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The mid-market PE firm will take first-round bids for the municipal water service provider in mid-April, sources told PE Hub.

Blue Fire made its first platform investment by acquiring Jovian Concepts earlier in March.

The former Green Bay Packers wide receiver unveiled the new firm earlier in March, along with a debut deal.

InTandem, NMS Capital and WestView Capital are among the PE firms investing in employer and employee healthcare benefit services.

London-based Partners Capital is part of the new investors backing the continuation vehicle.

Thorpe’s business is largely tied to industrial system outages and with a scaled platform, which should be appealing to a large-cap PE firm buyer universe.

‘The end game for us is to become a multi-specialist, rather than a pure generalist,’ Druais told PE Hub.

Scaled residential HVAC platforms have seen PE deal valuations of 16x-19x EBITDA, while the commercial HVAC market has seen a wider spread from about 10x-17x EBITDA.

'No other fund understood the value chain of selling through the automotive manufacturer selling through their network. We did,' Tom Tuttle, chairman, Kinderhook, told PE Hub.

'When we came into the deal, we allowed Medline to tap for the first time into the US debt markets, including the leveraged loan and high-yield market,' Robert Schmidt, partner, Carlyle, told PE Hub.