Clairvest backed Right Time acquires Moore & Russell Heating

CPE News

CPE News (7/20/2020) – Right Time Heating and Air Conditioning Canada, a portfolio company of Clairvest Group Inc. (TSX: CVG), has acquired Moore & Russell Heating Ltd.(M&R Heating) from owner Serge Laredo

Founded in 1963, Coquitlam, BC based Moore & Russell Heating provides residential HVAC and hot water services to the Vancouver market. Management and employees of M&R Heating will join the Right Time team.

St. Catharines, Ontario based Right Time is the leading Canadian independent heating, ventilation and air-conditioning (HVAC) contractor focused strictly on the residential replacement market. Right Time now operates out of 11 locations in Ontario, Manitoba, and British Columbia with 400 employees.

In November 2018, Clairvest and Clairvest Equity Partners V acquired a 49.3% combined minority interest in Right Time Heating with the two co-founders contining to own 50.7% of the business after Clairvest’s investment.

M&R Heating is the third acquisition by Right Time following Clairvest investment.

photo credit: M&R Heating

News Release

Right Time Completes Acquisition of M&R Heating

ST. CATHARINES, Ontario, July 17, 2020 (GLOBE NEWSWIRE) — Right Time Heating and Air Conditioning Canada (“Right Time” or the “Company”) is pleased to announce the acquisition of Moore & Russell Heating LTD (“M&R Heating”). Founded in 1963, M&R Heating provides residential HVAC and hot water services to the Vancouver market from its branch in Coquitlam, British Columbia. Management and employees of M&R Heating will join the Right Time team and will benefit from Right Time’s management and training capabilities as well as support of the Company’s executive leadership based in St. Catharines, Ontario.

M&R Heating is the third acquisition completed by Right Time, following its partnership with Toronto-based Clairvest Group in November 2018. Right Time continues to grow in its existing markets by providing industry leading service to its customers and is intent on developing a national footprint via acquisitions or partnerships with residential HVAC replacement contractors.

About Right Time

Right Time is the leading Canadian independent heating, ventilation and air-conditioning (“HVAC”) contractor focused strictly on the residential replacement market. Right Time now operates out of 11 locations in Ontario, Manitoba, and British Columbia with 400 employees and provides preventative maintenance programs, repairs and replacements of household HVAC units.

About Clairvest Group

Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $2.4 billion of capital under management. Clairvest invests its own capital, and that of third parties through the Clairvest Equity Partners limited partnerships, in owner-led businesses. Under the current management team, Clairvest has initiated investments in 54 different platform companies and generated top quartile performance over an extended period.

Contact Information:

Jason Pratt, CFO
Right Time Group of Companies
jason.pratt@right-time.ca
519-505-2047

Sebastien Dhonte
Clairvest Group
sdhonte@clairvest.com
416-413-6026