Houlihan Lokey Advises CCMP Growth Advisors

Houlihan Lokey is pleased to announce the successful acquisition of Airo Mechanical, LLC (Airo) by CCMP Growth Advisors, LP (CCMP Growth) and the placement of a senior secured credit facility to support the transaction.

CCMP Growth is a private equity firm focused on leading buyout and growth equity investments in high-growth, lower-middle-market companies in the industrial and consumer sectors, primarily in North America. CCMP Growth leverages its team’s extensive investment experience and deep industry relationships and its proprietary research model to identify high-growth companies. The CCMP Growth team partners with management to help each of its portfolio companies scale and build enduring growth through strategic and operational support.

Airo is a leading provider of comprehensive heating, ventilation, and air conditioning (HVAC) and plumbing installation services for an increasingly diverse range of projects, from new construction installations to retrofits and replacements. The company specializes in multifamily and light commercial environments, using only the most advanced tools and best practices to optimize every stage from design and estimation to installation and post-project support. As a trusted industry leader, Airo combines expert craftsmanship with advanced technology to deliver reliable, high-quality solutions to meet each project’s needs. By prioritizing on-time completion, budget accuracy, local expertise, and safety, Airo has a well-earned reputation for reliability and excellence. Over the past few years, it has grown in its core market in North Carolina and expanded its presence in other high-growth markets in South Carolina, Florida, Georgia, and Tennessee.

Chief Executive Officer Matt Baude and Chief Financial Officer Angelia Ryan will continue to lead Airo alongside the rest of the existing management team and will remain significant shareholders in the company. Additionally, Pete Papagiannis, former Chief Operating Officer of BGIS, a portfolio company of CCMP Capital (CCMP Growth’s predecessor firm), will advise the management team on Airo’s growth initiatives as a new member of its board of directors. Mr. Papagiannis has more than 30 years of experience leading technical services companies and will help drive Airo’s strategic growth plan.

Houlihan Lokey served as financial advisor and debt advisor to CCMP Growth. The transaction underscores the power of Houlihan Lokey’s model to combine industry-focused M&A—including unparalleled depth within the HVAC services sector—with capital solutions to holistically enable success for Houlihan Lokey clients.

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