Capital One Financial Corp. will relocate its San Francisco offices to 100 California St., securing 40,000 square feet of space. The new space will be about one-third the size of its current location at 201 3rd St.

A JLL team of senior managing directors Matt Shewey and Ted Davies and vice president Carlye Parker represented building owner Pembroke. The move to 100 California includes both a direct lease with Pembroke and a sublease from cleantech company Stem, the San Francisco Business Times reported.

JLL is working with Pembroke to implement further improvements to a modernization program at 100 California. Modernizations include a revitalized and renovated facade of the podium building, including an enhanced restaurant identity and a new dedicated outdoor seating area. Pembroke and JLL are working to find a new restaurant operator for the 6,000-square-foot space.
New fitness facilities will be added and a new flexible conference center will be created where tenants can come together and collaborate.

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By Natalie Dolce
October 25, 2023 at 03:40 PM

Tidewater has tremendous confidence in the long-term prospects of the Bay Area.

SAN FRANCISCO—Tidewater Capital, a San Francisco-based real estate investor and developer focused on the Bay Area, has exceeded its initial target of $200 million in equity commitments for its third discretionary fund with a diverse pool of limited partners, including university endowments, charitable foundations, and family offices, participating in a vehicle with a $250 million cap.

“We have tremendous confidence in the long-term prospects of the Bay Area,” said Tidewater Managing Principal Craig Young. “While capital markets broadly have been deeply challenging, both our returning and our new investment partners have placed a great deal of confidence in our ability to navigate a rapidly evolving market to capitalize on a Bay Area rebound.”

Tidewater will pursue investments across multiple property types and the firm will execute renovation and repositioning business plans, as well as select entitlement and ground-up development opportunities.

“With TC Fund III, we look forward to continuing to invest in our core product types of residential, industrial, and office, while also exploring select opportunities across niche asset classes as we’ve done historically,” said Tidewater Principal Ross Stackhouse, in a prepared release. “We will target value-add returns while exploring core plus opportunities with unique avenues to upside and select development opportunities with strong downside protection.”

Tidewater’s previous investment vehicles have capitalized an array of projects across the Bay Area, including in San Francisco, the East Bay, and the North Bay. Notable prior investments include 1028 Market Street, a 193-unit mixed-use apartment building in the Mid-Market neighborhood of San Francisco which began its life as an innovative Food Hall; and 888 Post Street, a 30,000 square foot commercial asset which Tidewater converted to a Navigation Center for Transitional-Aged Youth experiencing homelessness. Tidewater’s most recent fund also acquired Eastmont Town Center at 7200 Bancroft Avenue in Oakland, a 540,000-square-foot commercial asset housing an assortment of government and healthcare related tenants.

The post San Francisco Agency Surpasses Capital Elevate for $200M Fund, Targets Worth-Add Returns appeared first on DAILY SAN FRANCISCO BAY NEWS.

SAN FRANCISCO, July 8 (Reuters) – Venture capital firm Headline used to be in one of San Francisco’s most eye-catching skyscrapers: the pyramidal Transamerica building that has defined the skyline for decades. Employees enjoyed the views from the 43rd floor and the convenience of being downtown.

Then came the pandemic.

As the tech industry shifted to work-from-home or downsized, a city center that was already struggling with drugs and homelessness slipped further into urban decay. Businesses closed and visitors were scared off, creating a vicious cycle that coincided with changes already happening in the city’s real estate market.

With Headline’s lease ending, the company decided to look elsewhere. The executives considered building an office on a boat or moving to a residential house. Eventually, they took their operation managing $4 billion to the bucolic – and secure – Presidio, a former military base-turned-national park next to the landmark Golden Gate Bridge.

And they are not alone. Venture capital firms are increasingly joining retailers and other businesses in finding homes outside downtown San Francisco. Westfield, for example, said last month it was giving up its downtown shopping mall after 20 years, as foot traffic fell by 43% from 2019.

Where venture capital firms end up could have implications for the broader tech industry, as such companies usually help form a gravity center for startup founders and communities.

“Presidio really represented what we thought the future of work should be,” said Mathias Schilling, Managing Partner at Headline, on a recent sunny afternoon. Nearby, a dozen employees were sitting at a long wooden communal table in the bright kitchen, eating lunch against a backdrop of lush greenery, palm trees and panoramic views of San Francisco Bay.

