Houlihan Lokey Advises Flow Service Partners

Houlihan Lokey is pleased to announce the sale of Flow Service Partners (Flow), a portfolio company of RLJ Equity Partners (RLJ) and LP First Capital (LP First), to Quad-C Management (Quad-C).

Headquartered in Nashville, Tennessee, Flow is a leading provider of heating, ventilation, air conditioning, and refrigeration and plumbing services, including maintenance, repair, replacement/retrofit, and installation services. Through its partners, Flow currently operates in the Midwest, Southeast, and Mid-Atlantic U.S. and has more than 400 employees.

Headquartered in Bethesda, Maryland, RLJ is a middle-market private equity firm with approximately $440 million in total capital under management focused on generating long-term capital appreciation by investing in profitable and growing businesses led by strong management teams. Founded in 2006 by Robert L. Johnson, RLJ originates and invests in traditional buyouts and leveraged recapitalizations. RLJ is a portfolio company of The RLJ Companies.

LP First is a private investment firm with experience creating super-regional and national platforms by leveraging its expertise in mergers and acquisitions, profit center integration, and team building to drive performance. Headquartered in Austin, Texas, LP First maintains an active presence in much of the Southwest, Southeast, and Midwest markets as it continues to take an interest in building best-in-class businesses within traditionally fragmented industries.

Founded in 1989 and headquartered in Charlottesville, Virginia, Quad-C is a middle-market private equity firm focused on investing in established business services, industrials, and healthcare companies. In its three-decade history, Quad-C has invested more than $4 billion of capital in 84 platform companies and over 350 add-on acquisitions. The Quad-C team is committed to partnering with entrepreneurs and management teams to accelerate growth and create long-term value.

Houlihan Lokey served as the exclusive financial advisor to Flow, RLJ, and LP First and assisted in marketing, structuring, and negotiating the transaction on their behalf. This transaction underscores Houlihan Lokey’s success and preeminent position in the facility services sector, including a market-leading position advising platforms that deliver essential HVACR and plumbing services.

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