HENDERSON, Nev., Jan. 16, 2024 /PRNewswire/ — Columbia Pacific’s Business Finance strategy (“CPBF”), a Seattle-based direct lender to privately held and sponsor-backed companies, is pleased to announce that it has provided a $21 million senior secured term loan to support the acquisition of Sunrise Mechanical and Sunrise Service (“Sunrise”). The heating, ventilation, and air conditioning (“HVAC”) company was acquired last month by independent sponsor Ballard & Brown.
Headquartered in Henderson, NV, Sunrise is one of the largest residential HVAC installation and maintenance service providers in the region. Over the company’s 30 years of operation, Sunrise has grown to more than 150 employees whose commitment to delivering quality and reliability at a competitive cost has made Sunrise a preferred partner for builders in and around Las Vegas Valley. Property owners have also come to rely on Sunrise Service for high-quality and competitively priced repair, maintenance, and replacement services.
“Thanks to CBPF’s in-depth understanding of the independent sponsor model, we were able to complete the Sunrise acquisition swiftly and efficiently before year-end,” said Matt Ballard, CEO and Co-Founder of Ballard & Brown. “As a Las Vegas native with extensive HVAC industry experience I am committed to building on the 30-year legacy of excellence at Sunrise and maintaining the level of quality and reliability our customers expect. We found a financing partner in CPBF who shares our entrepreneurial spirit and allows shareholders to retain the financial upside of successful execution.”
“Sunrise is one of the leading HVAC providers in the Las Vegas Valley and will continue to benefit from long-term population growth and significant residential housing undersupply in the region,” said Lawrence Litchfield, Director of Business Development for CPBF. “Operationally focused independent sponsors turn to CPBF for flexible capital and value-added execution. This transaction demonstrates our ability to support first-time business buyers in need of unique, timely, and less dilutive financing solutions.”
Las Vegas-based GVC Advisory Services Ltd served as the exclusive financial advisor for Ballard & Brown. CPBF was represented by Stoel Rives LLP, Portland, OR and Ballard & Brown were represented by Corporate Securities Legal LLP, Irvine, CA.
Sunrise provides HVAC system installation for single and multi-family residential new construction developers across Las Vegas Valley. The Henderson, NV company also provides maintenance and repair services for residential clients. Over 30 years of operation, Sunrise has become synonymous with quality, reliability, and exceptional customer service. For more information, visit www.sunrisehvac.com and www.sunriseserviceinc.com.
ABOUT COLUMBIA PACIFIC BUSINESS FINANCE
Columbia Pacific’s Business Finance strategy (CPBF) provides $8 to $35 million debt and structured equity financing solutions for middle-market businesses nationwide. CPBF partners with entrepreneurs, independent sponsors, and financial sponsors to support acquisitions, organic growth initiatives, and recapitalizations with flexible, less dilutive financing alternatives. Our experienced team focuses on the factors that drive outcomes, finds solutions, and seeks to execute swiftly. Its parent company, Columbia Pacific Advisors, manages alternative assets including public and private equities, and private credits. For more information, visit www.columbiapacific.com.
COLUMBIA PACIFIC BUSINESS FINANCE
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Contact: Steven Weiss
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SOURCE Columbia Pacific Business Finance