“It’s a very calm and quiet space, something that I think instills creativity and stimulates people,” said Schilling. “We take meetings outside and we walk around the big lawn here.”

Other venture capitalists – including Felicis Ventures, which backed Shopify and Fitbit, as well as Forerunner Ventures and venture studio Atomic, have filled the directories in the Letterman Building, one of the biggest office complexes in the Presidio.

Converted from a former military base, the Presidio is located at the tip of San Francisco’s peninsula, several miles west of the financial district. As a national park, it is patrolled by federal police.

“It 100% feels safer than downtown. There’s no open drug use in the Presidio. There are no homeless encampments. There are very few homeless wandering around and that is because it’s the federal land and the federal police is a big part of it,” said Rex Salisbury, who runs VC firm Cambrian Venture and has been living and working from the Presidio since 2017.

SHIFTS IN TECH ECOSYSTEM

Venture capital firms play an integral part in the tech ecosystem in the San Francisco Bay Area, where startups captured about 35% of all U.S. venture capital funding in 2022.

Since the 1990s internet boom, the VCs have physically clustered in hotspots that are close to the startup founders – including Sand Hill Road in Silicon Valley and South Park in downtown San Francisco.

[1/5]People enjoy the afternoon in Presidio, a former military base-turned-national park in San Francisco California, U.S., July 7, 2023. REUTERS/Carlos Barria

Now some firms say they feel less obligated to stay downtown because startup founders have become more scattered since the pandemic, while the Presidio is a convenient location for firm partners who live in the northern part of the city or Marin, the county across the Golden Gate Bridge from San Francisco.

“Presidio was too far, before COVID, for any founders to want to really come. Founders are not in downtown anymore, so we don’t have to be there anymore. We felt like it wasn’t going to be a burden for our founders to come here. They’re actually really excited,” said Eurie Kim, whose venture firm Forerunner left downtown for the Presidio in early 2022.

Although there are no statistics on the locations of VC firms by neighborhood, the Presidio vacancy rate is about 5%, compared to an overall commercial real estate vacancy rate in San Francisco of 35%, up from 4% pre-pandemic, according to real estate firm CBRE and the Presidio Trust, the federal agency that manages the area.

That is despite commercial real estate in the Presidio being on average 20% more expensive than downtown, according to CBRE data.

Lisa Petrie, a spokesperson at Presidio Trust, said there had been broad interest in moving from downtown since 2020. “They all cite the amenities and the beautiful surroundings of this urban national park as the number one reason for locating here,” she added.

The Presidio has long attracted non-profit organizations and entertainment firms. Lucasfilm has had its headquarters here since 2005, and the Walt Disney Family Museum opened in the park in 2009.

Some VCs say they are still committed to downtown, however. When General Catalyst outgrew its office in South Park in San Francisco earlier this year, they moved to another downtown building a few blocks away.

“We found a convenient location that’s close to public transportation, downtown hotels, and restaurants,” said Jon Rehagen, chief technology officer at General Catalyst, adding that the firm was partnering with local restaurants and service providers. “Hopefully, that will help to revive the downtown tech corridor that is still recovering after the pandemic.”

Employees in Presidio also hoped for downtown’s recovery – but said for now they were happy they no longer needed to commute there.

“That part of town just hasn’t evolved in so long,” said Molly Martell, vice president of Brand at Headline. She said she hoped the attention being focused on its problems would be a catalyst for change. “It’s just tragic to see what’s happening,” she added.

A spokesperson for the office of San Francisco Mayor London Breed said the government wanted to support businesses of all types in all neighborhoods in the city.

“Mayor Breed continues to implement strategic initiatives to help stabilize existing businesses and recruit new ones as part of her Roadmap to Downtown San Francisco’s Future plan. We will continue to emphasize efforts to support the revitalization of Downtown, but we also welcome investments in all parts of our City,” the spokesperson said in an email.

Colin Yasukochi, executive director of CBRE’s Tech Insight, compared the Presidio to Sand Hill Road, the historic address for VCs in Silicon Valley.

“We do have this phenomenon that we call ‘flight to quality’ in real estate here,” he said. “The Presidio has evolved as the Sand Hill Road of San Francisco.”

Reporting by Krystal Hu; editing by Peter Henderson and Rosalba O’Brien

Our Standards: The Thomson Reuters Trust Principles.

