Sun Capital Partners has sealed a rapid exit of residential HVAC, plumbing and electrical services business Horizon Group to fellow buyout house New Mountain Capital.
The sale comes just two-and-a-half years after Sun picked up Horizon, before bolting on 10 businesses to expand into new US geographical markets.
Sun senior managing director Steven Liff said, “We also utilized a buy-and-build strategy, sharing uniform practices across multiple locally-operated businesses, leading to improved sales force efficiency and effectiveness, superior technician service, and a strong company culture.”
Previous investments by Sun in founder-operated businesses include deals for Admiral Petroleum Company & Lemmen Oil Company, Demilec, Gem Shopping Network, Timothy’s World Coffee and Windsor Fashions.
AltAssets reported in July that Sun Capital had pulled in at least $2.3bn for its seventh flagship buyout fund, beating its initial $2.2bn target.
The firm sealed the debut deal from Fund VII last month by picking up Italian washing machine window and glass tableware business Vetrerie Riunite.
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