Capstone Headwaters

HVACR Q1 2019

TABLE OF CONTENTS MERGER & ACQUISTION OVERVIEW

 M&A Overview The global Heating, Ventilation, Air Conditioning, and Refrigeration (HVACR)  Key Trends & Drivers market value is expected to reach $251.6 billion by 2023, growing at an annualized rate of 6.8% during the forecast period, according to Research and  Notable Transactions Markets.1 Heightened emphasis on energy conservation as a result of increased  Select Transactions environmental concerns and government regulations has promoted energy-  Firm Track Record efficient designs in new building and retrofit construction. Increased utilization of advanced cost-saving HVACR systems that monitor and preserve energy usage is expected to drive consolidation as HVACR companies look to increase scale and capabilities to capture growth in the residential, commercial, and retrofit construction industry.

Supported by industry tailwinds, merger & acquisition (M&A) activity has been robust with 90 domestic and international deals closed through November CONTRIBUTORS 2018. Strategic buyers have accounted for 77.8% of total transaction activity as growing industry demand for energy-efficient systems and services has fostered Ted Polk consolidation. For example, ENGIE North America, a leading global provider of Managing Director energy services, acquired Donnelly Mechanical (August 2018, undisclosed), a 312-674-4531 New York City-based HVAC and energy services contractor. The acquisition [email protected] combines ENGIE’s portfolio of energy supply, optimization, and building modernization services with Donnelly’s leading HVAC and mechanical services. Lisa Tolliver Director Buyer Breakdown: Global HVACR Market 312-674-4532 [email protected] STRATEGIC 13.3% Brianna Conway Public 8.9% Associate Private 312-674-4533 [email protected] FINANCIAL 51.1% Direct 26.7% Add-on

Source: Capital IQ, Pitchbook, FactSet and Capstone Headwaters Research

3 www.capstoneheadwaters.com December 2018 HVACR | Q1 2019

KEY TRENDS AND DRIVERS

YEAR-OVER-YEAR INCREASE IN Residential buildings and homes also qualify for personal 4.9% US CONSTRUCTION SPENDING tax credits on energy efficiency improvements and high- efficiency HVACR equipment purchases. Environmentally friendly initiatives are expected to incentivize HVACR US construction spending increased 4.9% year-over-year replacements, driving growth in the industry. to $1.3 trillion in October 2018, according to the US Census Bureau.2 Low interest rates and healthy levels of REDUCTION IN BUILDING employment have supported the rise in construction 20.0% ENERGY CONSUMPTION spending and have contributed to the robust demand in the HVACR industry. Furthermore, robust US construction Industry leading HVACR manufacturers have made activity is expected to increase new and retrofit substantial capital investment into automation and commercial HVAC equipment revenues by 3.0% and 3.8% internet-of-things (IoT) applications in HVACR equipment. year-over-year (YOY) in 2019, respectively, according to JP Daikin, a leading international HVACR manufacturer, has Morgan.3 Continued growth in the new construction and developed Intelligent Equipment (IE), a control solution replacement markets will drive sales traffic toward HVACR that provides real-time monitoring, predictive equipment manufacturers and service providers. maintenance, remote diagnostics, and increased efficiency to its HVACR equipment. Applications of smart US CONSTRUCTION SPENDING technology in HVACR systems reduces energy $1,500 consumption and costs, with reductions in consumption of approximately 20.0%, according to Daikin.6 In addition, $1,308.8 $1,247.5 predictive maintenance through real-time monitoring $1,300 $1,209.6 $1,126.7 extends the lifetime of HVACR systems and reduces the $1,100 $1,035.9 associated maintenance and repair costs. $945.0 $872.0 $900 Continued integration of smart technology into HVACR

