Exigent Acquires JPG Plumbing & Mechanical Services and ThermaServe

April 25, 2023

Two Acquisitions Accelerate Exigent’s Service and Geographic Expansion in the Southeast

DETRIOT, MI – April 25, 2023 –Exigent Holdco, LLC (“Exigent” or the “Company”), a provider of mission-critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services, has acquired JPG Plumbing & Mechanical Services Inc. (“JPG”) and ThermaServe Inc. (“ThermaServe”). The Stephens Group is a minority investor alongside majority owner Huron Capital (“Huron”) and supported Huron and Exigent in these acquisitions.

“Our newest partnerships with JPG and ThermaServe allow Exigent to better serve its customer base with further scale in the Washington, D.C., Maryland, and Virginia area, new locations in the Southeast, and additional service capabilities across the platform,” said Huron Partner, Scott Hauncher. “Selectively targeting highly accretive opportunities in relevant markets to our ongoing operations is a hallmark of our ExecFactor platform planning and will support Exigent’s scale and growth.”

JPG is a union plumbing and mechanical service company based in Jessup, Maryland, providing plumbing, mechanical, HVAC and industrial vacuum services to commercial, industrial, government and municipal customers in the Washington, D.C., Maryland, and Virginia area (“the DMV”). ThermaServe is a union mechanical service company based in Jacksonville, Florida, focused on repair, retrofit and maintenance of chillers and other HVAC systems to customers in Northern Florida and Southern Georgia.

“The Huron team understands the value creation strategies that accelerate growth, and we’re excited to join forces with the JPG and ThermaServe teams to continue our path towards becoming a market leader in the HVAC, plumbing, and mechanical services industry,” said Peter van Niekerk, CEO of Exigent. “These strategically sourced acquisitions will bring additional services to our capabilities in existing operations, including the DMV area, and will leverage our collective capacity in new markets, including Florida and Georgia. We look forward to building upon the legacy that the JPG and ThermaServe leadership teams have created.”

Honigman LLP served as legal advisor and Moss Adams LLP served as financial diligence advisor to Huron and Exigent.

ABOUT HURON CAPITAL

Huron Capital brings a people-first and thematic approach to private equity investing in secularly relevant and fragmented sectors of the North American services industry. We pride ourselves on an unwavering commitment to candor, trust, accountability, and transparency in our relationships with management teams, investors, advisors, and employees.

Founded in Detroit in 1999, we partner with entrepreneurs and management teams, empowering their companies to new levels of excellence. We provide resources to help companies grow by professionalizing operations, improving service offerings, executing M&A strategies, and accessing new markets.

Huron Capital has managed over $1.8 billion on behalf of a global institutional investor base. We fulfill our commitment to all stakeholders by employing a repeatable playbook to drive thoughtful value creation, showcased in over 260 acquisitions since the firm’s inception.

ABOUT EXIGENT

Reston, Virginia-based Exigent was launched by Huron Capital in 2022 as an ExecFactor initiative focused on providing critical HVAC, plumbing, and other mechanical system repair, maintenance, and replacement services to complex facility operations for healthcare, education, industrial, government, and other commercial customers.

ABOUT THE STEPHENS GROUP, LLC

The Stephens Group, LLC is a private investment firm that partners with talented management teams to help build valuable businesses. Backed by the resources of the Witt Stephens, Jr. and Elizabeth Campbell families, the firm combines the operational expertise of a private equity firm with the flexibility provided by long-term capital. With nearly $2 billion of private equity assets under management, the firm has a long history of providing informed, sophisticated expertise and working with owners and managers to help them successfully achieve their strategic visions and build long-term value. Since 2006, The Stephens Group has invested in over 50 companies, targeting investments in industries across the U.S., including industrial and commercial products and services, specialty distribution, technology infrastructure and vertical software.