NEW YORK, June 3, 2021 – Granite Comfort (“Granite” or the “Company”), a leading residential HVAC and plumbing company, announced today that it has acquired Green Air Care. Green Air Care is a residential HVAC company serving the Chicagoland metropolitan area. Green Air Care will join Raleigh-based Air Experts, Dallas-based Frymire Home Services and Philadelphia-based Signature HVAC as the fourth member of the Granite Comfort organization.
Green Air Care is a professional heating, cooling, and air duct cleaning company specializing in the installation and maintenance of air conditioners, furnaces, indoor air quality systems, and residential and commercial air duct cleaning. Green Air Care was founded over a decade ago by Larry Kichatay and Erik Babayev in Buffalo Grove, Illinois and has been locally owned and operated.
Granite Comfort invests in and partners with leading residential HVAC and plumbing businesses by deploying a unique leasing strategy called EASE Comfort®. EASE Comfort allows customers to lease energy efficient HVAC systems under long-term agreements, providing residential energy infrastructure-as-a-service at no upfront cost to the customer. The Company, founded in 2019 by industry veteran Alex Black and Tiger Infrastructure Partners, has completed four acquisitions and now operates in Dallas, Raleigh, Philadelphia and Chicago. Granite Comfort’s partners continue to operate under their respective brands.
“The acquisition of Green Air Care expands Granite Comfort’s footprint into our fourth geographic market” said Alex Black. “We have been searching for the right partners in Chicago, the third largest market in the United Sates, and are excited to have Erik and Larry and their staff join the Granite Comfort team as we continue to grow. Green Air Care is a strong HVAC and air purification company with tremendous entrepreneurial spirit.”
Larry Kichatay, President of Green Air Care, said: “Partnering with Granite Comfort will allow us to adopt best practices and differentiate ourselves by offering our customers the unique EASE Comfort lease products. With a strong focus on customer service, our Green Air Care team will provide our customers with the most comprehensive HVAC replacement options in the industry.” Mr. Kichatay and Mr. Babayev will continue in their current positions as President and Installation Director of Green Air Care, respectively, post-transaction.
Baker McKenzie acted as legal counsel and TrueNorth Capital Partners acted as financial advisor to Granite Comfort.
About Granite Comfort
Granite Comfort, founded in 2019, is a residential HVAC and plumbing platform company that invests in and partners with leading residential HVAC companies in the United States. Granite Comfort supports the growth of its partner businesses in several ways, including by enabling them to add a lease offering, EASE Comfort, to their existing portfolio of home comfort solutions. EASE Comfort helps create a unique and differentiated selling proposition that is proven to result in accelerated and more predictable business growth. For more information, visit www.granitecomfort.com
About Tiger Infrastructure Partners
Tiger Infrastructure Partners is a middle-market private equity firm that invests in growing infrastructure platforms. Tiger Infrastructure targets investments in communications, energy transition, transportation, and related sectors, primarily located in North America and Europe. For more information, visit www.tigerinfrastructure.com