The Riverside Co. has acquired Plumbing Heating Paramedics of Noblesville, Indiana, to complement its recently founded portfolio company Threshold Brands, which is itself a multi-brand franchisor of retail services.
Financial terms of the transaction were not disclosed.
PHP is a founder owned and operated company founded in 2011 that provides HVAC system repairs, HVAC system replacements, plumbing system repairs, and recurring maintenance check-ins for residential customers in the Indiana market.
Threshold was founded by Riverside in April with five companies, all of which were acquired within the eight months of its inception. These companies include MaidPro, FlyFoe, Men in Kilts, Pestmaster, and USA Insulation.
The deal with PHP is therefore the sixth company under the Threshold umbrella and the first official add-on since its inception.
It also marks Threshold’s entry into the plumbing and HVAC franchising.
Threshold spans more than 400 locations in North America.
“The addition of PHP is a natural fit for our further expansion of the Threshold Brands platform, which will enable us to serve more customers and geographic presences,” said Loren Schlachet, Managing Partner of Riverside, in a statement. “Riverside’s investment in PHP is the latest example of the company’s commitment to our franchise platform and a significant step in expanding into the HVAC and plumbing end markets.”
Riverside is a global private equity firm, jointly headquartered in Cleveland, that invests in growing businesses valued at up to $ 400 million in small and medium-sized businesses.
