This is the 2nd acquisition Ascend has sourced for Fidelity in the past four months.
TYSONS, VA (February 8, 2021) – Ascend Capital Group (“Ascend”) is pleased to announce another successful transaction in the HVAC/mechanical space. Ascend served as the buy-side advisor to Fidelity Building Services (“Fidelity BSG”), a premier provider of high-performance building solutions, on its acquisition of Systems Contractors, a full-service HVAC/mechanical contractor.
Founded in 1977, Systems Contractors is an industrial HVAC contractor serving customers in the greater Greensboro, North Carolina area. The company offers a full range of systems, solutions, and services for commercial and industrial HVAC needs, including design/build, building automation systems (BAS), duct work/metal fabrication, piping, and custom mechanical systems.
“We are excited to have Systems Contractors join the Fidelity BSG portfolio of companies,” said Dave Lanphar, Fidelity BSG CEO/Partner. “This acquisition allows us to fulfill our strategic expansion plans into the robust North Carolina market and increase our service line offerings as they pertain to the HVAC/mechanical industry. We look forward to exciting developments as we welcome all of the Systems Contractors team members to the Fidelity BSG family.”
With over 1,400 team members, 24 locations, and 75+ years of experience, Fidelity BSG is a leading provider of integrated technical building services for the commercial and industrial facilities market. Product and service offerings include emergency generators/power systems/systems, building mechanical/HVAC Systems, building automation & controls, and systems integration, with its core markets being commercial, industrial, and institutional facilities. Fidelity BSG is a portfolio company of Oaktree Capital Management.
Dave added, “Special thanks to the Ascend team for advising us in what will be our second closed transaction together in the past four months. We engaged Ascend based on their expertise in the HVAC/mechanical sector and their ability to drive a sophisticated, efficient process. Their commitment to our transaction objectives helped drive a successful transaction for us.”
Over the last four years, Fidelity BSG has embarked on a national growth plan that has expanded its service line offerings and geographical presence in the Mid-Atlantic, Southern and Gulf regions. Systems Contractors marks the 10th organization to join Fidelity’s national portfolio of companies, adding another layer of mechanical services to Fidelity BSG’s HVAC/mechanical offerings.
“We appreciate the Fidelity BSG team for the trust they place in Ascend as their exclusive buy-side advisor to identify high-value market segments and companies that expand their customer base and service offerings,” said Eric Parekh, Managing Director at Ascend. “We are thrilled that we were able to leverage our expertise and relationships in the industry to identify Systems Contractors as an ideal partner and further strengthen their market position.”
This acquisition was effective February 8, 2021.