BackFrontenac Announces Partnership with Hayes Commercial
Hayes opened its doors in 1918. That’s 108 Chicago winters’ worth of boilers, chillers, and late-night service calls.
Chicago, IL
Frontenac, a Chicago-based private equity firm, today announced the recapitalization of Hayes Commercial (“Hayes”), a provider of commercial and industrial mechanical services in partnership with its management team. The business was acquired from TJM Capital Partners. Financial terms of the transaction were not disclosed.
Founded in 1918 and headquartered in Chicago, Hayes maintains, repairs, and installs HVAC, plumbing, boiler, and building control systems for commercial and industrial customers across the Midwest. The company goes to market through both end users / facility owners and general contractors. The company proudly partners with an in-house union workforce.
Ron Kuehl, Managing Partner at Frontenac noted, “This investment brings together many of the attributes we look for in a Frontenac platform, including an attractive and resilient end market and meaningful opportunities for continued growth.” Greg Ruffini, Vice President at Frontenac, added, “The fact that the business is based here in the Midwest makes the partnership particularly exciting for us. Hayes’ strong, long-tenured workforce is the foundation of the business, and we look forward to supporting the company as it enters its next phase of growth.”
Frontenac identified and sourced the Hayes platform as part of a thesis-driven pursuit in facility maintenance services. CEO1ST® Partner John Barrett, a tenured facility and building services executive, joins the Hayes board post-close. Partnering with John is Eric Reisner, who brings 35+ years of leadership running commercial / industrial field service, HVAC, and building controls businesses.
Company President Mark Tibbetts, Executive Vice President Tim Johnson, and Executive Chairman Bart McCartin will continue in their roles post-close in partnership with Frontenac.
“For over 100 years, Hayes has built a reputation grounded in technical expertise and customer service. I’m excited to partner with Bart and the team,” said John.
“For 108 years, the success of Hayes has been built on the dedication of our team, the strength of our relationships with our union partners, and a commitment to the customers and communities we serve,” said Bart. “We’re now laying the foundation for the next 108 years, after generations of skilled professionals have established a legacy of trust, craftsmanship, and service. Our partnership with Frontenac represents an exciting new chapter,” he added.
Lincoln International served as sell-side advisor to Hayes in connection with the transaction. KeyBanc Capital Markets served as buy-side advisor to Frontenac. DLA Piper served as legal counsel to Frontenac.
About Hayes Commercial
Founded in 1918 and headquartered in Chicago, Hayes Commercial installs, services, and replaces HVAC, plumbing, boiler, and building control systems in the Midwest. Hayes performs this work with a union workforce that supports facility owners and general contractors with the full lifecycle of commercial and industrial HVAC solutions. For more information, visit www.hayesmechanical.com.
About Frontenac
Frontenac is a Chicago-based private equity firm. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial, and services industries. Frontenac works in partnership with established operating leaders, through an executive-centric approach called CEO1ST®, which seeks to identify, acquire, and build market-leading companies through transformational acquisitions and operational excellence. Over the last 55 years, Frontenac has built a franchise working with over 350 owners of mid-sized businesses as they address complex transition issues of liquidity, management enhancement, and growth planning. For more information, please visit www.frontenac.com.
About TJM Capital Partners
Founded in 2008, TJM Capital Partners is a Chicago-based private investment firm that invests in established lower middle-market businesses seeking to grow and realize shareholder value. TJM partners closely with management teams and is backed by a select group of committed capital sources, including family offices, high-net-worth individuals, and first-generation investors. For more information, visit www.tjmcapitalpartners.com.
