Bain Capital rounds up $3.1 billion to buy Service Logic
The private equity firm has lined up financing from Wall Street to acquire the commercial HVAC provider, Bloomberg reported
Image: Service Logic
Private equity giant Bain Capital has lined up $3.1 billion in debt financing to acquire commercial HVAC provider Service Logic from Leonard Green & Partners, Bloomberg reported Monday.
What’s happening: Several Wall Street firms are involved in the deal, with Blackstone expected to lead the financing, people familiar with the matter told the news outlet.
- Leonard Green & Partners, a private equity firm, acquired Service Logic in late 2020 for an undisclosed sum and also holds a significant stake in residential HVAC platform Wrench Group.
Zoom out: Based in Charlotte, North Carolina, Service Logic is the largest privately-held “network” of commercial HVAC companies in the U.S. and Canada, according to its website, with more than 140 locations and 5,000 technicians. The company generated over $2.2 billion in revenue in 2024.
Looking ahead: Beyond the financing, deal terms — which may change, Bloomberg noted — and a timeline remain unclear. A representative for Bain declined to comment, and Leonard Green didn’t return a request for comment.
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