DEERFIELD, Ill. — PremiStar, the commercial HVAC, plumbing, and building automation services platform owned by Zug-based private equity firm Partners Group — which manages more than $185 billion in assets globally — acquired Mechanical Service & Systems of Salt Lake City on June 10, the company's 40th add-on acquisition since Partners Group took control of the platform in 2021 under its former name, Reedy Industries.

The MSS acquisition enters Utah as PremiStar's 19th state, extending the platform's geographic coverage to the Mountain West and plugging it into customer relationships in manufacturing, aerospace, life sciences, mining, mission-critical facilities, and commercial real estate throughout Utah. PremiStar now operates 62 branches across 19 states, specializing in commercial and industrial HVAC, plumbing, and building automation. D.A. Davidson & Co. advised MSS on the sale. Ropes & Gray LLP served as legal counsel to PremiStar. No purchase price was disclosed.

What Mechanical Service & Systems Brings to the Platform

Founded in 1984, MSS has built a 42-year reputation as one of the few full-service mechanical contractors in Utah, providing design-build, installation, repair, and preventive maintenance for HVAC, plumbing, boilers, controls, and fabrication under one roof — a breadth of service capability that differentiates it from mechanical contractors focused on a single trade. Rick Cowley, MSS's president, will remain in his role to lead the Utah operation, a continuity arrangement consistent with PremiStar's explicit strategy of preserving existing management in its acquired companies rather than imposing a centralized management replacement.

Cowley said MSS has grown by investing in long-term customer relationships and that the PremiStar partnership enables MSS to join a national group of mechanical contractors that share its values and dedication to best practices. PremiStar CEO Joe Kirmser said the MSS team has earned a stellar reputation by remaining true to its core mission over 42 years, adding that the partnership will help preserve that legacy while giving MSS access to PremiStar's national resources, investment capital, and best-practice sharing network.

PremiStar's Business Model and Partners Group's Investment

PremiStar's acquisition strategy follows the buy-and-build model that has become standard across commercial HVAC services roll-ups: acquire regional commercial HVAC contractors at entry multiples of five to eight times EBITDA, centralize back-office functions, cross-sell maintenance contracts, grow recurring revenue from the installed base, and ultimately sell the combined platform at a materially higher multiple that reflects the scale and recurring revenue quality of the assembled business. The gap between entry price and exit price is what generates institutional LP returns.

Partners Group acquired what was then Reedy Industries in 2021 at an implied enterprise value of approximately $1 billion, according to industry tracking sources. Over the five years of the hold period, the platform has grown to 62 branches across 19 states through 40 acquisitions, a pace of roughly 8 add-ons annually, representing what Partners Group describes as 6x revenue and EBITDA growth since 2021. That pace of acquisitive growth, if sustained, puts PremiStar in position for an eventual exit to a strategic acquirer or another institutional buyer at one of the expanded multiples that commercial HVAC platforms have commanded in recent transactions.

The HVAC M&A Context

PE firms have accounted for 39 of 77 HVAC M&A deals year-to-date through early June 2026, according to Capstone Partners data cited by S&P Global Market Intelligence, with global PE add-on transactions targeting HVAC service providers rising 88% year over year through mid-2025, the most recent full-year data available. The pattern reflects a sector consolidation dynamic that has been accelerating for five years: a fragmented base of more than 29,000 private commercial HVAC companies, predictable maintenance demand that is not economically cyclical, a regulatory environment driving recurring upgrade work, and a set of institutional buyers with patient capital that can tolerate multi-year assembly timelines.