Md.-based HVAC company to acquire two Richmond firms
Havtech to buy Air Conditioning Equipment Sales and Mechanical Systems Testing & Balancing
Columbia, Maryland-based HVAC equipment manufacturer’s representative Havtech announced Thursday it will acquire Richmond-based companies Air Conditioning Equipment Sales Inc. (ACES) and Mechanical Systems Testing & Balancing Inc. (MSTB).
Terms of the transactions were not disclosed.
Founded in 1971, ACES is an HVAC manufacturer’s representative for the Central Virginia, Tidewater and Roanoke markets, while MSTB performs certified testing, adjusting and balancing of HVAC air and hydronic systems and also performs building systems commissioning.
“In additional to the similar lines of business, Havtech, ACES and MSTB share similar core company values,” Havtech President Joe Roetering said in a statement. “This strategic alliance will further improve each company’s ability to deliver exceptional service for all customers through our commitment to expertise and innovative solutions.”
Havtech plans to keep both ACES and MSTB separate and allow them to maintain their own identities and organizations, according to a company statement. Current management teams of both entities will remain but will work together to share best practices.
Established in 1983, Havtech represents a number of HVAC manufactuers, including Japanese air conditioning company Daikin Industries Ltd., and provides services to commercial and industrial markets in the greater Baltimore and Washington, D.C., areas. During fiscal year 2019, Daikin reported nearly $2.5 trillion in net sales.
“We’ve been proud to team with ACES since 1971, and we’re confident this new relationship with Havtech will make ACES an even more formidable contender in their region,” Daikin Applied Americas’ CEO Mike Schwartz said in a statement.