News & Resources
SEATTLE, WA – Alexander Hutton is pleased to announce the acquisition of its client Cardinal Heating and Air by SE Capital.
Cardinal Heating and Air (“Cardinal” or “the Company”) is a leading home services company serving the greater Seattle area. Cardinal is known for its high-quality work and exceptional customer service. The Company has been acquired by SE Capital Partners, a private equity firm based in Chicago, IL. With the acquisition of Cardinal, SE Capital gains a highly successful and rapidly growing addition to its existing portfolio of best-in-class HVAC service providers and enters the desirable Pacific Northwest market.
Cardinal has been a prominent brand in Seattle HVAC since it was founded in 1991 by business partners Mike Hastings and Rory Richardson. Cardinal achieved success thanks to its ability to tackle complex HVAC problems as well as the Company’s commitment to the customers it serves. Cardinal’s services include routine HVAC maintenance, retrofit installations, and custom system design and installation.
Remarking on the transaction, Hastings said, “Rory and I are thrilled to have found a partner in SE Capital that shares our commitment to both our customers and our team. We are grateful for the insight and guidance that the team at Alexander Hutton provided us throughout this journey; their partnership was invaluable to the success of this transaction.”
Commenting on the Company’s partnership with SE Capital, Jeff Kvam commented, “We are very excited to embark on this partnership. Cardinal Heating and Air is a respected brand in the Northwest and a strong addition to our portfolio. It was a pleasure working with the Cardinal and Alexander Hutton teams on this transaction, and we are enthusiastic about the future of the Company.”
Regarding the transaction, Alexander Hutton Vice President, Shane Jansen commented, “Under Mike and Rory’s leadership, Cardinal has achieved remarkable growth in the HVAC sector, and their commitment to excellence has solidified a strong position in the growing Pacific Northwest market. Throughout this transaction process, we were pleased with the seamless alignment between the Cardinal and SE teams. Congratulations to Mike and Rory, we were honored to be part of this journey with you both.”
Legal counsel for Cardinal Heating was Carney Badley Spellman, P.S., and SE Capital was represented by Winston & Strawn LLP. Terms of the transaction were not disclosed.
MORE ABOUT CARDINAL
Headquartered in Kirkland, Washington, Cardinal Heating & Air has been serving customers for over 30 years. Cardinal provides exceptional customer service in HVAC routine maintenance, retrofit installations, and custom system design and installation.
MORE ABOUT SE CAPITAL
SE Capital, founded in 2001, is a private equity firm based in Chicago, IL that focuses on companies in a variety of industries. SE is particularly focused on companies in highly fragmented markets that possess unique competitive capabilities or qualities.
MORE ABOUT ALEXANDER HUTTON
Led by a team of former business operators and executives who have built and sold companies, Alexander Hutton is a boutique, middle market M&A advisory firm that has completed over 220 successful transactions. We offer a unique understanding of what it takes to run a business and an accessible team dedicated to client service. By running a high-touch, competitive transaction process for each of our clients, we are able to help them achieve their ideal outcome.