KING OF PRUSSIA, PA — Goldman Sachs Alternatives has announced an agreement to acquire a majority stake in Sila Services, a prominent provider of residential HVAC, plumbing, and electrical services, headquartered in King of Prussia, Pennsylvania. This acquisition involves a transfer of ownership from Morgan Stanley Capital Partners (MSCP) and is pending customary regulatory approvals. As part of the deal, Sila’s management team will continue to lead the company while retaining a significant minority stake. Financial specifics of the transaction have not been disclosed.
Sila Services has established itself as a leader in the U.S. residential services market, operating extensively across the Northeast, Midwest, and Mid-Atlantic regions. Since MSCP’s investment in 2021, the company has experienced substantial growth through strategic mergers and acquisitions, as well as consistent organic development. Sila’s commitment to excellence is built on core values that prioritize customer service and employee development.
Nicole Agnew, a Partner in Private Equity at Goldman Sachs Alternatives, expressed enthusiasm for the new partnership, stating, “Sila is a truly special organization and a business we have been admiring from afar for quite some time. We are thrilled to partner with Jason Rabbino and the entire Sila team to further accelerate the Company’s growth trajectory – organically and via M&A – building upon the impressive foundation they thoughtfully developed over the years.”
Jason Rabbino, CEO of Sila, praised the accomplishments under MSCP’s stewardship and voiced optimism about the future with Goldman Sachs. “I am very proud of what Sila’s team has accomplished in partnership with MSCP during this chapter of the Company’s growth to build Sila into a truly distinctive residential services operating company emphasizing building careers for tradespeople and delivering consistent customer excellence,” said Rabbino. “We are excited to partner with Goldman Sachs on the next phase of the Company’s growth, and benefit from its global platform, deep experience in consumer & consumer services sectors, and differentiated value creation resources.”
The advisory process saw William Blair as the lead financial advisor to Sila, with additional support from Robert W. Baird & Co. Legal counsel for MSCP was provided by Debevoise & Plimpton LLP, while Goldman Sachs & Co LLC acted as the exclusive financial advisor and Weil, Gotshal & Manges LLP served as legal counsel to Goldman Sachs.
This acquisition sets the stage for Sila Services to leverage Goldman Sachs’ extensive resources and expertise to further expand its market presence and enhance its service offerings, signaling a new chapter of growth and opportunity.
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