OMERS Private Equity announced today that it has acquired TurnPoint Services (“TurnPoint” or the “Company”) from Trivest Partners. OMERS Private Equity invests on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada. Terms of the transaction were not disclosed.
Based in Louisville, Kentucky, TurnPoint is a leading provider of residential services, including heating, ventilation, and air conditioning (“HVAC”), along with plumbing and electrical. In addition to its focus on residential services, the Company has recently expanded its commercial offering. TurnPoint has grown rapidly in recent years, through a combination of organic growth initiatives and acquisitions of leading brands in attractive markets. The Company’s center of excellence, which leverages capabilities and best practices across all its brands, has been a key driver of this growth. TurnPoint currently has 17 brands, which in aggregate employ over 720 technicians performing over 290,000 service jobs annually.
Kurt Bratton, CEO of TurnPoint, said: “We are excited to partner with OMERS in this next stage of growth for TurnPoint. We believe there is a strong cultural alignment between our two organizations. OMERS brings a track record of success in supporting high-growth, acquisitive companies, and we are eager to collaborate closely with them in the years ahead.”
Graham Brown, Managing Director, OMERS Private Equity, said: “Kurt and the team have built TurnPoint into a leader in the residential services space, and we look forward to partnering with them. One of the most exciting elements of the strategy is TurnPoint’s use of technology to improve service delivery and customer experience. The residential services industry is changing rapidly, and TurnPoint is well-positioned within this changing market.”
Mark Dolfato, Senior Managing Director, OMERS Private Equity, said: “Over the last 15 years, OMERS Private Equity has successfully executed on a strategy of partnering with top management teams at industry-leading companies to support accelerated growth. TurnPoint is a great fit for this strategy, with its leading brands and the strength and experience of its leadership team. We are excited to welcome TurnPoint to our growing portfolio.”
This investment in TurnPoint follows previous investments by OMERS Private Equity in high-growth, acquisition-driven companies, including Community Veterinary Partners, Forefront Dermatology, National Veterinary Associates, and Caliber Collision Centers.
Weil Gotshal & Manges LLP acted as legal counsel for OMERS Private Equity. Harris Williams served as financial advisor for OMERS Private Equity.
