Dallas-based Shearer Supply has received a majority investment from New York City-based global alternative investment firm Investcorp.

Shearer Supply is an independent distributor of heating, ventilation and air conditioning equipment for residential and commercial properties in the Southern United States. Its management team, the Shearer family, and PNC will remain shareholders, along with Revarch Capital Investcorp, the company said.

Financial terms of the deal have not been released.

“Investcorp has an established history of working with companies like Shearer and has demonstrated a strong track record in HVAC and specialty distribution,” Michelle Shearer-Rodriguez, CEO of Shearer Supply, said in a statement. “We look forward to partnering with them in the next phase of our growth and leveraging their strong industry insight.”

‘Partnering with growing founder-led businesses’

Shearer was founded in 1983 and is the nation’s largest independent distributor of HVAC equipment, parts and supplies, serving more than 5,500 customers from 22 locations in Texas, Oklahoma, Arkansas, Tennessee and Louisiana.

Shearer’s main product lines include American Standard Residential and Commercial HVAC, Ameristar Heating and Air Conditioning, and Samsung HVAC.

“Shearer operates in a large, flexible and highly fragmented market driven by non-discretionary replacement demand and will continue to benefit from strong secular tailwinds, including aging housing stock, short replacement cycles and favorable regulation, in addition to its attractive South American geographic footprint. We We are excited to partner with the Shearer family to drive organic growth and further expansion,” Dave Teh, head of private equity for North America at InvestCorp, said in a statement. “We have experienced strong activity across our North American private equity platform this year, underscoring the strength of our strategy to partner with growing, founder-led businesses as they seek to scale their businesses.”

Steve Miller, managing director of private equity – North America at Investcorp, said Shearer “offers an attractive value proposition for both contractors and original equipment manufacturers, acting as a one-stop-shop local partner with a breadth of products, expertise and value-added services.

Miller added, “This is an impressive family-owned and operated business that has distinguished its ability to scale and grow markets throughout its history, and we are thrilled to partner with the company’s highly motivated management team.”

Focusing on Control Purchase Investments

Investcorp has experience in the HVAC industry and specialty distribution, with investments including Arrowhead, ATD, Berlin Packaging, and The Rench Group.

Shearer’s acquisition follows the recent closing of Investcorp North American Private Equity Fund I, LP, focused on control buyout investments in middle market services businesses in North America.

InvestCorp said Fund I has closed more than $1.2 billion in capital commitments.

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