FMI Advises Petcosky & Sons Plumbing, Heating & A/C, Inc. in Acquisition to Astar Heating & Air, a Dubin Clark Portfolio Company
Raleigh, NC – FMI Capital Advisors is pleased to announce the acquisition of the residential HVAC, plumbing and related assets of Petcosky & Sons Plumbing, Heating & A/C, Inc. (“Petcosky”) by Astar Heating & Air, LLC (“Astar”). This is Astar’s second acquisition since partnering with Dubin Clark. FMI Capital Advisors served as the exclusive financial advisor to Petcosky & Sons for this transaction.
Founded in 1957, and headquartered in Vestal, New York, Petcosky is a third-generation family business and has 60+ years of experience in providing plumbing, heating, air conditioning, and air purification to single family homes primarily serving the Broome County and surrounding areas of New York State. The acquisition carved out the residential portion of the business, with the commercial HVAC, plumbing and fire services business remaining with the Petcosky family.
“Via the acquisition of Auchinachie HVAC & Plumbing in October 2019, Astar gained an attractive beachhead in the greater Binghamton area,” said Mike Hompesch, Partner of Dubin Clark. “The merging in of Petcosky represents a highly strategic and synergistic move that leverages Petcosky’s strong reputation for service quality to create the leading provider in the area.”
“Astar is excited to welcome Petcosky’s 60+ year history and highly-regarded employees to its team, and is looking forward to working in tandem to more effectively service its residential customer base,” stated John O’Brien, CEO of Astar. “This acquisition is yet another leap Astar has taken toward creating a leading plumbing, heating, cooling, and home services provider in the region.”
About Astar:
Founded in 1976 and headquartered in Middletown, New York, Astar is a leading provider of HVAC replacement, maintenance, and plumbing solutions to residential homeowners throughout the lower Hudson Valley region of New York.
About FMI Capital Advisors:
FMI Capital Advisors, a subsidiary of FMI Corporation, is a leading investment banking firm dedicated to the built environment. With more than 750 completed M&A transactions, our industry focus enables us to maximize value for our clients through our deep market knowledge, strong technical expertise and an unparalleled network of industry relationships.