Krystal reports on venture capital and startups for Reuters. She covers Silicon Valley and beyond through the lens of money and characters, with a focus on growth-stage startups, tech investments and AI. She has previously covered M&A for Reuters, breaking stories on Trump’s SPAC and Elon Musk’s Twitter financing. Previously, she reported on Amazon for Yahoo Finance, and her investigation of the company’s retail practice was cited by lawmakers in Congress. Krystal started a career in journalism by writing about tech and politics in China. She has a master’s degree from New York University, and enjoys a scoop of Matcha ice cream as much as getting a scoop at work.

The post San Francisco’s new enterprise capital hotspot: The Presidio appeared first on DAILY SAN FRANCISCO BAY NEWS.

Capital Group Management Committee changes to be effective in October

LOS ANGELES, Jan. 26, 2023 /PRNewswire/ — Capital Group, one of the world’s largest and most experienced active investment managers, today announced its board of directors has approved the election of leaders to new roles that will assume the management responsibilities of Tim Armour, Chairman and CEO and Rob Lovelace, Vice-Chair and President. Armour and Lovelace will both step down from Capital Group’s management committee in October of this year.

Timothy D. Armour

The Board of Directors has elected current Capital Group management committee members to the following new senior roles:

Mike Gitlin will become President and Chief Executive Officer (CEO) of Capital Group and Chair of Capital Group’s management committee. Drawing on his strong experience in the investment, operating, and client-facing groups, he will work with other leaders to execute on Capital’s strategy and growth plans. 

Martin Romo will become Chairman of Capital Group and Chief Investment Officer (CIO). As CIO, Martin will focus on ensuring that The Capital System, Capital’s investment process, continues to operate at the highest level. As Chair of Capital Group, he will partner with the other leaders in all aspects of Capital’s strategic goals, culture, and people.

Jody Jonsson will become Vice Chair of Capital Group and will continue as President of Capital Research Management Company (CRMC) and Chair of the CRMC Executive Committee. As with Martin and Mike, Jody’s experience spans the breadth of Capital, and she will help develop and drive strategic vision and execution.

All transitions will be effective as of October 24, 2023.

The new senior leaders will work with other members of Capital Group’s management committee to deliver on the firm’s existing long-term strategy. The Capital Group management committee sets, communicates, and implements Capital’s global business strategies, while protecting and promoting its unique culture. The changes announced today reflect a leadership succession plan that has been in motion for many years.

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Tim Armour noted, “Throughout our over 90-year history, continuity and consistency have been a hallmark of how we manage assets for clients, and formal succession planning is critical to delivering superior, long-term investment results for them.”

Armour will retire at the end of 2023 after a 40-year career with Capital.

“I started at Capital right out of college, as many here do,” added Armour. “It has been a privilege to be part of building and passing along a strong and unique culture. I am proud to see how well-positioned Capital is and am confident the next leadership group will continue to deliver on our mission, helping people achieve their long-term financial goals.”

Capital Group has a long history of being a low-cost active manager pursuing superior returns for investors over the long term. In recent years, Capital has significantly grown its presence in Europe, Asia, and Canada, while doubling its fixed income business, and in 2022 introduced a suite of ETFs that surpassed $6.5B in AUM in just under 11 months.

Rob Lovelace, who will continue with Capital Group as a portfolio manager, said, “Over the decades, Capital Group has thoughtfully grown to ensure the business is healthy and built for the long term. It is with that same consideration and care that Capital has selected our next leaders. Mike, Martin and Jody are people I have worked with for years and greatly admire.”

BIOS

Timothy D. Armour is Chair and Chief Executive Officer of Capital Group. Over his 40-year career, Tim has been dedicated to Capital’s mission of improving people’s lives through successful investing, a mission shared by more than 9,000 associates around the globe. He and the other members of the Capital Group Management Committee focus on the company’s strategic priorities, including growing the business to serve more clients globally, delivering strong investment results, leveraging data and technology to create competitive advantages and building a diverse organization and inclusive environment.

Tim joined Capital Group after graduating from Middlebury College with a bachelor’s degree in economics. He began as a participant in The Associates Program, a two-year training program. Over his career, he has been an equity investment analyst researching global telecommunications companies and an equity portfolio manager, currently for The New Economy Fund. He has held several leadership roles at the company.

