Closed transaction

The selling family, through a recapitalization, elected to partner with Iron Creek Partners (“ICP”), a family office private investment firm with deep expertise in the Software sector, and Main Street Capital Corporation (NYSE:MAIN), an investment

Advised by
Client: Career Team
Counterparty: Iron Creek
Deal stage: Closed transaction
Service: Sell
Sector: Business Services
Sub-sector: Other Business Services
Market: Americas
Contact: mcarter@cartermorse.com

Deal details

Career Team, LLC (“Career Team”) is a leading provider of outsourced services to regional workforce development boards and federally and state-funded work programs across the country. Its affiliate, Career Edge, LLC (“Career Edge”), is a rapidly growing and fully integrated EdTech software platform providing learning management system ("LMS") and case management software solutions to both existing workforce development customers along with numerous higher learning institutions. With significant continued tailwinds for future expansion, the Company and its founders/owners were at an important inflection point: exploring an ownership transition that allowed for meaningful liquidity while identifying a trusted partner that could accelerate and enhance the Company’s mission and expand our impact. The owners, through a recapitalization, elected to partner with Iron Creek Partners, a family office private investment firm with deep expertise in the Software sector, and Main Street Capital Corporation (NYSE:MAIN), an investment firm that provides long-term debt and equity capital solutions to growing companies. The owner will remain in his current position as CEO.

Carter Morse & Goodrich

Deal team

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Michael Carter RoleManaging Partner FirmCarter Morse & Goodrich Michael Carter is the founding principal of Carter Morse & Goodrich. View profile

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Business Description: HEH Holdings LLC, headquartered in Stratford, Connecticut, is a third generation privately held company focused on water heating and storage systems for industrial and residential applications. The company owns several water heater brands including Hubbell, Vaughn Thermal, and Ace Heaters and has manufacturing operations in Connecticut, Massachusetts, and California. Background: Pursuant to HEH’s strategic plan to expand geographically across North America, RECO USA became an ideal candidate for a potential acquisition. The addition of RECO strengthens the companies’ ability to provide larger capacity water heating and storage solutions to a new set of commercial and industrial customers. RECO’s roots date to 1917 when it was known as the Richmond Engineering Company has become known throughout the industry as a leading manufacturer of ASME pressure vessels and water heaters, capable of designing and building storage tanks up to 15,000-gallon capacity. RECO was a spin out of Virginia American Industries, which sold the majority of its operations to Shamrock Environmental in December of 2020. The company produces both standard and engineered products for various customers across a variety of industries, including process industries, pulp and papermills, electric utilities, and municipal and governmental operations. Solution: Carter Morse & Goodrich was engaged to assist HEH Holdings LLC in its strategic acquisition of RECO USA. The purchase includes all the assets of RECO USA including the 125,000 sq. ft. manufacturing facility on a 15-acre parcel in Cayce, South Carolina. “We believe that RECO has found a great partner in HEH Holdings and are looking forward to its continued success under its new owner,” said former co-owner, Mike Schleinkofer. “We have no doubt that Bill Newbauer and his team at HEH Holdings LLC will remain committed to providing the highest quality products and service to the company’s customers, a commitment that began over a 100 years ago.” Ramsey Goodrich, Managing Partner of CMG, explained “We are thrilled to have advised the HEH Holdings team on this exciting transaction. This is another example of how CMG advises family-held and founder-led businesses on value-added transactions. We look forward to the continued success of RECO USA under the ownership of HEH Holdings.” Bill Newbauer, Chairman and CEO of HEH added “Our advisors at CMG provided invaluable advice and assistance in this transaction. I look forward to working with this talented team as we continue exploring new strategic acquisitions.”

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Where: United States of America
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Arista Air Conditioning, a multi-generation family-owned business with over 70 years of experience, has grown into one of the largest independent contractors for HVAC service, repair, maintenance, and retrofit installation in the New York metropolitan area. The Buyer, Daikin Comfort North America, is subsidiary of Daikin Industries, Ltd., a Fortune 1,000 company with more than 100,000 employees worldwide and a leading indoor comfort solutions provider. This acquisition aligns with Daikin’s strategic initiative to enhance its service capabilities and expand its reach in the Northeast. The integration has enhanced Arista’s ability to deliver energy-efficient, customizable VRV systems that meet the evolving needs of commercial buildings, healthcare facilities, educational institutions, and luxury residential clients.

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The selling family, through a recapitalization, elected to partner with Iron Creek Partners (“ICP”), a family office private investment firm with deep expertise in the Software sector, and Main Street Capital Corporation (NYSE:MAIN), an investment

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