Our Credit platform has supported Air Control Concepts in its transition from private credit to the public loan markets. Headquartered in Norfolk, VA, AIR is a leading provider of heating, ventilation, and air conditioning (HVAC) products and engineering services to commercial and industrial building contractors, architect-design firms, and business owners in the US.
Partners Group initially provided financing, on behalf of clients, to support Madison Dearborn Partners in its acquisition of AIR in early 2023. Our investment was then upsized to support AIR in making strategic add-ons, which were focused on increasing its scale and diversity. Following a period of strong growth, AIR refinanced its private credit loan in the public markets in mid-2024. Due to our integrated platform, which includes Direct Lending and Liquid Loan businesses, and strong relationship with the sponsor, we were able to continue supporting AIR in the public markets and remain part of its exciting growth journey.
Tom Stein, Partner, Head of Private Credit Americas, Partners Group, says: "Our private credit investment in AIR was a collaborative effort across Partners Group's platform. We leveraged institutional knowledge from other business units to build our conviction in AIR and the broader HVAC market."
Partners Group's Credit business has USD 31 billion in assets under management.
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