McGowan’s Heating & Air Conditioning in Jacksonville was acquired by Sanford-based Del-Air Heating, Air Conditioning & Refrigeration, investment banking firm JTW Advisors LLC announced Feb. 19.
Del-Air was acquired in 2022 by New York-based private equity firm Astara Capital Partners.
JTW Advisors was McGowan’s investment banker for the transaction.
“We built McGowan’s with a commitment to our customers and employees, and it was important to find a partner who shared that vision. Del-Air’s reputation among its customers and their approach of an employee-first culture made them the right choice to carry our legacy forward,” Mike Regula, owner and operator of McGowan’s, said in a news release.
The release said McGowan’s selected Del-Air because of its employee-focused culture and the senior management team’s track record of integrating acquisitions while maintaining operational excellence.
According to its website, McGowan’s was a family-owned and operated business for nearly 50 years.
Earlier this month, JTW advised Tampa-based Gator Air Conditioning on its sale. Gator serves the Sarasota, Bradenton, Lakewood Ranch and Tampa markets.
Chris Jasinski, CEO and co-founder of JTW Advisors, said the mergers and acquisitions market is robust for home services companies.
“Strategic buyers and private equity-backed firms continue to compete for well-run businesses. We are experiencing strong M&A demand in the homebuilding industry as well. There is increasing optimism M&A activity will accelerate under the new administration in Washington. We foresee another strong M&A market in 2025,” Jasinski said in the release.
Del-Air offers residential HVAC installation and service, plumbing, electrical home services and replacements and light commercial HVAC services. It operates in Sanford, Clermont, Davenport, Melbourne, Jacksonville and Tampa.