The Riverside Co. has taken over: Plumbing Heating Paramedics of Noblesville, Indiana, to complement the recently formed Threshold Brands portfolio company, which itself is a multi-brand franchisor of trading services concepts.
The financial terms of the deal have not been disclosed.
PHP is a founding member and operating in 2011, providing HVAC system repairs, HVAC system replacements, plumbing system repairs, and recurring maintenance check-ins to residential customers in the Indiana market.
Threshold was founded in April by Riverside with five companies, all of which were acquired within eight months of launch. Those companies include MaidPro, FlyFoe, Men in Kilts, Pestmaster and USA Insulation.
The deal with PHP therefore marks the sixth company under the Threshold umbrella and the first official add-on since its inception.
It also marks Threshold’s entry into plumbing and HVAC franchising.
Threshold includes more than 400 locations in North America.
“The addition of PHP fits in perfectly with our continued expansion of the Threshold Brands platform, enabling us to serve more customers and geographic footprints,” said Loren Schlachet, Riverside managing partner, in a statement. “Riverside’s investment in PHP is the latest example of the company’s commitment to our franchise platform and an integral step in expanding into the HVAC and plumbing end markets.”
Riverside is a global private equity firm co-headquartered in Cleveland that invests in growth companies worth up to $400 million in the smaller, mid-market segment.