($ ($ billions) in equipment is expected to drive organic and acquisitive $700 growth among industry leaders and small to midsize niche, internet-of-things providers. The demand for IoT $500 connected HVACR equipment will be driven by its proven 2012 2013 2014 2015 2016 2017 2018* cost effective control of energy consumption and its maximization of equipment performance and uptime. *ended October 31 Source: US Census Bureau HVACR INDUSTRY REVENUE SEGMENTATION OF ENERGY CONSUMPTION 6.5% AC, Warm Air Heating, 7.6% 40.0% FROM HVACR EQUIPMENT Refrigeration Equipment Unitary ACs Concerns regarding energy consumption and its 10.3% associated costs have driven growth in the HVACR retrofit Heating Equipment 58.2% market. In North America, approximately 40.0% of Industrial and Commercial building energy is consumed by HVACR equipment, Fans and Blowers 17.4% 4 according to IBISWorld. The energy required to maintain Air Purification Equipment HVACR equipment operations properly has prompted replacements of old HVACR systems, as consumers are willing to trade the upfront capital costs for energy Source: IBISWorld savings in the future. The Air-Conditioning (AC), Warm-Air Heating, and Refrigeration Equipment segment has historically In addition to the reduced costs attributed to energy- contributed the largest share of HVACR Equipment efficient HVACR systems, the US government provides tax industry revenue. Demand for this segment has resulted credits and deductions for energy-efficient HVACR in consolidation among manufacturers and servicers. systems use. Commercial buildings are eligible for a tax Notably, the Middleby Corporation (NASDAQ:MIDD) deduction equal to $1.80 per square foot if the building acquired the Taylor Company (May, $1.0 billion), a meets certain American Society of Heating, Refrigerating, provider of foodservice and refrigeration equipment, from and Air-Conditioning Engineers standards.5 United Technologies’ Carrier business. 2 HVACR | Q1 2019

NOTABLE TRANSACTIONS

Several notable transactions were announced or completed in the HVACR industry in 2018. Select transactions are outlined below, followed by a more comprehensive list on the following pages.

Daikin Europe N.V. agrees to acquire AHT Cooling Systems GmbH (November 2018, ~$1.0 billion)

Daikin Europe, a subsidiary of Daikin Industries of Japan, has agreed to acquire AHT Cooling Systems from UK-based private equity firm Bridgepoint for approximately $1.0 billion, equating to 1.8x revenue.7 AHT Cooling Systems is an Austrian-based leading manufacturer of commercial refrigerating and freezing showcases specifically suited for food retailers with operations in over 100 countries. To Acquire The acquisition follows Daikin’s strategic initiative to expand its commercial refrigeration business, bolstering AHT’s extensive range of air conditioning and refrigeration products, services, and solutions. AHT provides Daikin with a solidified position in the European Refrigeration market as well as allows Daikin the opportunity to promote a full-scale expansion in the US and Asia. Together, the combined entity will be able to provide total systems that cover an entire cold chain ranging from food product management to climate comfort of stores.

United Technologies Corporation to Separate Into Three Companies (November 2018)

On the heels of United Technologies’ (NYSE:UTX) acquisition of Rockwell Collins (September, $30.4 billion), United Technologies (“UTC”) has decided to spin-off its Otis Elevator Company business and Carrier Corporation.8 The industrial conglomerate’s decision comes amid increasing investor pressure To Spin-off to unlock value through a separation of entities, benefiting from increased market focus, management attention, and financial flexibility. The split is projected to be completed by 2020.

Carrier Corporation, the Climate, Controls, and Security business of UTC, is a global provider of HVAC, refrigeration, building automation, and fire safety & security products. As a separate entity, Carrier’s extensive portfolio of companies makes it a leader in the HVACR industry. Following the And announcement of separation, Carrier sold its Carrier Refrigeration business in Sweden to Bravida Holding (undisclosed), an installer and servicer for buildings and industrial facilities, in November.

"Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to drive sustained growth, lead its industry in innovation and customer focus, and maximize value creation," said United Technologies Chairman and Chief Executive Officer Gregory Hayes in the press release.

Brookfield Infrastructure Partners L.P. acquires EnerCare Inc. (August 2018, ~$3.2 billion)

Brookfield Infrastructure (NYSE:BIP), a leading global alternative asset manager, has acquired EnerCare (TSX:ECI) for approximately $3.2 billion, equating to a 14.3x EBITDA trading multiple.9 Founded in 2002 and headquartered in Markham, Canada, EnerCare operates through Enercare Home Services, Sub- metering, and Service Experts segments. Its home and commercial services provide residential energy Acquires infrastructure, including water heaters and HVAC rentals, as well as other home services to 1.6 million customers annually and has a sub-metering business with 270,000 contracted services.

