Ascend Advises Aercon in its Acquisition by Ambient Enterprises

The combined strengths of Aercon and Ambient will allow both companies to grow and better compete in the HVAC market.

WASHINGTON, DC (May 21, 2024) Ascend Capital Group is pleased to announce its most recent transaction in the HVAC equipment sales & service space, serving as the exclusive sell-side advisor to Aercon, a leading manufacturer’s representative in the selection and application of commercial and industrial HVAC systems, on its acquisition by Ambient Enterprises, a portfolio company of ICG and operator for service companies focused on the HVAC industry. This partnership provides Aercon with the operational support needed to grow the business and makes Ambient a well-rounded, sophisticated presence in Connecticut.

“Ascend was able to expedite the process due to their deep understanding of the space and buyer’s focus areas,” said Aercon President and Owner Evan Cohen. “They were diligent during negotiations, ensuring key needs were met for Aercon and that there was a positive outcome for all parties that would allow us to continue to grow with the right partner. Ascend’s knowledge of the process and attention to detail was critical in successfully achieving the results we were looking for.”

Aercon provides services to consulting engineers, building owners and operators, mechanical contractors, and architects across Connecticut and Western Massachusetts. It offers application and technical assistance and after-the-sale mechanical support of equipment and HVAC systems. Ambient is a collection of service companies within the HVAC industry. It provides management of internal functions, such as accounting, IT, operations, marketing, and human resources, so that its companies can focus on providing the best quality service to their clients.

“Ambient is the most professionalized and institutionalized group in the HVAC space for this region. This partnership will provide Aercon additional resources and benefits to continue its growth trajectory as part of a larger organization,” said Ascend Managing Director Thien Van Tran. “Evan is extremely knowledgeable and has created a very well-organized business that allowed for a smooth transaction process.”

This transaction was effective September 1, 2023.

Contact

Thien Van Tran

thien@ascendcg.com | 703.853.3055

“Ascend was able to expedite the process due to their deep understanding of the space and buyer’s focus areas. They were diligent during negotiations, ensuring key needs were met for Aercon and that there was a positive outcome for all parties that would allow us to continue to grow with the right partner.”

  • Evan Cohen

  • President and Owner at Aercon
Aercon Corporation
Aercon Corporation

Founded in 1983, Aercon Corporation is a leading manufacturer’s representative serving Connecticut, Western Massachusetts, and National Accounts in the selection and application of commercial and industrial heating, ventilation, humidification, dehumidification, and air conditioning systems. With over 100 years of combined experience, our staff of engineers and trained professionals provide application and technical assistance to add value to the equipment, systems, and services we provide. Our clients include consulting engineers, building owners and operators, mechanical contractors, architects, and others involved in the construction and operation of HVAC systems and the complete indoor environment. Whether seeking information and advice on the application of our equipment or after-the-sale mechanical support, our clients have come to depend upon us for our unique product knowledge and quality service. For more information on Aercon, please visit aerconcorp.com.

Ambient Enterprises
Ambient Enterprises

Ambient is a collective of HVAC design and implementation experts, each entity esteemed in their respective regions, with decades of experience. Our experts merge craft with care, delivering safety, 
comfort, and highly efficient, sustainable solutions for spaces that matter most: healthcare, commercial, and residential. For more information on Ambient Enterprises, please visit ambient-enterprises.com.

ICG
ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $82.1bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit. We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040. For more information on ICG, please visit icgam.com.

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