Lor-Mar Holdings (“Lor-Mar”), a portfolio company of Crescendo Capital Partners (“Crescendo”) and NewSpring Mezzanine (“NewSpring”), announced the acquisition of Unitemp, Inc. and affiliates (“Unitemp”). Based in Somerset, NJ, Unitemp is a mechanical contractor serving commercial customers throughout Northern NJ, Eastern PA, and Southeastern NY.
“Michael MacRitchie, Chairman of Lor-Mar and Crescendo Partner
We are thrilled to partner with Unitemp. Unitemp’s excellent reputation for high quality work and entrenched market position in Central, and Northern NJ complements Lor-Mar very well and provides a natural extension of Lor-Mar’s geographic footprint North from Philadelphia and southern NJ.
Ray Hadiyan, owner and President of Unitemp added “Partnering with Lor-Mar is profoundly exciting for Unitemp. With the resources of a larger platform propelling Unitemp, we believe Unitemp will cement its reputation as the world class mechanical contractor and employer of choice in Central, and Northern NJ.”
Dave Leathers, CEO of Lor-Mar remarked that “Lor-Mar plans to grow aggressively organically and through acquisitions. The purchase of Unitemp is the first step in our broader strategy to pursue acquisitions of local market leaders in attractive US geographies and develop Lor-Mar into a regionally dominant building solutions provider.”
Based in Somerset, NJ, Unitemp and its affiliates have provided HVAC, building automation, and design build services to commercial customers for over 50+ years. Unitemp’s construction segment primarily focuses on renovation and retrofit work while the service segment provides preventative maintenance, repair, and replacement services. Unitemp also has a robust building controls design and installation offering.
Lor-Mar is a building systems solutions firm providing design and installation of HVAC, plumbing, and controls systems throughout Philadelphia, Eastern PA, and Southern NJ. Lor-Mar provides construction (renovation and retrofit), service, and integrated controls solutions and is a valued partner to building owners and tenants in the commercial, industrial, and institutional end-market, general contractors, contract managers and energy service companies.
Crescendo invests in middle-market companies at inflection points, bringing capital and scaling skills to unleash latent growth potential. Crescendo has made ~13 acquisitions totaling ~$400+M (including add-on’s), and has a particular expertise in the construction trades, with 10 closed acquisitions. Crescendo has 7 investment professionals in 4 offices, plus 3 professionals with operating skills.
NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $3.0 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Having invested in over 200 companies, NewSpring brings a wealth of knowledge, experience, and resources to take growing companies to the next level and beyond. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries.
The closing date was August 16, 2022