Service Logic acquired by Bain Capital & Mubadala

The private equity firm Bain Capital, in partnership with Abu Dhabi sovereign investor Mubadala Investment Company, signs a definitive agreement to acquire the commercial mechanical services provider Service Logic from Leonard Green & Partners. Finalized in December 2025, this leveraged buyout orchestrates a full financial exit for the selling sponsor following an investment period that commenced in 2020. Entering this ownership transition, the target reports annual revenues of $1–10bn, with the overall transaction establishing an aggregate corporate valuation of $1–10bn. Chief executive officer Jason Richardson and the target's operational executive team remain aligned with the incoming institutional consortium to drive further platform consolidation, while Leonard Green senior partner Chris McCollum and the historical sponsor conclude their multi-year investment cycle. Transaction financing and strategic execution were directed by Bain Capital's North America Private Equity team, supporting a strategic agenda focused on continuous organic expansion alongside programmatic add-on acquisitions across the North American commercial HVAC sector. Sell-side M&A advisory mandates were shared between Harris Williams and Goldman Sachs & Co. LLC acting as joint lead financial advisors to the target, supported by complementary financial advisory from J.P. Morgan and Morgan Stanley & Co. LLC, alongside Latham & Watkins serving as sell-side legal counsel. Bain Capital was advised financially by joint lead advisors Barclays and Jefferies, with Ropes & Gray acting as lead legal counsel to structure the consortium investment.