Strategic partnership will support Service Logic’s continued growth as a national leader in mission-critical commercial HVAC services

Service Logic (or the “Company”), a leader in comprehensive commercial HVAC and building automation services, today announced the close of its acquisition by Bain Capital, in partnership with Mubadala Investment Company (“Mubadala”), from Leonard Green & Partners. Bain Capital and Mubadala will continue to support the Company in its next phase of growth.

Headquartered in Charlotte, NC, and operating from over 140 locations across North America, Service Logic specializes in mission-critical commercial HVAC services, including preventative maintenance, emergency service, unit replacement, and retrofit projects. With over 5,000 technicians across the organization, Service Logic combines a high-touch, local service model with the benefits of national scale, making the Company a trusted partner to thousands of customers across industries and geographies. The Company has a long track record of successful strategic acquisitions and continued collaboration with local owner-operators.

“We are excited to announce Bain Capital as our new investment partner to support us during this next phase of growth. Bain Capital’s deep expertise in supporting market leaders as they scale makes them an ideal business partner for Service Logic, but it is their shared vision and commitment to our technicians and local operators that makes them a great choice,” said Jason Richardson, Chief Executive Officer of Service Logic. “With Bain Capital’s support, we will continue delivering excellent service to our customers and meaningfully grow our business through a combination of organic growth and strategic acquisitions. We would also like to thank the Leonard Green team for their strategic partnership over the past five years, which supported us through a significant expansion in our footprint and continued optimization of our business.”

“Service Logic is the leading independent operator in a large and growing HVAC services market. Its durable organic growth, operational excellence, and disciplined approach to strategic acquisitions have created a differentiated platform with national scale,” said Joe Robbins, a Partner at Bain Capital. “We are excited to work alongside the management team to further strengthen the Company’s platform, accelerate M&A, and continue enhancing its capabilities in local markets. We believe Service Logic has significant runway to deepen its presence and serve customers across North America.”

“We are grateful for our partnership with the Service Logic team over several years of outstanding growth," said Chris McCollum, Senior Partner at LGP. "Service Logic has made significant investments in the business, expanded its geographic reach, and broadened its service capabilities. We’re proud of the team’s achievements and are confident they are well positioned for continued success.”

The investment was led by Bain Capital’s North America Private Equity team, which has a long heritage of partnering with and accelerating growth at market-leading services and distributions businesses. Service Logic joins the firm’s portfolio of scale services platforms including Imperial Dade, US LBM, Frontline Road Safety, Dealer Tire, Guidehouse, and Harrington Process Solutions.

Barclays and Jefferies acted as joint lead financial advisors, Ropes & Gray served as legal advisor to Bain Capital. Harris Williams and Goldman Sachs & Co. LLC served as joint lead financial advisors to Service Logic, and J.P. Morgan and Morgan Stanley & Co. LLC also acted as financial advisors, and Latham and Watkins served as legal advisor to Leonard Green.

About Service Logic

Service Logic is the largest privately held commercial HVAC and mechanical services platform in North America, delivering preventative maintenance, emergency service, equipment replacement and retrofit services, and building-automation and energy solutions. The company supports 1B+ square feet of commercial square footage today, via its network of 140+ locations and 5,000+ technicians. For more information, please visit www.servicelogic.com.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $205 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Mubadala

Mubadala is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi. Mubadala’s $330 billion portfolio spans six continents with interests in multiple sectors and asset classes. Mubadala leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates. Mubadala’s investment philosophy is centered around investing in high quality companies operating in attractive markets with strong tailwinds. It seeks to identify and back strong management teams and provide capital to support their organic and inorganic growth strategies. For more information, please visit www.mubadala.com.

About Leonard Green & Partners

Leonard Green & Partners, L.P. is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 100 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. LGP primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com.

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