Vancouver, BC – December 2, 2024 – CAI Capital Partners (“CAI”) is pleased to announce that its portfolio company, Custom Air Conditioning Ltd. (“CustomAir” or the “Company”), has acquired both Power Plus Electric Ltd. (“Power Plus”) and I.C.R. Air Inc. (“ICR”).
Power Plus, based in Maple Ridge, British Columbia, is a well-established electrical contractor that provides both “A” and “B” regulated electrical services. This acquisition will expand CustomAir’s service offerings by adding experienced electrical expertise and in turn complementing the Company’s core HVAC services. This strategic addition positions CustomAir to capitalize on the growing trend of decarbonization and electrification, delivering integrated HVAC and electrical solutions for our expanding core business and customers.
ICR, based in Kamloops, British Columbia, is a provider of HVAC services. This acquisition further strengthens CustomAir’s presence in the Thompson region, where the Company already has a significant foothold.
“These acquisitions strengthen both our regional presence and service capabilities,” said Peter Harteveld, CustomAir’s founder and CEO. “The growing demand for decarbonization and the shift away from fossil fuels for environmental comfort and process efficiency has accelerated the push towards electrification. CustomAir is at the forefront in developing electrically driven solutions as the main option for interconnected systems, making electrical expertise essential to delivering comprehensive services. With Power Plus’ expertise, we are well positioned to meet the evolving needs of our customers.”
These acquisitions represent CustomAir’s continued commitment to growth and service excellence. CustomAir is actively seeking new acquisition opportunities in HVAC, electrical, and plumbing services throughout Western Canada as part of its long-term strategy to become the leading mechanical services provider in the region.
About Custom Air Conditioning Ltd.
Founded in 1991, CustomAir is a leading mechanical services provider in British Columbia, Canada. The Company offers repair, planned maintenance, and installation services for a variety of equipment including heating, ventilation, air conditioning, refrigeration, plumbing, and boilers. The Company is headquartered in Port Coquitlam and has locations throughout the province. For additional information, please visit www.customair.ca.
About CAI Capital Partners
CAI Capital Partners is a Vancouver-based private equity firm focused on partnering with and growing founder-owned businesses in the lower middle market. Over more than three decades, CAI has invested C$1.6 billion into companies across North America. For additional information, please visit www.caifunds.com.
For further information please contact:
Ashton Herriott
Partner, CAI Capital Partners
604-637-1288
Date: December 02, 2024
