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Private Equity

Trinity Hunt HVAC Platform NexCore Gains Steam

Published: June 14th, 2024
The one-year-old commercial HVAC platform is having conversations with larger family- and founder-owned businesses as more sellers test the waters and lending markets open back up.

Trinity Hunt Partners LP’s commercial HVAC investment NexCore, armed with a new debt facility, is targeting U.S. add-ons with at least $1 million of Ebitda and a focus on maintenance, repair and replacement services amid better deal flow in 2024, partner Garrett Greer told The Deal.

NexCore, which started with Trinity Hunt’s investment in Essex Junction, Vt.-based Alliance Group Inc. in April 2023, acquired Winston-Salem, N.C.-based Sylvester & Cockrum on May 14.

The platform hit the pedal on its growth plans toward the end of last year with a smaller acquisition of Milton, Vt.-based electrical contracting company Pratt & Smith Electric Inc. and closed a debt facility from Golub Capital earlier this month to capture more opportunities as more family- and founder-owned sellers test the waters.

“We generally target businesses with $1 million in Ebitda on the lowest end but with NexCore recently, we’ve had some good dialogue with businesses generating as much as $5 million to $7 million in Ebitda,” Greer said. “When lending markets start to open up as they have recently, acquisition activity follows pretty quickly.”

Add-On Criteria:

  • Family- and founder-owned commercial HVAC companies
  • Targeting companies with at least $1 million in Ebitda in eastern U.S.
  • Majority of revenue from recurring repair, maintenance and replacement services
  • Annual growth rate at or above industry average of 3% to 7%
  • Also targeting plumbing, electrical and building automation

NexCore’s latest acquisition, Sylvester & Cockrum, boosts the platform’s presence in the southeastern states of North Carolina, South Carolina, Virginia, Georgia and Tennessee.

Editor’s note: The original, full version of this article was published June 3, 2024, on The Deal’s premium subscription website. For access, log in to or use the form below to request a free trial.

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