The alliance accelerates Havtech’s vision and the three companies’ shared strategy to expand service offerings to meet growing consumer demand.
TYSONS, VA (September 1, 2020) – Ascend Capital Group (“Ascend”) served as the exclusive financial advisor to Havtech, the Mid-Atlantic’s largest and most experienced commercial HVAC equipment, building automation systems, service, and energy solutions provider, in its strategic alliance with Air Conditioning Equipment Sales (“ACES”) and Mechanical Systems Testing & Balancing, Inc (“MSTB”).
ACES, founded in 1971 and headquartered in Richmond, Virginia, has gained industry recognition as a highly respected manufacturers’ representative and building automation solutions provider in the Central Virginia, Tidewater, and Roanoke markets. MSTB is a National Environmental Balancing Bureau Certified Firm engaged in performing certified testing, adjusting, and balancing of HVAC air and hydronic systems as well as building systems commissioning. Havtech plans to keep both ACES and MSTB structurally separate and allow them to maintain their own identities and organizations.
“In addition to the similar lines of business, Havtech, ACES, and MSTB share similar core company values,” said Joe Roetering, Havtech President. “This strategic alliance will further improve each company’s ability to deliver exceptional service for all customers through our commitment to expertise and innovative solutions.”
Havtech was established in 1983 as a manufacturers’ representative serving commercial and industrial markets. Today, Havtech leads engineered building systems and services throughout the greater Baltimore and Washington, DC area. The company brings expertise and innovation together to deliver energy-efficient and sustainable solutions tailored to each customer’s specific needs. Havtech recently added Thermaltech to serve the Western Pennsylvania market. Not unlike other industries, the HVAC industry continues to change, and Havtech has changed along with it—investing in smart and innovative technologies to help customers become more efficient, productive, and profitable.
Joe Roetering further commented, “As we pursue opportunities for growth, we are committed to fostering and protecting the core values we’ve worked to establish over the lifetime of our business. The Ascend team not only ran highly efficient, transparent, and effective processes, they also respected our desire to find partners that had cultural alignment and overlapping missions. We feel fortunate to work with such a thorough and talented team of advisors that understand the intricacies of the HVAC/mechanical space.”
“Highly strategic partnerships in this industry are providing tremendous value in terms of competitive advantage and sustainability, especially for privately-held companies,” said Eric Parekh, Managing Director at Ascend. “A combination between industries leaders and highly desirable businesses with niche market positions allows for mutual opportunities neither could achieve on their own. At Ascend, we pride ourselves on helping our clients navigate and close the right transactions for their long-term strategies.”
This acquisition was effective September 1, 2020.