The acquisitions expand Exigent’s footprint and advance the platform’s focus on providing integrated services for complex mechanical systems including HVAC, plumbing, and controls
DETROIT–(BUSINESS WIRE)–Leading lower middle-market private equity firm Huron Capital (“Huron”) announced its portfolio company, The Exigent Group (“Exigent,” or the “Company”), acquired Smith-Boughan Mechanical (“Smith-Boughan”) and, in a separate transaction, Electrical Automation Systems (“EASI”).
Smith-Boughan and EASI represent the sixth and seventh acquisitions in Exigent since the platform’s initial acquisition in August 2022. Exigent was launched from Huron’s buy-and-build ExecFactor® approach of investing in businesses providing mission-critical services where Huron has deep experience, established playbooks, and a long history of partnering with exceptional CEOs to build premier companies.
“We are proud to join the Exigent Group and understand how Smith-Boughan’s expertise and customer base make us a great fit for the team,” said Sam Halker, President of Smith-Boughan.
Smith-Boughan was founded in 1927 and services Northwest and West Central Ohio. The company provides a full suite of service offerings, including HVAC, plumbing, controls, sheet metal fabrication, and process piping for a variety of end markets, including industrial, healthcare, government, education, and other commercial customers.
“With our roots in controls, HVAC, and mechanical services and shared vision for growth with Exigent leadership, we are uniquely positioned for future success in our market and in collaboration with the other Exigent companies,” said Jeff Ashe, President of EASI.
EASI is a well-established building automation, controls, and mechanical services company based in Pasadena, Maryland, with a second office in Salisbury, Maryland. EASI provides services across education, government, and other commercial end markets.
“We are preparing to embark on our third year of growth and with the support of the Huron team, Exigent is poised to continue our service and geographic expansion,” said Peter van Niekerk, CEO of Exigent. “I am excited to welcome Sam and Jeff to the team and leverage our combined expertise and best practices to continue building the best group in mechanical services.”
“Exigent’s new partners, Smith-Boughan and EASI, enable the Company to better serve its customers and capture new market opportunities,” said Jim Mahoney, Managing Partner at Huron. “Together, we’re positioned to leverage our combined expertise to keep large, critical facility operations running optimally and efficiently.”
Upon the completion of these acquisitions, Exigent will have operations in the Mid-Atlantic, Southeast, Northeast, and Midwest regions of the United States. Exigent continues to seek new partnerships with highly technical, union-powered mechanical and plumbing service companies in the eastern half of the country.
“These acquisitions accelerate our strategy of being a leading, service-forward mechanical services company,” said Cale Kaczmarek, Principal at Huron. “The partnerships with Smith-Boughan and EASI further strengthen our position and allow us to deliver great value to our employees, customers, and other stakeholders in current markets, in addition to providing expansion into the platform’s fourth region.”
About Huron Capital Partners
Huron Capital is a leading lower middle-market private equity firm focused on partnering with outstanding management teams to build leading service companies. Through HCP Services, we bring a people-first and thematic approach to investing in mission-critical service companies in the infrastructure, facility and residential sectors where we have a long history of success, proven playbooks and extensive resources. We seek to make control investments in leading service businesses with $20 million to $200 million in revenue.
With our operational resources, we empower our management partners to drive significant growth through initiatives such as professionalizing operations, improving service offerings, executing M&A strategies, and accessing new markets. We pride ourselves on an unwavering commitment to candor, trust, accountability, and transparency in our relationships with management teams, investors, advisors, and employees.
Founded in Detroit in 1999, over the past 25 years we have acquired more than 275 companies through six control investment funds, managing over $2 billion in capital on behalf of a global institutional investor base. Through our proprietary ExecFactor® program, we utilize a proactive, thesis-driven investment process to identify the best potential management teams and investment opportunities in our core sectors.
For more information, please visit our website at www.huroncapital.com.
About ExecFactor®
ExecFactor® is Huron Capital’s proprietary, thematic investment strategy where we underwrite an industry and partner with an executive to deploy our buy-and-build investment model. This strategy brings together our sector focus, deep industry relationships, committed capital and repeatable buy-and-build approach to create a new platform investment.
Recently closed ExecFactor® investments include Criticore, a provider of mission-critical, highly technical electrical services, ExperiGreen, a residential lawn care services provider and Exigent, a provider of critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services to complex facility operations for healthcare, education, industrial, government, and other commercial customers.
Recently exited ExecFactor® investments include Sciens Building Solutions, a prominent full-service commercial fire and life safety company and Pueblo Mechanical & Controls, a premier commercial HVAC and plumbing services company.
About Exigent
Reston, Virginia-based Exigent was launched by Huron Capital in 2022 as an ExecFactor initiative focused on providing critical HVAC, plumbing, engineering, and energy efficiency services as well as other mechanical system repair, maintenance, and replacement services to complex facility operations for healthcare, education, industrial, government, and other commercial customers.
Contacts
Jonathan Marino
Prosek Partners
