Recapitalizationverified
Astara Capital buys out Del-Air's 20-year ESOP, leaving it debt-free
What happened. Astara Capital Partners of New York completed an investment in Del-Air Heating and Air Conditioning of Sanford, its first platform out of a newly raised fund. Del-Air had been employee-owned through an ESOP for roughly 20 years; the transaction left the company debt-free. Rick Rogers joined as CEO and Faizzy Saghir as COO. Del-Air ran seven Florida locations including Tampa. Partner Rob Groberg called Del-Air the most recognized HVAC name in Central Florida; Managing Partner Michael Ranson confirmed it was the fund's first platform.
Parties
- Company
- Buyer
- Del-Air Heating, Air Conditioning, Plumbing & Electrical
- Capital
- Astara Capital Partners
- Price
- Not disclosed
Other Tampa Bay brands under Del-Air Heating, Air Conditioning, Plumbing & Electrical: Simpson Air, Gator Air Conditioning.
What this kind of deal tends to mean for customers and staff: pricing · sales pressure · technicians · the exit clock.
Sources Verified — primary document
- PR Newswire / Astara Capital Partners (2022-11-08) — press release. Primary announcement
Researcher notes: The debt-free close is a notable contrast to the leveraged structures elsewhere in this dataset.
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