CPE News (3/10/2021) – Right Time Group of Companies, a portfolio company of Gryphon Investors, has acquired Atlas Service Company Inc. (AtlasCare) Financial terms of the transaction were not disclosed.
Founded in 1932, AtlasCare provides residential HVAC, air quality, plumbing and hot water services to the Ontario market from its branch in Oakville. AtlasCare has been owned and oeprated by CEO Roger Grochmal since 1986.
Management and employees of AtlasCare will join the Right Time team.
Right Time is the leading Canadian independent heating, ventilation and air-conditioning (HVAC) contractor focused on the residential market. Right Time now operates out of 12 locations in Ontario, Manitoba, and British Columbia with over 450 employees.
In December 2020, Gryphon Investors acquired majority stake in Right Time from Clairvest Group Inc. and management shareholders.
AtlasCare is Right Time’s first add-on acquisition under Gryphon Investors ownership.
photo credit: Atlas Service Company
News Release
Right Time Group of Companies Acquires AtlasCare
Continues Strong Growth in Canadian Market
ST. CATHARINES, Ontario, March 10, 2021 /CNW/ — Right Time Group of Companies (“Right Time” or the “Company”) is pleased to announce the acquisition of Atlas Service Company Inc. (“AtlasCare”). Founded in 1932, AtlasCare provides residential HVAC, air quality, plumbing and hot water services to the Ontario market from its branch in Oakville. Management and employees of AtlasCare will join the Right Time team and will benefit from Right Time’s management and training capabilities. Terms of the transaction were not disclosed.
AtlasCare is the fifth acquisition completed by Right Time, and the first following its partnership with San Francisco-based Gryphon Investors in December 2020. Right Time continues to grow in its existing markets by providing industry-leading service to its customers. The company is intent on developing a national footprint via acquisitions or partnerships with residential HVAC replacement contractors.
Right Time CEO Jeremy Hetherington said, “Right Time is very pleased to welcome AtlasCare to the Right Time family. We have long been impressed by the business that Roger Grochmal and his son, Michael Grochmal, have built at AtlasCare and are excited about this partnership. We look forward to continuing to deliver the excellent customer service that has built their reputation for integrity and reliability.”
“AtlasCare has a long history and a strong culture, and when it came to entrusting that legacy to a buyer, Right Time was the natural choice. Their track record of integrating strong local companies into their national brand sets them apart as the leading consolidator in the Canadian residential HVAC and plumbing industry,” said AtlasCare CEO Roger Grochmal, who has owned and operated the brand since 1986.
About Right Time
Right Time is the leading Canadian independent heating, ventilation and air-conditioning (“HVAC”) contractor focused on the residential market. Right Time now operates out of 12 locations in Ontario, Manitoba, and British Columbia with over 450 employees and provides preventative maintenance programs, repairs and replacements of household HVAC units. For more information, please visit https://www.right-time.ca/.
Right Time is majority-owned by San Francisco-based Gryphon investors.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.
Contact:
Jason Pratt, CFO
Right Time Group of Companies
jason.pratt@right-time.ca
519-505-2047
SOURCE Gryphon Investors