“[EnerCare] benefits from stable, long-term cash flows through equipment rentals to a well-established customer base, and we see attractive opportunities to grow the business and continue to create value, leveraging Brookfield’s significant presence in the utility, home building and multi-residential sectors across Canada and the US,” said Sam Pollock, CEO of Brookfield Infrastructure, in a press release. 3 HVACR | Q1 2019

SELECT TRANSACTIONS:

Enterprise EV / LTM Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA

AHT Cooling 11/26/18 Daikin Europe Manufactures industrial cooling and freezing systems. $999.1 1.8x - Systems

Manufactures and engineers custom designs, and 11/16/18 Custom Cooler KPS Global - - - installs walk-in coolers and refrigerators.

Manufactures and distributes custom products for the 11/05/18 Coldway Sofrigam - - - transport and storage of heat-sensitive products.

Luwa Air Nederman Provides air engineering, eco-engineering, and control 10/17/18 $28.7 0.4x - Engineering MikroPul engineering for textile and industrial customers.

Specified Air Madison Designs and manufactures commercial and industrial 10/02/18 - - - Solutions Industries HVAC equipment.

Duracold Arctic 09/05/18 Manufactures walk-in coolers and freezers. - - - Refrigeration Industries

Manufactures and markets deck and wall heating and 09/05/18 Zent-Frenger Swegon Group $20.9 0.6x - cooling products.

07/19/18 Tri-Dim Filter MANN + HUMMEL Manufactures HVAC filtration products. - - -

Precision Custom Lydall Performance Manufactures air filtration systems serving the 07/17/18 - - - Coatings Materials commercial and residential HVAC market.

ATCO Rubber Mueller Manufactures and markets flexible duct systems for 07/02/18 $162.8 1.0x - Products Industries residential and commercial HVAC.

Manufactures industry grade energy efficient kitchen 06/30/18 LCSystems Halton Group $4.0 - - ventilation systems.

Zyklus Heat Manufactures heat exchangers for commercial 06/27/18 LU-VE $10.0 1.0x 5.9x Transfer refrigeration, refrigerated transport, and AC.

Qingdao Haier Qingdao Haier Manufactures medical cryogenic refrigeration products 06/22/18 $146.5 - - Special Electric Biomedical and laboratory and infection control equipment

Toledo Molding Operates as an integrated tier one and tier two 05/22/18 Grammer $271.0 0.9x - & Die manufacturer of HVACR products.

Designs and manufactures foodservice and 05/18/18 Taylor Company Middleby Marshall $1,000.0 3.2x 15.4x refrigeration equipment.

Produces and sells household appliances in Western 05/09/18 Gorenje Hisense Electric $826.2 0.5x 13.6x Europe, Eastern Europe, and internationally.

Manufactures, and supplies residential ventilation 03/19/18 Simx Limited Volution Group $52.0 2.0x - products to the New Zealand HVACR market.

L Catterton; Designs, manufactures, and markets HVACR products, 03/14/18 Airxcel - - - Constitution Capital and related appliances.

Heatcraft Manufactures refrigeration equipment. The asset is 03/14/18 Beijer Ref $55.0 - - Australia located in New Zealand.

Welling Midea Manufactures and distributes motors and electric 02/15/18 $371.4 0.3x 3.7x Holding International components for electrical household appliances.

Pecan Glen Dimplex Manufactures domestic heating appliance, such as 01/27/18 - - - Engineering Australia wood heaters, gas heaters, and wood fire ovens.

Manufactures and sells flexible surface heating 01/15/18 Briskheat NIBE - - - elements and controls/accessories.

Source: Capital IQ, Pitchbook, FactSet, and Capstone Headwaters Research

4 HVACR | Q1 2019

SELECT TRANSACTIONS: SERVICES

Enterprise EV / LTM Date Target Acquirer Target Business Description Value (mm) Revenue EBITDA

Distributes installation products, tools, and supplies 12/11/18 Ahlsell CVC Capital $3,500.0 1.0x 11.6x including HVAC, plumbing, and electrical products.

Carrier Refriger- Provides services and installs commercial refrigeration 11/28/18 Bravida Holding - - - ation Sweden equipment in Sweden

Aames Plumbing Provides air conditioning, heating, and plumbing 11/20/18 Service Experts $17.5 - - & Heating services to commercial, industrial, and residential.

