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.
