Morgan Stanley Capital Partners Agrees to Sell Sila Services
11 Novembro 2024 - 11:15AM
Business Wire
Investment funds managed by Morgan Stanley Capital Partners
(“MSCP”) today announced they have entered an agreement for the
sale of Sila Services (“Sila” or the “Company”) to the Private
Equity business at Goldman Sachs Alternatives (“Goldman Sachs”). As
part of the transaction, Sila management will continue to lead the
Company and retain a significant minority stake. Financial details
of the transaction were not disclosed.
Headquartered in King of Prussia, Pennsylvania, Sila is a
leading provider of residential HVAC, plumbing and electrical
services operating across the U.S. Northeast, Midwest and
Mid-Atlantic regions. Since MSCP’s investment in 2021, Sila has
rapidly developed into a residential services leader through a
combination of consistently strong organic growth, strategic
M&A and significant platform capability building. Built upon
core values of putting people first and prioritizing customer
service, Sila is dedicated to providing a distinctive level of
quality across every aspect of the customer experience journey.
“We are proud to have partnered with Jason Rabbino and the Sila
team as they built an industry-leading residential services
platform,” said Adam Shaw, Managing Director and Head of Business
Services at MSCP. “Sila has cemented itself as a differentiated,
high-growth business in the sector, and we have appreciated the
opportunity to partner with the entire Sila team during this period
of transformational growth. We are extremely grateful for their
hard work and dedication over the past few years.”
“I am very proud of what Sila’s team has accomplished in
partnership with MSCP during this chapter of the Company’s growth
to build Sila into a truly distinctive residential services
operating company emphasizing careers for tradespeople and customer
excellence,” said Jason Rabbino, Chief Executive Officer of Sila.
“MSCP has been a highly value-added partner to the entire Sila
team, steadfastly supporting our organic growth ambitions,
operational initiatives and differentiated M&A approach with
owners. We thank MSCP for their tremendous contributions in
building Sila into the business it is today.”
Sila was MSCP’s first investment in and now its first exit from
the distributed field services sector, which has become a core
sub-sector within MSCP’s Business Services vertical. Since
investing in Sila in 2021, MSCP has partnered with a number of
other businesses across the distributed field services sub-sector,
including outdoor home care and maintenance provider Fairway
Services, residential roofing company Allstar Services, outsourced
HOA management services provider RowCal, and residential and
commercial mitigation and restoration company American
Restoration.
Closing is subject to customary closing conditions, including
the receipt of all required regulatory approvals.
William Blair acted as lead financial advisor to Sila, with
co-advisory support from Robert W. Baird & Co. Debevoise &
Plimpton LLP served as legal advisor to MSCP. Goldman Sachs &
Co LLC served as exclusive financial advisor and Weil, Gotshal
& Manges LLP served as legal counsel to Goldman Sachs.
About Morgan Stanley Capital Partners
Morgan Stanley Capital Partners, part of Morgan Stanley
Investment Management, is a leading middle-market private equity
platform established in 1986 that primarily invests alongside
founders and seeks to partner with management teams to build
best-in-class companies within business, consumer, industrial and
healthcare services. Morgan Stanley Capital Partners seeks to
create value in portfolio companies through a transformational
organic and acquisition-related growth strategy by leveraging its
deep internal operational capabilities and value creation playbook.
For further information about Morgan Stanley Capital Partners,
please visit www.morganstanley.com/im/capitalpartners.
Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its
investment advisory affiliates, has more than 1,400 investment
professionals around the world and $1.6 trillion in assets under
management or supervision as of September 30, 2024. Morgan Stanley
Investment Management strives to provide outstanding long-term
investment performance, service, and a comprehensive suite of
investment management solutions to a diverse client base, which
includes governments, institutions, corporations and individuals
worldwide. For further information about Morgan Stanley Investment
Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing investment banking, securities, wealth management
and investment management services. With offices in more than 42
countries, the Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals. For more
information about Morgan Stanley, please visit
www.morganstanley.com.
About Sila Services
Sila Services is a leading home services platform, operating
over 30 brands throughout the Northeast, Mid-Atlantic, and Midwest.
The companies of Sila Services, with a history of people-focused
trade industry leadership dating back to the early 1900s, offer a
complete range of residential and commercial services in HVAC,
plumbing, electrical, water treatment, indoor air quality, and home
performance solutions. The company’s mission is to attract, develop
and advance the careers of the best people in the home services
trades, ensuring an unmatched level of service and customer
satisfaction in residential services and solutions. For more
information, visit www.silaservices.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20241110551262/en/
Press Morgan Stanley: Alyson Barnes
alyson.barnes@morganstanley.com
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