Horizon Services (“Horizon”), a premier residential provider of plumbing, heating and air conditioning services, today announced that the company has completed the acquisition of Gold Medal Service and Casteel Heating & Cooling. The acquisitions are the first since Horizon received an investment from an affiliate of private equity firm Sun Capital Partners, Inc. in March. Terms of the private transactions were not disclosed.
Gold Medal Service, based in East Brunswick, NJ, was formed in 1994 and serves more than 17,000 residential customers in the central New Jersey market. Casteel Heating & Cooling is one of the largest services businesses in the Atlanta market, growing at more than 25 percent annually since 2012.
“We are incredibly excited to welcome Gold Medal and Casteel to the Horizon Services family,” said Mark Aitken, Co-CEO of Horizon Services. “Expanding through the strategic acquisition of these great businesses is the perfect example of why we brought on Sun Capital as our financial partner. Their expertise and resources helped us to complete these transactions efficiently, and we now expect to benefit from Sun’s experience as we integrate the companies.”
Becoming part of Horizon will provide both businesses with financial resources to hire additional personnel, as well as better training programs that will enable Gold Medal and Casteel to deepen and broaden their customer relationships.
“Both Gold Medal and Horizon have strong reputations in New Jersey,” said Mike Agugliaro, Co-Founder of Gold Medal Service. “Combining can only enhance the capabilities and the service we each deliver to our customers, and it makes us the strongest plumbing, HVAC and electrical provider in New Jersey.”
With the two acquisitions, Horizon now operates in six states and has more than 900 employees. Both Gold Medal and Casteel will continue to operate under their existing brands.
“Casteel has done very well in the Atlanta market, and now we are excited to not only become part of something bigger, but to apply the best practices of Horizon to bring our professionals greater resources and deliver even more value to our customers,” said Bob Casteel, Founder of Casteel Heating & Cooling.
About Horizon Services
Horizon Services is the region’s largest and most well-respected plumbing, heating and air conditioning company with over 650 full-time employees and more than 400 service vehicles in its core business, and more than 250 employees in its affiliated companies, serving tens of thousands of homeowners throughout Delaware, Pennsylvania, New Jersey, Maryland and Georgia. For more information, please visit www.horizonservicesinc.com.
About Sun Capital Partners, Inc.
Sun Capital Partners is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in the consumer products and services, food and beverage, industrial, packaging, chemicals, building products, automotive, restaurant and retail sectors. Since 1995, Sun Capital has invested in more than 345 companies worldwide with revenues in excess of $45 billion across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates in London and Shenzhen.