The recapitalization was done to aid in further growth. Initiatives include acquiring like-cultured companies, adding to current services to include emergency plumbing repair and service, electrical and expanded light commercial work.
Naples, Florida (PRWEB) August 18, 2015
Conditioned Air Corporation of Naples, Inc. (Conditioned Air) is excited to announce they’ve successfully completed recapitalization as part of their continued growth in the Southwest Florida region. The company has taken on partners with an equity position via private equity firm, Gemini Investors, based in Boston, Mass.
Along with the addition of partners, the company also underwent a minor change and corporate structure going from Conditioned Air Corporation of Naples, Inc. to Conditioned Air Company of Naples, LLC.
The company services residents from Marco Island to Bradenton, along the Gulf Coast from their Naples, Fort Myers and Sarasota branches. They recently added 10,000 square feet to their Fort Myers operation to serve the growing demand of the Lee and Charlotte County region.
The recapitalization was done to aid in further growth, specifically over the next 5 years as they aim to double their business. Growth initiatives include acquiring like-cultured companies, adding to current services to include emergency plumbing repair and service, electrical and expanded light commercial work.
Gemini Investors gave strong consideration to the operations, ethics and standards of Conditioned Air. As such, all operations will remain a function of the locally headquartered business. The company was purchased by the present ownership in 1993, and has been led by Theo Etzel since 1995. He and his team have grown revenues by more than 1400%. Etzel will remain CEO and has also been named Chairman of the board. Tim Dupre and Carol Papesh, will remain in their roles as President & COO and Senior Vice President & CFO, respectively.
ABOUT CONDITIONED AIR
Founded in 1962, Conditioned Air Company of Naples, LLC has established a loyal customer following by providing the highest quality service at competitive prices to give residents of Southwest Florida their best air conditioning value. Conditioned Air is the recipient of the 2010 National Residential Contractor of the Year Award from the Air Conditioning Contractors Of America organization (ACCA) and the 2011 Business Ethics Award from the Uncommon Friends Foundation in Lee County. With more than 325 employees and in its 53rd year in business, the company services the entire Gulf Coast from Bradenton to Marco Island. For more information, please visit http://www.ConditionedAir.com or call (239) 643-2445.