Airo Mechanical announced that it has been acquired by CCMP Growth Advisors, LP, a private equity firm that partners with high growth, lower middle market industrial and consumer companies to build enduring growth, from an investor group led by Thomas Investments and Stephens Capital Partners.   

Chief Executive Officer Matt Baude and Chief Financial Officer Angelia Ryan will continue to lead Airo alongside the rest of the existing management team and will remain significant shareholders in the company. Additionally, Pete Papagiannis, former chief operating officer of BGIS, a portfolio company of CCMP Capital (CCMP Growth’s predecessor firm), will advise the management team on Airo’s growth initiatives as a new member of its Board of Directors. Mr. Papagiannis has more than 30 years of experience leading technical services companies and will help drive Airo’s strategic growth plan.

“CCMP Growth has significant experience helping skilled trade industrial companies like Airo build enduring growth, and I am excited to work with them to capitalize on the numerous opportunities ahead,” said Matt Baude, chief executive officer of Airo Mechanical. “We look forward to benefitting from the CCMP Growth team’s deep expertise as we continue to expand our customer offering, including our commercial retrofit and replacement capabilities, invest in our technology stack, enter new markets across the Southeast, and provide our employees with new opportunities. We also thank Thomas Investments and Stephens Capital Partners for their invaluable support over the last five years.” 

Airo delivers comprehensive HVAC and plumbing installation services on an increasingly diverse range of projects, from new construction installations to retrofits and replacements. The company specializes in multifamily and light commercial environments, using only the most advanced tools and best practices to optimize every stage from design and estimation to installation and post-project support. As a trusted industry leader, Airo combines expert craftsmanship with advanced technology to deliver reliable, high-quality solutions to meet each project’s specific needs. By prioritizing on-time completion, budget accuracy, local expertise, and safety, Airo has a well-earned reputation for reliability and excellence. Over the past few years, it has successfully grown in its core market in North Carolina and expanded its presence in other high-growth markets in South Carolina, Florida, Georgia and Tennessee. 

“We have been impressed by Airo’s success over the past few years, and we are excited to invest in the Company at what we believe is an optimal time for Airo to accelerate its organic and strategic growth,” said Mark McFadden, co-managing partner at CCMP Growth Advisors. “Airo is a trusted and highly skilled provider in the multifamily and light commercial property sectors, playing a critical role in cost effectively addressing the housing shortage in several high growth markets across the Southeast. Together, we will help grow Airo’s business by expanding its capabilities and geographic reach so the team can continue to deliver high-quality solutions to its valued customers.” 

Patrick McGrath, managing director at CCMP Growth Advisors, added, “Matt and Angelia have done a great job driving operational excellence throughout the organization, and we are pleased that Airo has decided to partner with us as it moves into a promising new phase of growth. We have a deep understanding of Airo’s industry and look forward to applying our sector-specific expertise and relationship networks to drive Airo’s growth plans forward.  We are also thrilled to work with our longtime friend and partner Pete Papagiannis to support Airo’s growth.” 

“Since our investment in 2020, Airo has significantly expanded its leadership team and accelerated its investments in technology, employee development, and customer service capabilities.  We are proud of the outstanding service Airo has provided to its customers, employees and communities as it has grown,” said Heath Norman, Thomas Investments. “CCMP Growth is the ideal investment partner for Airo at this stage of its development. I am excited to remain on the Board of Directors and reinvest in the Company alongside CCMP Growth and the management team.”

Ropes & Gray LLP served as legal advisor and Houlihan Lokey served as financial advisor and debt advisor to CCMP Growth. Stephens Inc. served as financial advisor and Holland & Knight LLP served as legal advisor to Airo.