AE Industrial Partners, LP ("AEI"), a U.S. based private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets, announced that it has signed a definitive agreement to sell its portfolio company Resolute Industrial ("Resolute" or the "Company") to Aggreko, LLC ("Aggreko"). AEI entered into an agreement to sell all the outstanding equity interests on a cash free, debt free basis for a transaction value of $440 million.
Resolute Industrial is a leading provider of specialized temporary heating, ventilation, air conditioning and refrigeration ("HVAC&R") solutions, delivering mission critical specialty rental services through a national presence. Under AEI's ownership, Resolute executed on strong growth through organic expansion of new locations and the acquisitions of American Equipment Group, DriExpress, Empire, All American Portable Air, and Rocky Mountain Portable Cooling.
"We are grateful for the outstanding partnership we have enjoyed with AEI and its support in growing our service offerings and geographic footprint," said Mike McGraw, CEO of Resolute. "We look forward to moving ahead with our new owners as we continue to address the evolving needs of our customers."
"AEI is proud to have worked with Resolute as it completed five add-on acquisitions in the HVAC&R specialty rental space and continued to grow its presence across North America," said Charlie Santos-Buch, Partner of AEI.
"Resolute was an excellent fit with AEI's sector driven investment approach, targeting highly technical industries with large installed bases, long product lifecycles, and mission critical services," said Trey Bivins, Principal of AEI. "Partnering with HVAC&R industry experts David Myers, David Kornblatt, and Kelly Romano as active Board members helped us drive strategic value during our ownership."
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