Refrigeration American 11/06/18 Distributes refrigeration equipment and parts. - - - Engineering Refrigeration

Livingston Morris & Provides HVAC and plumbing services in the United 10/08/18 - - - Mechanical Spottiswood Kingdom.

SSE Airtricity Installs, services, and repairs central heating boilers 10/01/18 Fusion Heating - - - Energy Supply and systems.

Premier Provides maintenance services of refrigeration 09/25/18 Synecore - - - Refrigeration equipment.

Dunbar Provides mechanical contracting services for HVAC, 09/13/18 Limbach Holdings $20.3 - - Mechanical piping, machinery, handling, and plumbing systems.

MORSCO HVAC 08/27/18 Ott Distributors Distributes HVAC parts and equipment. - - - Supply

Goettl Air Tree Line Capital; Provides repair, installation, and replacement services 08/27/18 - - - Conditioning Baum Capital for air condition and heating systems.

GAL Power Supplies standby power generators and temperature 08/21/18 Trivest Partners - - - Systems control equipment across Canada.

Donnelly ENGIE Operates as a mechanical HVAC and energy services 08/02/18 - - - Mechanical North America contractor.

Brookfield Provides HVAC rental products and related services as 08/01/18 EnerCare $3,216.3 3.2x 14.3x Infrastructure well as sub-metering services.

Incheon Total Provides district heating and cooling services to the 07/11/18 GS Energy $180.7 - - Energy local area around Songdo City.

Provides heating and air conditioning-related services 07/09/18 Gregg Mechanical HomeServe USA - - - in Staten Island, New York.

Tofflon Dehui Tofflon Provides installation services of clean-plant technology 06/13/18 $23.5 0.6x - Purification Science research and cleanroom, and HVACR systems.

North Fork Heating F.W. Webb Distributes plumbing and HVAC equipment, parts, and 06/04/18 - - - & Supply Company accessories.

NVH Wonbang Provides HVACR design, outdoor air information 05/23/18 Wonbang tech $149.1 0.9x 8.8x Tech modeling, monitoring, and optimization systems.

Distributes commercial and residential plumbing, 05/07/18 MORSCO Reece $1,440.0 0.8x - HVAC equipment in the US.

Exports, distributes, and supplies fans and ventilation 05/01/18 AirFan Volution Group - - - systems to the HVACR market.

Provides refrigeration and HVACR repair, maintenance, 01/04/18 Climate Pros Saw Mill Capital - - - and construction services to grocery retailers.

Filta Scotia Cooling Offers refrigeration and HVACR maintenance and 01/04/18 - - - Refrigeration Solutions repair services.

Source: Capital IQ, Pitchbook, FactSet, and Capstone Headwaters Research

5 HVACR | Q1 2019

PUBLIC COMPANY TRADING & OPERATING DATA

Price % 52 Wk Market Enterprise LTM EV / LTM Company 12/03/18 High Cap Value Revenue EBITDA Margin Revenue EBITDA A. O. Smith Corporation $48.04 70.2% $8,164.4 $7,739.9 $3,144.0 $621.1 19.8% 2.5x 12.5x

Comfort Systems USA, Inc. $51.58 86.2% $1,906.2 $1,983.9 $2,055.6 $176.1 8.6% 1.0x 11.3x

Daikin Industries, Ltd. $113.08 81.9% $33,073.0 $34,158.5 $21,280.8 $3,233.7 15.2% 1.6x 10.6x

Dover Corporation $86.16 79.0% $12,608.0 $15,679.3 $7,945.2 $1,408.5 17.7% 2.0x 11.1x

Harsco Corporation $26.61 88.6% $2,137.1 $2,756.6 $1,740.5 $327.1 18.8% 1.6x 8.4x

Ingersoll-Rand Plc $105.63 99.9% $25,948.7 $29,051.7 $15,391.2 $2,278.2 14.8% 1.9x 12.8x

Johnson Controls International plc $35.04 84.4% $32,379.0 $44,468.0 $31,400.0 $4,951.0 15.8% 1.4x 9.0x

Lennox International Inc. $225.75 98.2% $9,094.0 $10,173.8 $3,932.1 $581.2 14.8% 2.6x 17.5x

Modine Manufacturing Company $13.03 50.6% $660.5 $1,111.4 $2,194.3 $198.9 9.1% 0.5x 5.6x