Tim serves on a variety of boards aligned with his personal and philanthropic interests, including the Pacific Region Board of the Boys and Girls Club of America and the Board of Councilors for the University of Southern California Marshall School of Business. Tim is based in Los Angeles.

Robert W. Lovelace is Vice Chair and President of Capital Group. As chair of the Capital Group Management Committee, Rob focuses on strategic business priorities, including growing the business to serve more clients globally, delivering superior investment results, integrating environmental, social and governance (ESG) issues into our investment approach, creating a diverse organization and inclusive environment, and fostering a strong culture.

Rob has 37 years of investment experience, all with Capital Group. He graduated from Princeton University with a bachelor’s degree in mineral economics (geology), graduating summa cum laude and Phi Beta Kappa, and began his career as an equity investment analyst covering global mining & metals companies, as well as companies domiciled in Mexico and the Philippines.

He is currently an equity portfolio manager for New World Fund, as well as co-president and lead principal investment officer for New Perspective Fund. He is a member of the Capital Research and Management Company Executive Committee, Capital’s Board Governance & Nominating Committee, ESG Oversight Committee, Social Responsibility Committee and Strategic Product Development Group. He also holds the Chartered Financial Analyst® designation.

Rob serves on the boards of directors of several philanthropic and educational institutions. He is a trustee of the J. Paul Getty Trust, director and co-chair of the Pacific Council on International Policy, a director of the California Community Foundation and the U.S. Olympic & Paralympic Foundation and a member of the U.S. Soccer Federation’s Champions Circle. Rob is based in Los Angeles.

Michael C. Gitlin is Head of Fixed Income at Capital Group. Mike serves on the Capital Group Management Committee and chairs the Fixed Income Management Committee and Finance Committee.

Over his eight years with Capital Group, Mike has helped Capital become one of the largest active fixed income managers globally, with approximately $450 billion in assets and 50 years of experience in fixed income markets. Mike also oversees global trading and focuses on growing Capital’s business to serve more clients across Europe and Asia. He has been a key driver of serving clients around the world with the right investment services in an expanded set of investment vehicles.

Mike holds a bachelor’s degree from Colgate University and has 29 years of investment industry experience. Prior to joining Capital, he was head of fixed income at T. Rowe Price, and earlier its global head of trading. Before that, he was head of U.S. equity sales for Citigroup Global Markets, where he also served as head of Asia-Pacific sales trading, head of Asia-Pacific cash equities and head of international cash equities. He also served as head of Asia-Pacific trading for Credit Suisse Asset Management and traded Japanese equities and bonds for George Weiss and Associates.

Mike works passionately to support veterans. He is heavily involved with Catch A Lift Fund, which enables post-9/11 combat-injured veterans to recover and rehabilitate, both physically and mentally, through physical fitness, motivation and support. He has lived and worked in London, Hong Kong, Singapore, Baltimore, Connecticut and New York. Mike is based in Los Angeles.

Martin Romo is an equity portfolio manager at Capital Group Martin manages portfolios in The Growth Fund of America and The Investment Company of America, for which he is also principal investment officer.

As a member of the Capital Group Management Committee, Martin focuses on investment group and fund governance, delivering superior investment results, building competitive advantages with data and technology, and creating a diverse organization and inclusive environment. He is also president of Capital Research Company, chair of the Investment Group Oversight Committee and a member of the Diversity, Equity and Inclusion Steering Committee and Technology Oversight Committee.

Martin has 31 years of investment experience, all with Capital Group. He began his Capital career as an equity investment analyst covering the global chemicals industry, mortgage and consumer financials, and select conglomerate companies. He earned a bachelor’s degree in architecture from the University of California, Berkeley, and an MBA from Stanford Graduate School of Business.

Martin also serves on the board of The BASIC Fund, which supports students in the Bay Area, and on the Jamestown Community Council, which supports San Francisco youth and their families. He is based in San Francisco.

Joanna F. Jonsson (Jody) is an equity portfolio manager at Capital Group. Jody manages portfolios in The Growth Fund of America and New Perspective Fund, for which she is also principal investment officer.

As a member of the Capital Group Management Committee, Jody focuses primarily on investment group and fund governance, enhancement of The Capital System, client relations and external affairs. Having worked in Geneva and London to grow Capital’s business outside the United States, Jody brings experience leveraging competitive advantages and global scale to serve investors worldwide. She takes a keen interest in Capital’s culture and enjoys connecting with associates in different regions and parts of the business. Jody is also president of Capital Research and Management Company.

