Sila Services, a leading provider of HVAC, plumbing and electrical services based in King of Prussia, Pa., will have a new majority owner.
The company announced this week that the Private Equity business at Goldman Sachs Alternatives will acquire a majority stake in the company from affiliates of Morgan Stanley Capital Partners (MSCP). The deal is subject to obtaining customary regulatory approvals.
As part of the transaction, Sila management will continue to lead the company and retain a significant minority stake.
Since MSCP invested in Sila in 2021, the firm has rapidly developed into a residential services leader through strong organic growth, strategic M&A and significant platform capability building. It has become a residential HVAC, plumbing and electrical services leader across the Northeast, Midwest and Mid-Atlantic regions.
“I am very proud of what Sila’s team has accomplished in partnership with MSCP during this chapter of the Company’s growth to build Sila into a truly distinctive residential services operating company emphasizing building careers for tradespeople and delivering consistent customer excellence,” Jason Rabbino, CEO of Sila, said. “We are excited to partner with Goldman Sachs on the next phase of the Company’s growth, and benefit from its global platform, deep experience in consumer & consumer services sectors, and differentiated value creation resources.”
Financial terms of the transaction were not disclosed.
“Sila is a truly special organization and a business we have been admiring from afar for quite some time. We are thrilled to partner with Jason Rabbino and the entire Sila team to further accelerate the Company’s growth trajectory – organically and via M&A – building upon the impressive foundation they thoughtfully developed over the years,” Nicole Agnew, partner in Private Equity at Goldman Sachs Alternatives, said.
William Blair served as lead financial advisor to Sila, with co-advisory support from Robert W. Baird & Co.