Watsco, Inc. $153.89 79.8% $5,292.2 $5,634.7 $4,519.7 $387.1 8.6% 1.2x 14.6x

Mean 14.3% 1.6x 11.3x EV = enterprise value; LTM = last twelve months $ in millions, except per share data Median 15.0% 1.6x 11.2x NM = Not Meaningful Harmonic Mean 13.0% 1.3x 10.3x

Last Twelve Month Margin Performance

45% 41.3% 40% 37.1% 34.8% 35% 31.2% 29.9% 29.2% 30% 25.0% 24.6% 25% 19.8% 20.5% 20% 17.7% 18.8% 16.6% 15.1% 14.8% 15.0% 14.8% 15% 9.1% 10% 8.6% 8.6% 5% 0% A. O. Smith Comfort Daikin Dover Harsco Ingersoll-Rand Johnson Lennox Modine Watsco Systems USA Industries Controls International Manufacturing

Gross Margin % EBITDA Margin %

Last Twelve Month 1-Year Revenue Growth 25% 19.6% 20% 17.9% 16.1% 15.1% 15% 11.1% 10.4% 10% 7.4% 5.3% 4.1% 5% 2.3%

0% A.O. Smith Comfort Daikin Dover Harsco Ingersoll-Rand Johnson Lennox Modine Watsco Systems USA Industries Controls International Manufacturing

Source: Capital IQ as of December 3, 2018 6 HVACR | Q1 2019

TRACK RECORD OF SUCCESS

CSHW has represented a diversified group of HVACR companies that serve both residential and commercial marketplaces. Our Industrial & Manufacturing Group actively follows the HVACR sector, offering up to date research and knowledge. Through leveraging CSHW’s research function, the Industrials team maintains active strategic and financial relationships, resulting in augmented positioning, timing and results.

CONFIDENTIAL CONFIDENTIAL CONFIDENTIAL

corporate sale corporate sale corporate sale has been acquired by (IN PROCESS) (IN PROCESS) (IN PROCESS)

PROVIDER OF MANUFACTURER PROVIDER OF HVAC INDUSTRIAL MECHANICAL OF HVAC SYSTEMS CONTRACTING SERVICES CONTRACTING SERVICES

has acquired has been acquired by has recapitalized with has been acquired by

has partnered with has acquired has been acquired by has been acquired by

an asset of

has been acquired by has been acquired by has been acquired by has been acquired by

TAG Equity Partners

7 HVACR | Q1 2019

CITATIONS

1. ReportLinker, “HVAC System Market by Heating Equipment (Heats Pumps, Furnaces), Ventilation Equipment (Humidifiers, Dehumidifiers), Cooling Type (VRF Systems, Unitary Air Conditioners), Implementation Type, Application, and Geography – Global Forecast to 2023,” https://www.researchandmarkets.com/research/xbjnfx/hvac_systems?w=4, accessed December 5, 2018. 2. US Census Bureau, “Monthly Construction Spending, October 2018,” https://www.census.gov/construction /c30/pdf/release.pdf, accessed December 5, 2018. 3. Tusa, Stephen, “Cruise Control: HVAC Market Momentum Continues,” JP Morgan’s North America Equity Research, published April 13, 2018. 4. IBISWorld, “Heating & Air Conditioning Equipment Manufacturing Industry in the US,” https://www.ibisworld.com /industry-trends/market-research-reports/manufacturing/machinery/heating-air-conditioning-equipmentmanufacturing. Html, accessed December 4, 2018. 5. Office of Energy Efficiency & Renewable Energy, “Tax Incentives for Energy Efficiency Upgrades in Commercial Buildings,” https://www.energy.gov/eere/buildings/tax-incentives-energy-efficiency-upgrades-commercial-buildings, accessed December 6, 2018. 6. Daikin Industries, “6 Secrets to Cutting Building Costs with IoT,” https://news.daikinapplied.com/Blog/ArticleID/125/6- Secrets-to-Cutting-Building-Costs-with-IoT, accessed December 6, 2018. 7. Daikin Industries, “Acquisition of Austrian Refrigerating and Freezing Showcases Manufacturer AHT,” https://www.daikin .com/press/2018/181126_02/index.html, accessed December 5, 2018. 8. United Technologies, “United Technologies Announces Intention to Separate Into Three Independent Companies; Completes Acquisition of Rockwell Collins,” http://www.utc.com/News/News-Center/Pages/United-Technologies- Announces-Intention-to-Separate-Into-Three-Independent-Compan.aspx, accessed December 5, 2018. 9. Brookfield Infrastructure Partners, “EnerCare Inc. to be Acquired by Brookfield Infrastructure in a C$4.3 Billion Transaction,” https://bip.brookfield.com/en/press-releases/2018/08-01-2018-123125029, accessed December 5, 2018.

