The merger will expand the companies’ efforts to provide modern HVAC systems and strategic solutions in an ever-changing and increasingly complex post-pandemic environment.
TYSONS, VA (November 1, 2022) – Ascend Capital Group (“Ascend”) is pleased to announce its most recent transaction in the HVAC Manufacturer’s Rep industry serving as the exclusive financial advisor to HC Nye in its merger with Gil-Bar Solutions (“Gil-Bar”), a portfolio company of Intermediate Capital Group (“ICG”). Currently, HC Nye has offices in King of Prussia and Harrisburg, Pennsylvania. The merger will allow expansion into other regions along with the ability to provide clients with fully integrated service offerings, a breadth of new HVAC product solutions, and a deeper level of engineering insight.
“The Ascend team impressed me early on with their eagerness to negotiate the deal terms most important to us and create transparency through a data-driven approach,” said Buck Nye, President of HC Nye. “My appreciation only grew as they navigated us through the complexities of the transaction, ensuring we were well-represented throughout the process.”
Founded in 1977, HC Nye is a Manufacturer’s Representative of Engineered, Applied, and Industrial HVAC Systems with product line coverage in Central and Eastern Pennsylvania, Southern New Jersey, and Delaware. With over 200 years of HVAC sales experience, HC Nye’s staff specializes in assisting construction managers, consulting engineers, mechanical contractors, and building owners in the application, selection, and sale of HVAC mechanical equipment.
“Gil-Bar and HC Nye share similar cultures and values, and this combination brings unparalleled market expertise together for our clients,” added Buck. “We are excited about the potential for continued growth and look forward to a bright future where our integrated service offerings can become an even greater resource for the Eastern Pennsylvania region.”
Harry Nye, Founding Partner of Nye, added, “We are excited to join forces with Gil-Bar. Our shared culture of high-level expertise, complex service capabilities, and uncompromising ethics and commitment to client service will drive the continued growth of our combined organization as we serve as trusted partners to our clients and manufacturers.”
Since its founding in 1986, Gil-Bar has become the leading provider of engineered HVAC solutions in the Northeast. The company offers integrated services from design consultation through specification, installation, certification, parts, and maintenance. The expansion is the latest strategic investment made by Gil-Bar to grow its geographic presence by partnering with leading HVAC providers in each market. HC Nye and Gil-Bar’s combined business in Pennsylvania will operate as HC Nye.
“We are excited to combine HC Nye’s leading product offerings and industry expertise with the depth and breadth of Gil-Bar’s manufacturing partnerships and engineering experience,” said Joe Sbarra, President, Gil-Bar. “The partnership of these leading teams will provide even better service to our clients and manufacturers and create new business opportunities.”
“HC Nye is a rare company within a highly fragmented subsector of the HVAC industry,” commented Thien Van Tran, Director at Ascend. “With a focus on sophistication and technology, the Nye family drove substantial growth over the course of the company’s history without ever sacrificing its strong, family-oriented culture. We are grateful for their trust in us and confident that the partnership with Gil-Bar will further strengthen HC Nye’s market-leading position by providing the resources and operational scale needed to accelerate growth.”
This acquisition was effective November 1, 2022.