Jody has 34 years of investment experience and has been with Capital Group for 32 years. She began her Capital career as an equity investment analyst covering insurance, household products & personal care, restaurants & lodging and cruise lines. She earned a bachelor’s degree in economics from Princeton University, graduating cum laude, and an MBA from Stanford Graduate School of Business, where she was an Arjay Miller Scholar.

Before joining Capital Group, she was an equity research analyst at Fidelity Management & Research Company in Boston and an officer of Irving Trust Company in New York.

As member of the Investment Company Institute (ICI) Executive Committee and Board of Governors, Jody has an industry perspective on issues such as ESG, regulation, antitrust and competitive trends. She serves on several boards, including the Stanford Graduate School of Business, the American Enterprise Institute and Alpha USA, and volunteers as a private pilot with Angel Flight West. Jody is based in Los Angeles.

About Capital Group

Capital Group, home of American Funds, has been singularly focused on delivering superior results for long-term investors using high-conviction portfolios, rigorous research, and individual accountability since 1931.

As of December 31, 2022, Capital Group manages approximately $2.2 trillion in equity and fixed-income assets for millions of individuals and institutional investors around the world. Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed-income investment professionals provide fixed-income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

For more information, visit capitalgroup.com.

Media Contacts:

Hannah Coan (North America) 
+1 213 615 5199

Anisha Patel (Europe) 
+44 20 7864 5504

Kaitlyn Yang (Asia and Australia) 
+65 6437 0439

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

American Funds Distributors, Inc., member FINRA.

Robert W. Lovelace

Michael C. Gitlin

Martin Romo

Joanna F. Jonsson (Jody)

CG August 2017

SOURCE Capital Group

The post Capital Group pronounces begin of long-planned management transition appeared first on DAILY SAN FRANCISCO BAY NEWS.

Wealth management firm Fisher Investments says it is moving its headquarters from Camas to Texas to protest a Supreme Court decision upholding Washington’s new capital gains tax.

“In honor of the wisdom and legal knowledge of the Washington State Supreme Court and what it may do next, Fisher Investments is immediately moving its headquarters from Washington State to Texas,” Fisher said in a brief announcement Friday. The company did not respond to follow-up requests on Sunday.

Fisher is a major employer in Clark County, but the company gave no indication that it will move jobs to Texas. Ken Fisher, the billionaire who founded the company, has said in the past that the head office designation is irrelevant. Fisher already lives in Dallas, according to his social media profiles.

Neither Texas nor Washington have an income tax, but in 2021 the Olympia legislature introduced a 7% capital gains tax on sales of stocks, bonds, and other assets — with an exemption for the first $250,000 per year. The tax excludes real estate, retirement accounts and the sale of some small businesses.

Because Washington relies heavily on sales taxes for state revenue, lower-income residents bear a higher share of the cost of public services than in most other states. The capital gains tax divided Washington’s wealthy, with some arguing it would drive investment out of the state and others saying the wealthy would have to pay a larger share.

Some wealthy Washington and farming organizations questioned the capital gains tax, claiming it was an unconstitutional income or wealth tax. The state Supreme Court dismissed their efforts on Friday, ruling 7-2 that the capital gains tax is an allowable consumption tax.

Fisher employed approximately 1,800 people at Camas in 2020 out of 3,700 across the company. It also has corporate offices in the San Francisco Bay Area; Plano, Texas; and Tampa, Fla.

Fisher Investments says it has nearly $200 billion under management for individual investors, institutions and retirement plans. Fisher, formerly headquartered near Silicon Valley, announced plans to open a large office in Clark County in 2008. Back then, founder Ken Fisher said they wanted to move from the expensive real estate in the Bay Area to a more business-friendly place in a state with no personal income taxes.

Corporate headquarters were once an indication of where a company had its main operations. That has been less the case in recent years with the advent of remote work and satellite offices – a trend that has accelerated in the wake of the pandemic.

Fisher did not respond Sunday to questions about whether jobs will be relocated away from Camas as a result of the Supreme Court ruling. But in 2015, Ken Fisher told The Columbian newspaper that the headquarters’ designation was “technologically outdated” and had no impact on the company’s actual operations.

“The government requires a mailing address for ‘headquarters,’ and ours has been changed to Camas,” Fisher said. “Otherwise it has no meaning at all.”

