Acquisitionverified
Wrench Group buys CoolToday, entering the Sarasota and Tampa markets
What happened. Investcorp-backed Wrench Group acquired N&M Cooling and Heating, Inc., which trades as CoolToday in the Sarasota and Tampa markets alongside its Plumbing Today and Energy Today brands. It was Wrench's fourth strategic acquisition and its entry into Florida. CEO Ken Haines said 'the market is experiencing explosive growth and the acquisition of another thriving brand that shares the same commitment to its customers and team members supports and strengthens our overall portfolio.' CoolToday president Jaime DiDomenico stayed in place and said the partnership 'will allow us to accelerate our growth both organically and with additional acquisitions in these great markets' — which is what happened: in July 2020 Wrench bought Tampa's Easy A/C and merged it into CoolToday as 'Easy CoolToday.' Terms were not disclosed.
Parties
- Company
- CoolToday (N&M Cooling and Heating, Inc.) · Sarasota, Sarasota County
- Buyer
- Wrench Group
- Capital
- Investcorp
- Price
- Not disclosed
The name on the truckCoolToday (N&M Cooling and Heating, Inc.)
Sarasota, Sarasota County
Operating ownerWrench Group
Sarasota, FL
Capital behind it
Leonard Green & Partners
Los Angeles, CA
Other Tampa Bay brands under Wrench Group: Red Cap Plumbing & Air, Easy A/C.
What this kind of deal tends to mean for customers and staff: pricing · sales pressure · technicians · the exit clock.
Sources Verified — primary document
- Wrench Group (2019-03-01) — platform site. Buyer's own announcement with both quotes and the N&M entity name
- Business Observer (2019-03-01) — news. Local business press coverage
- Contracting Business (2020-07-07) — trade press. Follow-on Easy A/C acquisition merged into CoolToday; Haines quote on Tampa and St. Petersburg
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