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Arnold & Porter Assists American Capital in $340 Million Service Experts Merger

May 16, 2016

Washington, DC, May 16, 2016 -- Arnold & Porter recently served as M&A counsel for Service Experts in its $340 million merger with a subsidiary of Enercare Inc., one of Canada’s largest home and commercial services companies. Private equity firm and Service Expert’s parent, American Capital, Ltd., received $244 million in proceeds, including fees and assuming full collection of escrow and other holdback amounts. As a result, American Capital says it realized 18 times its investment in Service Experts, a national HVAC sales and service firm, and generated a compounded annual rate of return of 184%, including interest, dividends, fees and realized gains.  American Capital acquired Service Experts in March 2013, and Arnold & Porter served as counsel to American Capital in that transaction.  The total cash consideration in the merger with Enercare is subject to customary working capital and other post-closing adjustments. Arnold & Porter’s legal team was headed by Andrew Varner and included Gerald Shepherd (Securities), Cindy Mann and Joel Deuth (Tax), Jay Ewart and Seth Wiener (Antitrust), and Theresa Nguyen, Whitney Jordan and Meghan Martin (M&A).

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