Stout Advises Sierra Air Conditioning on Sale to Airtron Heating & Air Conditioning

Stout has advised Sierra Air Conditioning, Inc. (“Sierra” or the “Company”), a portfolio company of SE Capital Partners (“SE Capital”), on its sale to Airtron Heating & Air Conditioning (“Airtron”), a portfolio company of Gamut Capital Management (“Gamut Capital”). Stout served as the exclusive sell-side financial advisor to Sierra and SE Capital in connection with the transaction, which closed on March 4, 2025.

Sierra is a leading provider of heating, ventilation, and air conditioning (HVAC) installation services for new residential national homebuilders throughout the Las Vegas, Mesquite, and Boise markets. Under the leadership of Cole Wilson, Sierra has strengthened its existing multi-decade relationships with regional and national homebuilders through its exceptional quality and customer service. A multi-generation family-run enterprise, Sierra has built exceptional brand recognition in its local markets.

Cole Wilson, Chief Executive Officer of Sierra, commented, “We are extremely proud of the growth and success that has positioned Sierra for this next chapter of its evolution. Sierra is built on our core values shared across the Company, and these values are focused on developing long-term partnerships with our customers by delivering best-in-class service. Importantly, we see a cultural alignment with Airtron that will enable us to strengthen these customer relationships and further accelerate our growth trajectory.”

Jeff Morrow, Chief Executive Officer of Airtron, added, “Our shared commitment to servicing our customers will create the premier, national HVAC installation provider that will strengthen Airtron’s ability to provide high-quality solutions to our regional and national homebuilder partners with an expanded geographic presence. We view this acquisition as a transformational opportunity to expand Airtron’s presence into the western region of the United States and look forward to growing our footprint organically and through further acquisitions in the existing and surrounding markets.”

Michael Hanigan, Partner at Gamut Capital, added, “As part of Airtron’s commitment to serving as a critical channel partner to homebuilders and HVAC suppliers across the nation, we are excited to strategically invest in an expansion plan which enhances Airtron’s offering and strengthens existing and new relationships. The partnership with Sierra provides us the opportunity to back a high-quality team with a proven track record of success in growing markets within the West region. We look forward to partnering with Cole and the Sierra team to unlock additional opportunities in the next phase of the Company’s evolution.”

Mark Abbott, Stout Managing Director and Head of the Business Services Investment Banking Group, as well as Kevin Manning, Stout Managing Director and Head of Investment Banking, led the transaction.

Stout’s Mike Knoblock, Jack Kedroski, Gregory Klen, and Sakshee Jain assisted Mark Abbott and Kevin Manning in the execution of the transaction.

Winston & Strawn LLP served as legal counsel to Sierra and SE Capital, and Katten Muchin Rosenman LLP served as legal counsel to Airtron and Gamut Capital.