Harleysville, PA-based company enhances H.B.’s offering, expands service area
HARRISBURG, PA – August 1, 2014 – H.B. McClure Company (“H.B. McClure”), one of central Pennsylvania’s oldest and most diverse commercial and residential mechanical contractors, has merged with I.T. Landes & Son (“I.T. Landes”), a Harleysville, PA-based commercial/residential PHVAC service, installation and fuel oil company. The transaction closed August 1, 2014, and terms were not disclosed.
I.T. Landes’ Montgomery County location will continue operation under the I.T. Landes name and the present management team of Chris and Mike Landes will remain on staff. The addition of I.T. Landes expands H.B. McClure’s ability to service customers in the greater-Philadelphia market. The combined firm will be 100% ESOP-owned and will have projected combined revenue of approximately $65 million for fiscal 2014/2015.
“I.T. Landes is a 4th generation family-run business, founded in 1929. We looked to merge with H.B. McClure because of their strong reputation as a leading mechanical contractor in the region and because of their employee-owned [ESOP] culture,” said Chris Landes, President. “We felt this was our best way to transition out of an ownership role and reward our current staff. In addition, H.B. McClure’s commitment to deliver superior customer service is a perfect fit with our business philosophy and culture.”
One of H.B. McClure’s ongoing strategies to serve more clients has been growth through geographical expansion. H.B. McClure also seeks to provide additional employment opportunities for its employee/owners. The company, founded in 1914, established an ESOP in 2010 and routinely seeks not only to offer growth opportunities to its employee/owners but to provide a work place that attracts motivated, customer-centric team members.
“H.B. McClure strives to deliver on our core values of ‘trust, quality and value’ to both residential and commercial clients” said Bob Whalen, President. “But we also want to be known as a place where we’re employee focused; where staff can grow and succeed in learning new skills while doing great work. The I.T. Landes firm, with its history and diversification is a perfect match for our company.”
Fairmount Partners acted as exclusive financial advisor to I.T. Landes in the transaction. Both H.B. McClure and I.T. Landes will continue to perform mechanical design/build installations for commercial and residential clients, provide plumbing and HVAC service, and deliver fuel oil to homeowners and businesses throughout central Pennsylvania and greater Philadelphia.
About I.T. Landes
I.T. Landes & Son, Inc. was established in 1929 and is headquartered in Harleysville, PA. Since the early years of the company, and through today, I.T. Landes’ philosophy of customer service and customer loyalty has been the foundation for its growth. I.T. Landes’ ability to adapt and embrace change and technology has made the company proficient in all aspects of plumbing and heating & cooling. Today, I.T. Landes offers expertise in everything from the most basic plumbing services to the design and installation of multi-million dollar HVAC & plumbing systems for corporate and industrial applications. For more information, visit: www.itlandes.com.
About H.B. McClure
Founded in 1914, H.B. McClure is central Pennsylvania’s leading design/build mechanical contractor. H.B. McClure also provides commercial installation and service to hundreds of businesses throughout the mid-state. H.B. McClure serves hundreds of homeowners throughout central Pennsylvania, providing reliable, timely heating, cooling, plumbing, electrical and home comfort emergency service, installation and maintenance. For more information, visit: hbmcclure.com.
About Fairmount Partners
Fairmount Partners is one of the largest investment banking groups in the Mid-Atlantic region. The firm specializes in advising middle-market growth companies with mergers and acquisitions, capital raising and strategic advice. Fairmount’s key focus areas include: Industrial & Consumer, Healthcare, IT and Business Services and Software & Technology businesses. Fairmount has completed transactions throughout North and South America, Europe, Asia and Australia. For more information, visit: www.fairmountpartners.com
Principals of Fairmount Partners acted as advisors to I.T. Landes in this transaction.
|I.T. Landes’ Advisors:||H.B. McClure Company’s Advisors|
|Fairmount Partners: Financial Advisor||McNees, Wallace & Nurick LLC: Legal Advisor|
|Fox Rothschild LLP: Legal Advisor||Stevens & Lee: Legal Advisor|
|Detweiler, Hershey & Associates, P.C: Accounting Advisor||Brown Schultz Sheridan & Fritz: Accounting Advisor|