Burns & McBride acquired by private equity co.
NEW CASTLE – Burns & McBride Home Comfort, a multi-generational, family-owned HVAC company, was recently acquired by Sila Services, a growing national portfolio company backed by private equity.
The terms of the deal were not disclosed in an Oct. 23 announcement but Burns & McBride will retain its brand and leadership under Sila.
Founded in New Castle in 1949 by late partners Tom McBride and Mike Burns, the company grew to become a well-known residential service provider in the Delaware, Pennsylvania and Maryland region.
McBride’s sons, Tom Jr., Terry and Jim, joined the family business in the 1980s and took over following the passing of their father in 1997. In 2018, Brian McBride joined the company to represent the third generation of family in the business.
Burns & McBride’s reputation has grown locally in part because it guarantees rigorous background checks on all employees, a 24/7 response time from a team member and expertise on any HVAC system.
A request for comment on the deal to Burns & McBride has not yet been returned.
Sila Services, a 34-year-old residential HVAC, plumbing and electrical service provider founded in King of Prussia, Pa., first tapped into private equity in 2019, with Boston-based firm Dubin Clark investing to increase the company’s reach. It subsequently grew its client market from New Hampshire to Virginia.
In 2021, Morgan Stanley Capital Partners, the private equity arm of the investment giant that focuses on middle-market companies with enterprise values between $100 million and $750 million, acquired Sila Services from Dubin Clark along with some co-investors. Since its private equity investment, Sila has grown to 23 brands across 30 locations throughout the Northeast, Mid-Atlantic, and Midwest.
“We are excited to welcome the distinctive leaders and world-class team members of Burns & McBride into the Sila Services family,” said Jason Rabbino, CEO of Sila Services, in a statement. “This partnership strategically strengthens our position in the Mid-Atlantic region with another best-in-class team and brand. We are excited to build upon Burns & McBride’s legacy of exceptional service and bring even more value to our customers. With their long history and deep roots in Delaware, Burns & McBride brings a wealth of knowledge and customer trust to our team. Together, we will continue to raise the bar for delivering exceptional home comfort service and installation solutions in Delaware, Maryland, and Pennsylvania.”
The deal is just the latest example of a longtime Delaware leader selling into what’s known as an “industry roll-up,” where private equity investors back the merger of multiple smaller companies in the same industry to create a larger company with bigger markets and centralized synergies.
Last month, Lineage Logistics, a Michigan-based logistics company backed by private equity, acquired all of the cold-storage warehousing nationwide from longtime Delaware shipping leader Burris Logistics. Lineage now controls half of all cold-storage space in Delaware.
Two years ago, leading environmental engineering firm Duffield Associates was rolled into Verdantas, a new private equity-backed engineering company that spans nearly the entire country.
And in the registered investment advisor industry, private equity-backed Mercer Advisors has acquired Mallard Financial Partners, Mallard Advisors and McDermott Advisory Group around northern Delaware in the past few years.