Image: Service Logic
Private-equity heavyweight Bain Capital has secured about $3.1 billion in private credit financing to acquire Service Logic, one of the largest privately held commercial HVAC and mechanical services companies in North America. The seller is fellow PE firm Leonard Green & Partners, which bought Service Logic from Warburg Pincus in 2020
Deal overview
Bain Capital is acquiring Service Logic from Leonard Green & Partners, another private-equity firm.
The financing comes in the form of a private credit (debt) package of about US$3.1 billion.
According to reports, lenders involved include major private-credit/loan houses and firms such as Blackstone Inc., Apollo Global Management, KKR & Co., and others.
Service Logic is described as the largest privately-held network of commercial HVAC companies in the U.S. and Canada.
Revenue for Service Logic is cited at over US$2.2 billion for 2024.
The exact purchase price beyond the financing is not publicly disclosed in detail. The financing is indicative of total transaction size.
Why this matters
Scale in Services/Infrastructure: The HVAC services sector – particularly commercial HVAC – represents a critical infrastructure/maintenance market that is relatively resilient, and this deal demonstrates how large PE funds are targeting service-platform companies with scale.
Debt markets & private credit: The use of a large private credit package (~US$3.1 billion) underscores confidence by lenders in backing large leveraged buyouts in service-oriented businesses.
Consolidation potential: Service Logic’s claimed scale (140+ locations, 5,000+ technicians according to one report) means the platform is well-positioned for further roll-up or integration of smaller regional HVAC service firms.
Exit dynamics: For Leonard Green & Partners, this may represent an exit or partial exit. For Bain, the opportunity will likely involve operational improvements, further consolidation, and eventual monetisation through sale or IPO.
What’s next / deal timeline
According to Bloomberg and other sources, the deal is expected to close in 2026, pending regulatory approvals and completion of the financing package.
Deal terms remain subject to change; as of now, we have the financing arrangement but not the full definitive deal terms made public.
Observers will be watching how Bain integrates Service Logic, whether it pursues aggressive acquisitions of smaller HVAC providers, and how the debt load is managed.
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