The Stephens Group, LLC Announces Sale of Summit Industrial Construction, LLC to Comfort Systems USA

January 2, 2024

LITTLE ROCK, ARKANSAS – January 2, 2024 – The Stephens Group, LLC (“The Stephens Group”) today announced that it has entered into a definitive agreement to sell Summit Industrial Construction, LLC (“Summit”) headquartered in Houston, Texas, to Comfort Systems USA, Inc. (NYSE: FIX) (“Comfort Systems”).

Summit is a specialty industrial mechanical contractor offering engineering, design-assist and turnkey, direct hire construction services of modular systems serving the advanced technology, power, and industrial sectors. Summit’s capabilities encompass a wide range of modular and site-based construction including process piping, equipment setting, large pipe rack trestles, and related steel erection and specialty concrete work.  Summit is a trusted supplier to some of the world’s largest advanced technology, power and industrial companies and is currently deployed on several major chip fabrication projects.

“It’s been a pleasure to partner with Jeff since the founding of Summit Industrial. He and the talented team at Summit have done a remarkable job building their capabilities to become a leading industrial contractor. We are excited about this transaction for them and the future for the company under Comfort Systems,” said Witt Stephens, CEO and Co-Chairman of The Stephens Group.

Jeff Johnson, Chief Executive Officer of Summit, commented, “The Stephens Group has been a wonderful and patient partner the last twelve years. With their support, we added key personnel to our team, evaluated several acquisition targets, and strategically shifted our end markets of focus. We are excited to continue our growth with Comfort Systems. We chose Comfort Systems based on our belief that we can leverage their complementary capabilities and assets to better serve our customers. Summit and Comfort Systems have a strong cultural alignment and a shared commitment to team members at all levels. Together we can continue our strategic focus and provide even more value to customers with additional capabilities and resources. We believe that Summit and Comfort Systems have a bright future together.”

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 over $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.