Clairvest Group, Inc., the Toronto based private equity firm, recently announced that Clairvest along with Clairvest Equity Partners V has signed a growth equity investment deal with Right Time Heating and Air Conditioning Canada Inc., a HVAC service provider. According to the deal, the co-founders of Right Time Heating and Air Conditioning Canada will continue to own 50% of the business while Clairvest becomes a partner through its investment.
For the record, Right Time is one of the leading contractors in the heating, ventilation and air-conditioning industry in Canada. The company is focused chiefly on the residential market. Right Time has been operating in Manitoba and Ontario out of seven locations and provides preventative repairs, maintenance programs and replacements of residential HVAC units. Clairvest is investing to support the existing management team of Right Time in developing corporate infrastructure of the company, assisting with future acquisitions and increasing investment in marketing.
Mitch Green, MD, Clairvest has been reported to say that Clairvest is looking forward at forming the partnership with Right Time and its leaders. Green said that with the base formed of seven branches, Right Time has proved itself to be a rare platform in a lucrative industry. He also added that Right Time has an impressive track record and Clairvest looks to work with the company in the coming years to help achieve its targeted growth objectives.
Jeremy Hetherington, President, Right Time was reported to say that Right Time had been planning to bring in an active, non-controlling growth investor who can complement the existing skill set of the company. Apparently Clairvest has proved to be just the right equity partner for Right Time and the company is now looking to embark on a new chapter of growth.
Sources cite that the investment in Right Time marks the 52nd platform investment for Clairvest and the 8th for CEP V. the Clairvest- Clairvest Equity Partners V investment pool is reported to be capitalized at $600 million and mainly make equity investment in companies with growth prospects.