Hyde Park Capital Adds to HVAC Industry Growth with Sale of Millian-Aire Enterprises to BGIS

Tampa, Florida – April 5, 2022 - Hyde Park Capital today announced that its client, Millian-Aire Enterprises, a leading commercial and residential provider of heating, ventilation, and air conditioning (HVAC) maintenance and installation services, has been acquired by BGIS, a portfolio company of CCMP Capital, a blue-chip private equity investor based in New York, New York. The transaction marks Hyde Park Capital’s second major client transaction of 2022 and builds on the momentum of M&A activity in Florida that contributed to a record high for mergers and acquisitions globally in 2021.

Hyde Park Capital served as the exclusive investment banker to Millian-Aire Enterprises for the transaction. Shumaker, Loop & Kendrick, LLP, served as the company’s M&A law firm, and CBIZ served as the company’s CPA firm.

“After many years of independence, our company got to the point where we needed a large strategic partner to help us grow to a whole new level, said Howard Millian, founder and co-CEO, Millian-Aire Enterprises, with his wife, Susan Millian. “We had demand for our services that were well beyond our ability and resources to handle on our own. So, we decided to engage Hyde Park Capital to find the right partner/buyer to help us. Hyde Park quickly found BGIS, and we could not be more thrilled with our decision to partner with BGIS and grow our HVAC company nationally while also helping BGIS expand its facilities management services throughout the U.S.”  

The HVAC industry is projected to have a promising year in 2022. The Air-Conditioning, Heating, and Refrigeration Institute (AHRI) recently reported that, for 2021,combined U.S. shipments of central air conditioners and air-source heat pumps increased 9.3% from 2020, and shipments of gas warm air furnaces were up 19.6%for the same time period. In addition, the organization Heating, Air-conditioning & Refrigeration Distributors International (HARDI) also reported that average annual sales growth for the HVAC industry at the end of2021 was 23.6%.

“It was a privilege and an honor to have been selected to represent Millian-Aire to potential suitors,” said John McDonald, Senior Managing Director, Hyde Park Capital. “We could not be happier with BGIS being the company that Millian-Aire decided to partner with. Together, they will soon become a dominant HVAC and facilities management company across the U.S. Howard and Susan deserve this great outcome after almost 30 years of hard work and risk-taking.”

About Millian-Aire Enterprises

Millian-Aire Enterprises is a family owned and operated company located in Pasco County, Florida. In 1993, Howard Millian and his father, Mike Millian, created Millian-Aire to bring quality HVAC services to the Tampa Bay area. After almost 30 years, the company has grown from one tech and one truck to now over 100 employees across the nation.

Millian-Aire has two main businesses – a local residential business serving the Tampa Bay area, and a commercial business that serves businesses across the entire United States. Even though Millian-Aire’s reach has grown significantly since its modest beginnings, the company still operates like a family business both at work and with its customers. For additional information, please visit www.millian-aire.com.

About BGIS

BGIS, based in Markham, Ontario, Canada, is a technology-enabled global integrated facilities management provider focused on delivering disruptive business solutions to its clients through a culture of caring, innovation and high-performance. With a rich engineering background, a commitment to sustainability and service excellence, BGIS ensures that its clients’ real estate assets are operating optimally to support the people who use them. With an entrepreneurial spirit, BGIS works in partnership with its clients to bring forth success through innovative ideas and solutions, delivering real results that drive their objectives and businesses forward. For additional information, please visit www.bgis.com.

About Hyde Park Capital

Hyde Park Capital is an institutionally focused investment banking firm specializing in mergers and acquisitions and serving the corporate finance needs of middle-market public and private companies. Its principals have extensive investment banking experience executing merger and acquisition engagements, including purchase and sale of company assignments, recapitalizations, financial advisory services, and fairness opinions, and raising growth capital and acquisition financing for companies, including equity, mezzanine, and senior debt. Hyde Park’s bankers have significant experience in the HVAC sector. Hyde Park Capital is headquartered in Tampa, Florida, and is a member of FINRA and SIPC. For additional information, please visit www.hydeparkcapital.com.

Client Testimonials

"Hyde Park’s team guided us through the process, providing us with a number of high quality counter-parties, and supported us through the transaction structuring, negotiation and due diligence. We are very pleased with the outcome and excited for the future of DTS.”
Allen Ibaugh, Co-Founder and CEO of Data Transfer Solutions
“We enjoyed working with Hyde Park Capital and appreciated their M&A expertise in the technology services sector and their help on this important transaction.”
Chris Toepke, CEO of Trifecta
“We very much appreciated the assistance of Hyde Park Capital on this strategic acquisition for ITE. Their M&A experience was quite helpful to our team and the overall process and assured the deal was well executed and we got it closed on schedule.”
Scott Dols, CEO of Industrial Truck & Equipment, LLC
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