Huron Capital Forms Exigent, its Latest ExecFactor Platform
Mission-critical services provider Exigent launches with its first acquisition, American Combustion Industries Inc.
Detroit, Mich. – October 11, 2022 – Leading middle-market private equity firm Huron Capital (“Huron”) has created its latest ExecFactor platform, Exigent (or the “Company”), which will provide a variety of mission-critical repair, maintenance, and replacement services to large facility operations for education, healthcare, industrial, government, and commercial customers. Exigent will focus on highly technical mechanical services in the built environment such as HVAC, plumbing, power, and energy efficiency.
“We are excited about launching Exigent and building out our next platform in the commercial and industrial services industry.” said Huron Partner, Scott Hauncher. “This is an opportunity to put our proven playbook to work again. We will be building a world class executive team, investing in people, training, technology, and equipment, instituting an M&A strategy, and driving integration to create what we believe will become a cohesive market leading business.”
Exigent’s launch coincides with the Company’s first partnership, American Combustion Industries Inc. (“ACI”), a critical system repair and maintenance business located in Glenn Dale, Maryland, which focuses on boilers, chillers, plumbing and other complex, technical services within a wide range of facilities. ACI’s owner and President Tim Kirlin will maintain an equity stake in Exigent and will join the Company’s growing executive team.
“Huron’s deep experience in the broader facility services sector makes it the ideal partner to support ACI’s next chapter of growth. The opportunity to be one of the foundational businesses in the Exigent platform is exciting – I am looking forward to expanding the suite of services we can provide to our customers by deploying Huron’s proven buy-and-build playbook to partner with complementary businesses that share ACI’s core values.” said Tim Kirlin, President of ACI. “This is something I have envisioned for the past few years, and I am excited to partner with Huron to bring it to life.”
ACI’s skilled union technicians and its model for providing high-quality, reliable and largely non-discretionary services focused on complex systems are some of the core attributes Exigent will look for in future business partners.
“I am personally excited to build on existing relationships and to be able to support this team as we create a new industry leader,” said Jim Mahoney, Huron Managing Partner. “Huron aims to build a lasting relationship with every founder we work with, and I have had the benefit of knowing Tim for many years. The business and culture that Tim has built at ACI is a great fit with how we look to build businesses at Huron.”
ACI was sourced proprietarily and did not employ a financial advisor. Honigman LLP served as legal advisor and Moss Adams LLP served as financial diligence advisor to Huron. Venable LLP served as legal advisor to ACI.
About Huron Capital
Huron Capital brings a people-first and thematic approach to private equity investing in secularly relevant and fragmented sectors of the North American services industry. We pride ourselves on an unwavering commitment to candor, trust, accountability, and transparency in our relationships with management teams, investors, advisors, and employees.
Founded in Detroit in 1999, we partner with entrepreneurs and management teams, empowering their companies to new levels of excellence. We provide resources to help companies grow by professionalizing operations, improving service offerings, executing M&A strategies, and accessing new markets.
Huron Capital has managed over $1.8 billion on behalf of a global institutional investor base. We fulfill our commitment to all stakeholders by employing a repeatable playbook to drive thoughtful value creation, showcased in over 250 acquisitions since the firm’s inception.
ExecFactor is Huron Capital’s proprietary, thematic investment strategy where we underwrite an industry and partner with an executive to deploy our build-and-build investment model. This strategy brings together our sector focus, deep industry relationships, committed capital and repeatable buy-and-build approach to create a new platform investment.
Recent ExecFactor® investments for Huron Capital include Sciens Building Solutions, a prominent full-service commercial fire and life safety company; Pueblo Mechanical & Controls, a premier commercial HVAC and plumbing services company; and Highstreet Insurance Partners, a full-service insurance brokerage platform,.
Founded in 1976, ACI is a union mechanical service company serving customers throughout Washington D.C., Maryland, and Northern Virginia. The Company provides service, repair, maintenance, and retrofit installation of boilers, chillers, cooling towers, split systems, pumps and piping.
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.