Bain Capital rounds up $3.1 billion to buy 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.