Horizon was advised by STS Capital Partners of San Francisco.“It was very difficult and stressful,” Myers said. SF&P Advisors, a Florida firm, served as financial adviser to Sun Capital, and Philadelphia law firm Morgan Lewis & Bockius provided legal counsel. The Hartford division is expected to double in size by next year. Even the acquisitions are growing, according to Aitken. Horizon earned $130 million in revenue based on 67,000 contracts and 12,000 transactions a month, Aitken said. The goal, he said, is to triple Horizon's size in under a decade.
It owns Friendly's Restaurant Inc., Boston Market, mobile communications provider Spectralink and NextPharma, a British clinical trials company.Īitken said Horizon has already begun to review acquisition targets, including heating, ventilating and air conditioning companies in Virginia Beach, Virginia Orlando, Florida Boston and northern New Jersey. Sun's sweet spot for acquisitions includes companies with at least $50 million in annual revenue. "Horizon's founders and management team have built a great company and we look forward to working with them to maximize the business's potential," said Marc Leder, co-chief executive officer of Sun Capital, in a statement. Those acquisitions, the statement read, allowed Horizon to build a client base in the region. Horizon distinguished itself from its competitors because of its strategy to grow by acquiring smaller businesses, Sun executives said in a statement. Sun, meanwhile, had been looking to enter the heating and cooling space. To accomplish that goal, they needed a partner and turned to the private equity market in 2015.
Aitken said he and co-owner Dave Geiger had been looking to grow the company's revenue between 20 and 25 percent annually. The Sun deal came about after both parties showed mutual interest. "If people from Hartford want to come here and they can do the job, we would be more than happy for them to come here," Aitken said. Last year, Horizon purchased HARP, a Hartford heating and cooling supplier, and some of its workers will have an opportunity to relocate to the First State. Horizon, which was founded in 1987, may add Delaware workers beyond the 100 jobs it plans to create. "We are in an acquisition mode, and that expansion will create a lot of opportunity and growth for a lot of people." "We are going to aggressively grow the business," Aitken told The News Journal. It is the largest home services company in the Mid-Atlantic. The company has regional offices from Hartford, Connecticut, to Baltimore with more than 22 locations in between. Horizon, which was founded in 1987, has about 278 workers in Delaware and 700 across the country. Aitken estimates Horizon will add 100 Delaware workers over the next few years in back office positions such as marketing, accounting, advertising, human resources and call center support. Those deals will create a need for a larger support staff at Horizon's Wilmington headquarters. Mark Aitken, co-owner of Horizon, said Sun's investment will be used to acquire smaller service firms along the East Coast. has been acquired by Sun Capital, a Boca Raton, Florida, private equity firm that intends to expand the heating, cooling and plumbing company.
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