. With over 900 technicians, Smart Care is described by the company as the largest independent kitchen equipment service organization not affiliated with an OEM manufacturer.
Under Audax's Buy & Build strategy, Smart Care completed 14 add-on acquisitions, grew to over 1,400 employees, and now completes more than 350,000 service events annually. Since Audax's partnership began in November 2017, the company carved out the business from a Fortune 250 company, established the Smart Care brand, invested in talent and IT infrastructure including proprietary reporting for customers, and entered two adjacent markets while pursuing organic growth through sales and innovation investments.
Don Bramley, Managing Director at Audax, said the firm was proud of the business built with the Smart Care team. Bill Emory, Smart Care's CEO, credited Audax with providing operational expertise and business acumen, and said he will move into the role of Chairman of Smart Care Equipment Solutions, working alongside new CEO Henry Lees-Buckley, who will manage the combined organization with Zone Climate Services.
Harris Williams served as financial advisor and Ropes & Gray as legal advisor to Audax. Audax, founded in 1999 and headquartered with offices in Boston, New York, and San Francisco, has raised over $30 billion across its private equity and private debt businesses and is investing from its $3.5 billion sixth private equity fund.
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