Marriott & Co. Serves as Exclusive Financial Advisor to Robert B. Payne, Inc.
Richmond, Va. — Marriott & Co., a premier middle market investment banking firm based in Richmond, VA, is pleased to announce that it served as the exclusive financial advisor to Robert B. Payne, Inc. (“Robert B. Payne” or the “Company”) in its sale to United Air Temp, Air Conditioning and Heating LLC (“UAT”), a portfolio company of Charlotte, NC-based private investment firm Summit Park. The transaction closed on January 10, 2024. Terms of the transaction were not disclosed.
Founded in 1930, Robert B. Payne is a leading provider of residential heating, ventilation, and air conditioning (“HVAC”) services and is headquartered in Fredericksburg, VA. The Company provides maintenance and replacement services to residential homeowners, as well as specialty services including fuel oil distribution. Robert B. Payne has been led most recently by third-generation members of the founding family, Robert B.P. Thompson (“Bob”) and R. Cameron Thompson III.
“This is a great outcome for our company, our employees and our customers,” said Robert B.P. Thompson, former President and Owner of Robert B. Payne, “I am pleased that UAT shares many of our core values and will continue to build upon the strong culture of integrity and customer service that have been the cornerstones of Robert B. Payne’s success. I would like to express my gratitude to the Marriott & Co. team for leading us through this process of finding a great owner of this company that has meant so much to our family over the past nearly 100 years.”
Added R. Cameron Thompson III, former Secretary Treasurer and Owner of Robert B. Payne, “It was apparent from when we first met the Marriott & Co. team that they clearly understood our goals in this transaction. They created an effective strategy to achieve those goals and then flawlessly executed that plan. We sincerely appreciate all that their team did to help generate this successful outcome.”
“We are so appreciative for the opportunity to advise the Robert B. Payne team on this momentous transaction,” said Bryan Burden, Managing Director of Marriott & Co., “We enjoyed working with Bob, Cameron and the rest of the team every step of the way.”
“The Robert B. Payne transaction is representative of the momentum we are seeing in the HVAC industry and also across the broader home services sector,” added Justin Marriott, Managing Director of Marriott & Co., “We expect the consolidation trends to continue in home services, which creates an attractive environment for closely-owned businesses to seek potential ownership transitions.”
About Robert B. Payne, Inc.:
Founded in 1930 and headquartered in Fredericksburg, VA, Robert B. Payne, Inc. (“Robert B. Payne”) is a leading provider of residential heating, ventilation, and air conditioning (“HVAC”) services. Robert B. Payne provides maintenance and replacement services to residential homeowners, as well as specialty services including fuel oil distribution. With a rich history of nearly 100 years in business, Robert B. Payne has established itself as a one of the area’s most respected HVAC service providers with its talented team of employees providing best-in-class service to its loyal customer base. For more information, please visit www.robertbpayne.com.
About United Air Temp, Air Conditioning and Heating:
United Air Temp, Air Conditioning and Heating LLC (“UAT”) is a leading provider of residential heating, ventilation, and air conditioning (“HVAC”) services. Headquartered in Lorton, Virginia, UAT provides HVAC maintenance and replacement services to residential homeowners. Its primary operations are in Washington D.C, with additional operations in Maryland, Virginia, North Carolina, Georgia, and Florida. UAT has built a large, loyal customer base through its best-in-class service and responsiveness, as well as consistent, high-quality work from its skilled technicians. UAT is a portfolio company of Summit Park, a Charlotte, NC-based private investment firm. For more information, visit www.unitedairtemp.com.
About Marriott & Co.:
Headquartered in Richmond, VA, Marriott & Co. (www.marriott-co.com) is a premier, independent boutique investment banking firm focused on advising privately-held companies across a wide variety of industries. The firm provides merger and acquisition advisory and capital raising services primarily to family-held businesses and entrepreneurial business owners in the middle market. Marriott & Co.’s unique entrepreneurial culture enables the firm to tailor its services to meet the needs of its clients, and the firm’s professionals have an unparalleled understanding of the challenges and opportunities facing these companies and their owners today. By delivering senior banker attention, a high-touch approach to client service and best-in-class process execution to every assignment it undertakes, Marriott & Co. has established a long track record of closing successful transactions for clients all over the U.S.
Contact: Justin Marriott
Phone: (804) 344-0952
justin@marriott-co.com
