NEW YORK, NY (April 9, 2019) — Aterian Investment Partners (“Aterian”), a private investment firm, is pleased to announce a strategic partnership with The Pace Companies (“Pace” or the “Company”).
Founded in 1968 and based in Brooklyn, New York, Pace is a leading provider of plumbing, HVAC/mechanical and fire protection services in the New York metropolitan area, serving the residential, commercial, hospitality, healthcare and governmental markets. Led by a highly experienced team, Pace differentiates itself through its premium contracting services, breadth of service offerings, and in-house design, engineering and drafting expertise, all of which the Company’s longstanding customers value. Pace specializes in both new construction and retrofit projects and has a rich history of working directly with New York’s largest general contractors on numerous marquee buildings (e.g., Statue of Liberty, JFK Airport, Durst VIA 57, Carnegie Hall, United Nation’s Secretariat Building, Google New York HQ, Rockefeller Center, World Trade Center 4 Building, etc.).
Andru Coren, CEO and second-generation owner, stated, “I am very excited to form a partnership with the Aterian team on Pace’s next phase of growth. I am appreciative of all the efforts of the Company’s COO, Adam Levy, as well as the rest of the Pace leadership team in transforming Pace over the last 50 years into what it is today. I believe the partnership with Aterian will provide Pace even more opportunities to pursue growth initiatives while still maintaining the highest quality contracting services to our customers.”
Michael Fieldstone, Co-Founder & Partner at Aterian, commented, “We are excited to partner with Andru Coren, Adam Levy and the rest of the Pace team. We believe Pace is a unique company with a highly talented team, having been able to navigate New York City’s everchanging real estate landscape – from commercial buildings to new residential high rises to hotels and institutional-government funded work. We look forward to supporting management in its strategic growth initiatives while preserving the Company’s core values and family-like culture.”
Daniel Phan, Principal at Aterian, commented, “Pace is a premier contractor in the New York City market and has strategically evolved into one of the few companies that provides sole-sourced expertise across multiple areas of trade. Aterian demonstrated its solutions-oriented approach and ability to be creative in our partnership with Andru and Adam, and look forward to supporting the Company in its next phase of growth.”
Stout Risius Ross Advisors, LLC and Akin Gump Strauss Hauer & Feld LLP advised the Seller on the transaction. Kirkland & Ellis LLP and PricewaterhouseCoopers LLP advised Aterian.
About Aterian Investment Partners
Aterian Investment Partners is an operationally-focused middle market private investment firm with over $700 million in capital under management, providing resources to further enhance operations, growth and investment initiatives. The firm invests in businesses generating $25 million to $500 million of annual revenue with strong, proven franchises. Aterian, in partnership with management, seeks to focus on the critical growth, operational and liquidity initiatives of a business in an effort to drive value creation for all stakeholders.
For more information, please visit http://www.aterianpartners.com
About The Pace Companies
Headquartered in Brooklyn, New York, Pace is a leading contractor specializing in the design and installation of plumbing, fire protection and HVAC systems throughout the New York metropolitan area. Pace has been serving its diverse customer base for nearly 51 years and is among the largest plumbing contractors in the industry.
For more information, please visit http://www.thepacecompanies.com