American Capital makes 18x its money with Service Experts sale
American Capital Ltd said May 11 that its portfolio company SEHAC Holdings Corp (Service Experts) has been merged with Enercare Solutions Inc, a subsidiary of Enercare Inc. The deal produced $340.75 million in total cash consideration. American Capital said it received $244 million in proceeds and realized a capital gain of $225 million from the transaction. Plano, Texas-based Service Experts provides sales, installation, maintenance and repair of HVAC systems for the residential and commercial markets. American Capital made 18x its investment with the Service Experts sale and the deal produced a compounded annual rate of return of 184 percent. Moelis & Company LLC acted as financial advisor to Service Experts in connection with the transaction, while Arnold & Porter LLP served as M&A counsel and Osler, Hoskin & Harcourt LLP served as Canadian counsel.
