January 25, 2023 – Blue River Financial Group has advised CMS Nextech, leading provider of commercial HVAC repair, maintenance, and installation services, and portfolio company of Audax Private Equity, on the recent acquisition of Aire Rite. The acquisition brings CMS Nextech to over 1,100 self-performing technicians nationwide and extends CMS Nextech’s reach deep into the massive Southern California market.

CMS Nextech was established in 1992 with a mission to provide self-performing commercial HVAC/R services focused on quality, value, and integrity. With this business model, CMS Nextech has been able to steadily grow its client base, technician density, and coverage area over the past 30 years. Industries serviced include dining, grocery, restaurants, retail, outlet stores, medical facilities, warehouses, distribution centers, and more. Headquartered in Melbourne FL, CMS Nextech has 1,600+ employees supported by 38 regional offices, allowing them to provide services to more than 50,000 active customer sites.

Aire Rite is a California-based air conditioning and refrigeration company that provides a broad range of comprehensive services throughout Southern California. Their extensive experience within the C-Store and Food Service industries gives customers the resources they need for servicing everything from building automation, cooking equipment, HVAC, ice machines and refrigeration.

Audax Private Equity is a leading middle market private equity firm with offices in Boston and San Francisco. Since its founding in 1999, the firm has invested over $9 billion in more than 150 platforms and over 1,100 add-on companies.

Rich Phillips, Managing Director at Blue River, stated, “It was a pleasure working with the leadership of Aire Rite and CMS Nextech / Audax teams on this transaction. For CMS, this partnership represents a meaningful expansion into a key geographic location that will further complement customer offerings in the commercial HVAC and Refrigeration service space. For Aire Rite, the deal represents an opportunity to benefit from CMS Nextech’s industry-leading reach and a tremendous growth opportunity for their employees and leadership. We’re excited for the successes in store for the CMS Nextech / Aire Rite teams!”

“We’re grateful for the partnership with CMS Nextech and thrilled to be a part of their acquisitive growth story. It’s incredibly fulfilling to see positive outcomes like these on both sides of the transaction, and we couldn’t be happier for the opportunities ahead of the CMS / Aire Rite teams,” said Sara Clevenger, Principal of Blue River.


Sara Clevenger

About Blue River

Blue River Financial Group is a middle market merger and acquisition advisory firm headquartered in Bloomfield Hills, Michigan. It assists corporations, private equity groups and individuals in the sale and acquisition of businesses, and has completed assignments in multiple business segments. With over 20 years of experience spanning across 50 global industries, Blue River provides a suite of services to middle market clients including corporate development, private equity support, valuations, and transaction consulting, placing a premium on relationship-centered transaction counsel and client focus.

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