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Moncrief Heating & Air Conditioning
(a subsidiary of Unique Indoor Comfort)
Case Study - Frank Mutz, President
2x
Total Earnings Growth in 18 Months
75/25
Unique Indoor Comfort/
Operator Ownership Split
Operator Ownership Split
1
Moncrief was the first company on the Unique platform
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Searching For the Right Investor
Finding Grove Mountain
I was not a seller. I had no intention or desire to
sell Moncrief. I had run this company for almost
50, profitable years always putting the customers
and employees first. Then I met the Ransom
James, head of Grove Mountain Partners, who
lived and worked nearby. We discussed Grove
Mountain Partners coming into the HVAC industry,
and we shared information with me wishing him
good luck. One thing led to another and I became
somewhat interested. Interested enough to
consider selling and then for comparison visiting
other private equity companies and their operating
HVAC businesses. All the private equity people
seemed to be OK. No red flags. But when I
visited their companies, I noticed their cultures
and operating philosophies were too different from
mine. There was no way for any amount of
money that I would join them. I could not do that
to my associates or my customers. If I was going
to sell, Grove Mountain Partners became my only
viable choice. They had no intention of changing
the way we interacted with employees and
customers or, so they said. Making a very long
story short, I sold Moncrief to Grove Mountain
Partners. Sure, I was nervous. Will they. Won't
they. The good news is that during our entire
time with GMP, they were true to their word. They
let Moncrief be Moncrief.
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The Results
Moncrief experienced growth in sales and profits, and, together with our platform association, provided professional growth potential for Moncrief employees where there previously was none. As the owner, I made a very nice return on my
investment and years of constant, 24/7 paying attention to
this business. The key managers all made a significant
bonus when GMP sold the platform. As a direct result of our
relationship with Grove Mountain Partners, Moncrief saw a
significant improvement in equipment purchasing (lower
cost), employee and management training, information
technology, and marketing. In short, it was win win for
everyone involved.
- Significant equity value creation for everyone