Investcorp Acquires BCTS, a Leader in HVAC and Plumbing Services

9 Jan 2024

Investcorp, a leading global alternative investment firm, today announced its acquisition of Best in Class Technology Services (“BCTS”).

BCTS is a leading provider of HVAC, electrical and plumbing maintenance, repair and replacement services for critical end markets including industrial, medical, education and commercial. The BCTS management team and Dunes Point Capital will remain meaningful shareholders alongside Investcorp.

Headquartered in Lenexa, KS, BCTS operates service branches across the Midwest, Southeast and Northeast US. BCTS was created through a combination of market-leading local service brands with a long history of providing excellent customer service in their markets. A partnership with BCTS has allowed each brand to further build on that customer and employee experience by enhancing the local delivery model with administrative, financial and technical resources.

“BCTS serves a large, growing, resilient, and highly-fragmented market of commercial HVAC customers across the US that require support from highly-trained technicians, and our goal is to capitalize on this strong demand and favorable industry regulation,” said Amit Gaind, Managing Director, Private Equity – North America at Investcorp. “We have a long history of partnering with companies both in the technical services sector and HVAC more broadly and look forward to helping BCTS accelerate their growth.”

“Investcorp has demonstrated a strong track record of partnering with and growing founder-led companies like BCTS where our people are our strongest and most important asset,” said Smitty Belcher, CEO of BCTS. “We are grateful to the Dunes Point Capital team for helping BCTS grow into a national player in our industry and look forward to our next phase of further expansion and growth with Investcorp’s partnership.”

BCTS is Investcorp’s ninth platform investment from Investcorp North American Private Equity Fund I, L.P., which focuses on control buy-out investments in middle market service businesses in North America. Fund I closed in 2023 at over $1.2 billion in capital commitments. Investcorp’s North America Private Equity group has been investing in North American mid-market businesses for over 40 years and has completed approximately 70 transactions, deploying more than $22 billion in transaction value since inception.

Houlihan Lokey and Lincoln International advised BCTS and Piper Sandler advised Investcorp on the transaction.