The transaction marks the debut investment for ICG’s North American Private Equity strategy. Financial terms of the transaction have not been disclosed.
“We are delighted to announce this partnership as the first investment for ICG’s North American Direct Private Equity team,” said Alan Jones, Head of Direct Private Investments for North America at ICG.
Gil-Bar has the key hallmarks we look for in an investment opportunity: a market leader with an excellent management team, and significant runway for growth both organically and through acquisitions. We are excited to partner with Joe Sbarra, Chris Bisaccia, and the rest of the Gil-Bar team.
Since inception 35 years ago, Gil-Bar has become the leading HVAC solutions provider in the New York metropolitan area, offering integrated services from design and engineering consultation through to completion and installation, as well as certification and maintenance. Gil-Bar’s high-level expertise, complex service capabilities and uncompromising ethics and client service has enabled the firm to build deep relationships with both customers and suppliers.
“We are very pleased to partner with ICG as we move into the next phase of Gil-Bar’s evolution,” said Joe Sbarra, founding Partner, Gil-Bar, “Having co-founded the business in 1986, I am proud of what we have accomplished to date. Gil-bar is well-positioned for the future, and with ICG’s capital and experience, I am excited about what we can achieve together.”
ICG will assist management in executing on its organic and acquisition growth strategy, while investing in systems and human capital.
“We believe there are multiple avenues for Gil-Bar’s continued growth as we expand its service and solution offerings and build its footprint both organically and through acquisitions,” added Uzair Dossani and Evan Eason, both Managing Directors at ICG. “We look forward to leveraging our experience to support the team through this next phase of development.”
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ICG provides capital to help companies grow. We are a global alternative asset manager with over 30 years’ history, managing $56.2bn of assets in private debt, credit, and equity, principally in closed-end funds.
We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We operate across four strategic asset classes: corporate, capital market, real asset, and secondary investments. In addition to growing existing strategies, we innovate and pioneer new strategies where the market opportunity exists.
About Gil-Bar Industries
Founded in 1986, Gil-Bar has become the largest and most comprehensive provider of HVAC solutions in New York, New Jersey, and Pennsylvania. Gil-Bar partners with building developers, architects, engineers and contractors to help design, install, problem-solve and service HVAC solutions for commercial, institutional, healthcare, life sciences and residential buildings. Gil-Bar has a team of more than 60 degreed sales engineers and works with over 40 equipment manufacturers. Gil-Bar delivers on more than 5,200 projects per year, with more than 85 percent of its business coming from repeat clients.