“Reflecting on the transaction, I am positive that Matt and Calder Capital found us the right partner to propel Griffen to new heights. There is a level of peace and contentment that I have found as I closed this chapter of my life, knowing that Griffen is in great hands. I credit Matt’s tenacity and thoughtful counsel as key factors in this successful sale.”
– Todd Mikel, Owner, Griffen Plumbing and Heating, Elkhart, IN (Seller)
“Matt and the Calder Capital team kept all parties aligned and made a complex process far more manageable. We greatly appreciated working with Matt throughout.”
– Joel Fonseca, Investment Professional, Orion Group, New York City, NY (Buyer)
Calder Capital is pleased to announce the successful sale of Griffen Plumbing and Heating of Elkhart, Indiana, to Astra Service Partners, a platform company of Orion Group based in New York City, New York.
Griffen Plumbing and Heating delivers a wide range of services, including preventative maintenance, installations, and repairs. Founded in 1982, the Company has grown from 2 service technicians to a team of 50 highly skilled mechanical service professionals. Griffen has built a strong reputation across Northern Indiana and Southwest Michigan. Pursuing retirement to spend more time with family and travelling, while living by the motto “tomorrow is never promised,” Owner of Griffen Plumbing and Heating, Todd Mikel, engaged Calder Capital’s Sell-Side team to pursue other aspirations in life.
Orion Group builds national service businesses by investing in companies with strong cultures and by attracting top technical and leadership talent. Astra Service Partners, a division of Orion Group, focuses on commercial and industrial field services, acquiring and growing leading heavy mechanical companies. As part of the Astra network, Griffen will now work closely with fellow Midwest partner Air Comfort, a top HVAC provider.
“After 40 incredible years building Griffen, I’m grateful to our team and customers who made the journey so meaningful,” shared Mikel. “After a fulfilling career, I’m ready for my next chapter, one that includes more time with my family and quiet mornings spent fishing. Partnering with Calder Capital gave me the peace of mind with this step, and with Astra, I know Griffen’s future is in great hands.”
“We are thrilled to welcome Griffen Plumbing and Heating to Astra Service Partners,” stated Joel Fonseca of Orion Group. “Griffen has an incredible reputation, built on exceptional service and its deeply committed team. We look forward to supporting Griffen’s continued growth and success in the Midwest market.”
Matt Uhl of Calder Capital served as the Lead Mergers & Acquisitions Advisor to Griffen Plumbing and Heating. Aiding in the transaction was Lead Associate Greg Weess.
During the process, Griffen attracted interest from a wide pool of qualified buyers, with Calder Capital distributing 243 CIMs and Griffen ultimately receiving 8 offers.
“Reflecting on the transaction, I am positive that Matt and Calder Capital found us the right partner to propel Griffen to new heights. There is a level of peace and contentment that I have found as I closed this chapter of my life, knowing that Griffen is in great hands. I credit Matt’s tenacity and thoughtful counsel as key factors in this successful sale,” stated Mikel.
“Matt and the Calder Capital team kept all parties aligned and made a complex process far more manageable. We greatly appreciated working with Matt throughout,” added Fonseca.
“It was an honor to work alongside Todd and help him achieve a successful outcome for his business,” commented Uhl.
“Calder Capital’s expertise in plumbing and HVAC mergers and acquisitions continues to drive compelling results for clients seeking to sell or grow their businesses in these industries,” said Max Friar, Founder and Managing Partner of Calder Capital. “Cheers to Matt Uhl of our team for closing Griffen and congratulations to both Todd and Joel on the realization of your hard work.”
Calder Capital served as the Exclusive Sell-Side Mergers and Acquisitions Advisor to Griffen Plumbing and Heating.
About Griffen Plumbing and Heating:
Founded in 1982, Griffen Plumbing and Heating is a leading HVAC and plumbing business based in Elkhart, Indiana. The company provides heating, air conditioning, plumbing, and air compressor services to residential, industrial, and commercial facilities throughout Indiana and Michigan. To learn more, please visit www.GriffenPH.com.
About Astra Service Partners:
Astra Service Partners, a portfolio company of Orion Group, is a leading network of mechanical service providers across the nation. Astra focuses on supporting and growing its partner businesses while preserving their local legacies. To learn more, please visit www.AstraServicePartners.com.
About Orion Group:
Orion Group is a commercial and industrial field services company that invests in and grows market-leading businesses. Orion is building national businesses in multiple field services sectors by investing in companies with great cultures, attracting the best technical and managerial talent, and creating unmatched growth opportunities for them. For more information, please visit www.OrionServicesGroup.com.
About Calder Capital:
Founded in 2013, Calder Capital is a cross-industry mergers and acquisitions advisory firm with offices across the United States. Calder provides valuation, sell-side, and buy-side services. We are nationally recognized for excellence in advising $1-100M enterprise value transactions in manufacturing, construction, distribution, and business services. Calder serves business owners, entrepreneurs, family offices, financial buyers, and investors. Learn more at www.CalderGR.com.
