LightBay Capital Announces Partnership with Burton, A Leading Midwestern Provider of HVAC, Plumbing, and Electrical Services

Investment To Support Ongoing M&A Partnerships and Accelerate Platform Growth

OMAHA, Neb., December 14, 2021–(BUSINESS WIRE)–LightBay Capital (“LightBay”), a private equity firm focused on partnering with high-quality services-based businesses, announced today that it has made a growth investment in Burton (the “Company”), a leading provider of residential HVAC, plumbing, and electrical services in the Midwest and Central U.S. regions. The investment from LightBay will allow Burton to accelerate its organic growth, add more market-leading businesses to the Company through acquisition, and invest in additional platform capabilities.

Founded in 1989 and headquartered in Omaha, Nebraska, Burton offers replacement, repair, and maintenance services to a large and growing customer base. The Company is a multi-brand platform that has completed six add-on acquisitions since inception, expanding its operations in Nebraska, Colorado, Wisconsin, and Kansas. Burton partners with regional HVAC, plumbing, and electrical services providers to help them grow their businesses through follow-on M&A along with additional organic growth tools and capabilities.

“We are excited to be partnering with the team at LightBay,” said Mark Evans, President of Burton. “Burton has a long track record of providing our local communities with their home comfort needs. We are dedicated to doing right by our people and in doing so, maintaining our employee-centric culture. All of us at Burton are thrilled to welcome LightBay as our partner given our shared focus on human capital and culture, and we look forward to our next phase of growth.”

Adam Stein, Co-Founder and Partner at LightBay Capital, said, “Mark and his team have built a winning business model in a highly attractive market segment. The Company’s track record of growth, customer service, and technician retention are a testament to its people-first culture and focus on providing value to homeowners. We share management’s vision for the future and are excited to support their efforts to accelerate growth as long-term investors in the Company.”

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David Burcham, Partner at LightBay Capital, added, “Our investment in Burton is consistent with our focus on backing talented management teams and high-growth business models. The Company has a terrific reputation as a partner to business owners and will continue to prioritize growth through acquisition. We are excited to work with Mark and the rest of management to support Burton’s growth in years to come.”

Cowen Inc. served as the financial advisor and Ballard and Spahr, LLP provided legal counsel to Burton in connection with the transaction. William Blair & Company served as the exclusive financial advisor and Kirkland & Ellis LLP provided legal counsel to LightBay Capital.

About LightBay Capital

LightBay Capital is a Los Angeles-based growth-focused private equity firm that applies a flexible capital approach to middle-market investing. Primarily focused on the healthcare, consumer, and business services industries, LightBay invests across the capital structure and in all market environments to help accelerate the growth of high-quality companies. For more information, please visit www.lightbay.com.

To discuss investment opportunities, please contact David Leeney at dleeney@lightbay.com.

About Burton

Burton is a leading HVAC, plumbing, and electrical services provider serving residential customers in growing markets throughout the Midwest and Central U.S. The Company has a portfolio of seven long-standing local brands with a presence across Nebraska, Wisconsin, Colorado, and Kansas. Burton is headquartered in Omaha, NE, and is led by Mark Evans, who has been involved with the Company since 1995. For more information, please visit www.justcallburton.com.

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Contacts

Stella Ho
LightBay Capital
stella@lightbay.com