Disclosure: This report is a periodic compilation of certain economic and corporate information, as well as completed and announced merger and acquisi- tion activity. Information contained in this report should not be construed as a recommendation to sell or buy any security. Any reference to or omission of any reference to any company in this report should not be construed as a recommendation to buy, sell or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this report. The report is published solely for the general information of clients and friends of Capstone Headwaters. It does not take into account the particular investment objectives, financial situation or needs of individual recipients. Certain transactions, including those involving early-stage companies, give rise to substantial risk and are not suitable for all investors. This report is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known and unknown risks and other factors that may cause actual results to vary mate- rially. We are under no obligation to update the information contained in this report. Opinions expressed are our present opinions only and are subject to change without notice. Additional information is available upon request. The companies mentioned in this report may be clients of Capstone Headwaters. The decisions to include any company in this report is unrelated in all respects to any service that Capstone Headwaters may provide to such company. This report may not be copied or reproduced in any form, or redistributed without the prior written consent of Capstone Headwaters. The information contained herein should not be construed as legal advice.

8 HVACR | Q1 2019

HVACR REPORT CONTRIBUTORS

Ted Polk Managing Director [email protected] | 312-674-4531

Ted is a Managing Director at Capstone Headwaters, based out of Chicago. Previously, Ted was also a Managing Director in Morgan Stanley’s Capital Strategies Group and with Citi Capital Strategies. He has over 20 years of transactional experience in various industrial categories, including HVACR. Transactions he has led have been the recipient of multiple industry awards including Cross-Border Middle-Market Deal of the Year, Middle-Market M&A Financing Deal of the Year, Middle-Market Deal of the Year, Professional Services Deal of the Year, Corporate M&A Deal of the Year and USA Recapitalization Deal of the Year. Previously, Mr. Polk worked at Valuemetrics, Inc. and in the Corporate Banking Group at The Bank of New York. Ted received his BSBA degree from Georgetown University and MBA from the University of Chicago. He is a Chartered Financial Analyst (CFA), a Series 7 and 63 Registered Securities Representative, and a Series 24 Registered Securities Principal.

Lisa Tolliver Director [email protected] | 312-674-4532

Lisa has over 18 years of experience in the investment banking industry, primarily focused on advising middle market private business owners in liquidity related transactions. As a Director based in Capstone Headwaters’ Chicago office, she works closely with clients to advise and execute domestic and cross- border M&A transactions, recapitalizations and capital raises.

Prior to Capstone Headwaters, Lisa worked in the Capital Strategies Group at Morgan Stanley Smith Barney and also spent 10 years working for the middle market investment banking arm of Citigroup, where she was involved in the evaluation, marketing and closing of numerous transactions involving private businesses and corporate divestitures. Over her career, Lisa has developed M&A expertise in several industry sectors including industrials, infrastructure, and technology-enabled business services. Lisa received her BA on academic scholarship from Illinois State University and is a Series 7 and 63 Registered Securities Representative.

Brianna Conway Associate [email protected] | 312-674-4533

Brianna is an Associate in the firm’s Chicago office, working closely with private business owners to advise and execute mergers, acquisitions and strategic capital raises. Prior to joining Capstone Headwaters, Brianna was an Analyst at PwC Corporate Finance on their M&A team where she focused on healthcare provider and services sell-side transactions. Brianna graduated with honors from Indiana University’s Kelley School of Business with a major in Business Economics and Public Policy. She holds her Series 7, 63 and 79 licenses.

9 Report Title | Q4 2017 EXTENDED HVACR TEAM

David Bench Tracy Patch Managing Director Director 949-981-6938 949-351-1444 [email protected] [email protected]

Michael Schumacher Christopher Cardinale Managing Director Senior Associate 3134-258-5877 949-584-3813 [email protected] [email protected]

2018 2018 2018 2017

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