Seaside Equity Partners Announces Sale of Andersen Commercial Plumbing to Sun Capital Partners
July 8, 2022
SAN DIEGO, CA – Seaside Equity Partners, LLC (“Seaside”), a growth-oriented private equity firm focused on investing in leading providers of mission critical services in the Western U.S., is pleased to announce that it has completed the sale of its portfolio company Andersen Commercial Plumbing, LLC (“ACP” or “Company”) to Sun Capital Partners. Terms of the sale were not disclosed.
Headquartered in La Verne, CA, ACP provides turnkey plumbing and HVAC services to the Southern California market, serving as a one-stop solution to its growing customer base. Through its eight locations, ACP services a loyal, blue-chip set of customers across diversified end markets.
The sale of ACP is a representation of Seaside’s commitment to supporting founder- and family-owned and led businesses through their next phase of strategic growth. Throughout its ownership period, Seaside and management implemented and executed on numerous elements of Seaside’s value creation playbook, utilizing a specialized strategy and refined process to drive meaningful growth and value creation. Through the acquisition of eight highly complementary plumbing and HVAC service providers, the execution of one greenfield expansion, and the achievement of a set of clearly defined strategic initiatives, ACP has grown revenue and EBITDA meaningfully since 2018.
“The tremendous growth we have experienced over the past four years is a testament to our top-notch organization and the notable value we provide for our customers. This sale is a result of the hard work our employees put in day in and day out, allowing us to lay the foundation for the strong brand from which we benefit in the market and separate ourselves from the competition. I would like to thank Seaside for their partnership and commitment over the last several years which has allowed us to unlock our potential,” said Paul Andersen, President & Founder of ACP.
“Paul and the entire ACP team have worked diligently to put in place the required infrastructure and playbook needed to support ACP’s impressive expansion. The team’s work has laid the foundation for the best-in-class business that ACP represents today. We are extremely proud and thankful for the opportunity to partner with ACP and the eight additional, exceptional founder-owned businesses we were able to add to the ACP family over our four-year investment period and we wish them the best of luck on this exciting next phase of their journey,” said Jesse Kay, a member of the Seaside investment team.
Lincoln International LLC served as the exclusive financial advisor to ACP on the transaction.
About Andersen Commercial Plumbing
Andersen Commercial Plumbing is a leading provider of turnkey plumbing and HVAC services to the Southern California market. ACP maintains its leading market position through deep, long-term relationships with a blue-chip set of customers across a wide range of end markets. ACP was founded in 1994, and is headquartered in La Verne, CA.
For additional information on Andersen Commercial Plumbing, see www.andersensenplumbing.com.
About Seaside Equity Partners
Seaside Equity Partners is a growth-oriented and operationally focused private equity firm based in San Diego, CA. The firm seeks to provide capital, resources and strategic support to leading mission critical services businesses that are headquartered in the Western United States. Seaside is currently investing out of a $160 million investment vehicle that closed in February 2021, which focuses on partnering with founder, family, and entrepreneur-owned businesses.
For additional information on Seaside Equity Partners, see www.seasideequity.com.