Wealth management firms pulled billions of dollars from Fisher investments in 2019 after Ken Fisher made sexist comments during a fireside chat at an investment conference in San Francisco. Attendees said he spoke about genitals and pedophile financier Jeffrey Epstein and likened winning a client’s trust to “trying to get in a girl’s pants”.

In previous tweets, Fisher had made sexual jokes, asking if African Americans would have been better off with three more decades of slavery. Fisher initially rebuked critics but later repented and apologized amid the exodus of client funds.

“Some of the words and phrases I used during a recent conference to emphasize certain points were clearly wrong and I shouldn’t have used them,” Fisher said. “I realize that this type of language has no place in our company or our industry. I sincerely apologize.”

– Mike Rogoway | mrogoway@oregonian.com |

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ImpactAlpha, December 12 – Senegal-based Calinounou offers an online recruitment and booking service for home cleaning, care and cooking services aims to professionalize a sector that is rife with unfair pay and working conditions.

“The level of informality in the care economy in Senegal has prevented the growth of its [workers],” said Calinounou’s Fatou Diop.

The business is working to improve the quality of domestic services jobs while keeping services affordable.

WIC Capital, which invests in businesses founded by and serving women in West Africa, invested 134 million West African francs ($215,000) in equity and quasi-equity to help Calinounou boost formal jobs and reduce gender inequalities. Calinounou also is launching a training school.

“We still have a tremendous amount of work to do to improve the working conditions of these professionals and the image of this sector,” said Diop.

The post WIC Capital backs Calinounou’s house companies in Senegal appeared first on DAILY SAN FRANCISCO BAY NEWS.

Investment Supports McWilliams & Son’s Rapid Expansion Through Organic Growth and Strategic Acquisitions in the Growing, Resilient and Highly Fragmented Residential Services Market

SAN FRANCISCO other LUFKIN, Texas, Aug 15, 2022 /PRNewswire/ — Percheron Capital (“Percheron”), a private equity firm focused on partnering with high-quality essential services businesses, announced today that it has signed a definitive agreement to acquire a majority stake in McWilliams & Son (“McWilliams” or the “Company”), a leading residential HVAC and plumbing services platform. Following the transaction, McWilliams’ Chief Executive Officer, Trey McWilliams, will remain a significant investor and continue to lead the Company. Terms of the transaction were not disclosed.

Founded in 1974 in Texas by the McWilliams family, McWilliams & Son offers residential HVAC and plumbing maintenance, repair and replacement services with a reputation for outstanding quality and customer service. The Company’s people-first values ​​focused on service, trust and reliability have resulted in industry-leading customer satisfaction scores and consistent growth for over 45 years. McWilliams’ commitment to providing advanced training programs, innovative technology and equipment to its technicians has made the company an employer of choice in the markets it operates.

Under Trey McWilliams’ Leadership, the Company has successfully expanded its reach through strong organic growth, new branch openings and acquisitions of high-quality, partnership-focused residential HVAC and plumbing businesses. With Percheron’s strategic support and operational resources, McWilliams is well-positioned to further accelerate its growth in new and existing markets.

Trey McWilliams said, “I am proud of our exceptional team and the strong business we have built together. We attribute our success to our people-centric approach and unwavering commitment to our customers, team members and community. Percheron embodies our values ​​and brings significant experience and I am excited about the significant opportunities our partnership with Percheron creates for our team members as we continue executing on our vision of building the premier provider of residential HVAC and plumbing services in the country .”

Chris LawlerCo-Founder and Managing Partner of Percheron, commented, “The residential HVAC and plumbing services market has been a thematic investment priority for Percheron given the industry’s large size, non-discretionary services, strong and resilient growth and high fragmentation. We are thrilled to partner with Trey McWilliams and his team, who have built a rare platform with best-in-class operational and performance metrics, including leading customer service scores, technician productivity and retention. The Company is supported by advanced technology, systems and processes, and has a strong track record of growth through both organic initiatives and strategic acquisitions. We look forward to leveraging Percheron’s deep operational capabilities to support the next phase of McWilliams’ rapid growth.”

About McWilliams & Son

McWilliams & Son is a leading HVAC and plumbing services business founded in 1974 in Texas by the McWilliams family. For over 45 years, McWilliams & Son has proudly served customers with a reputation for outstanding quality and customer service. A hometown company with hometown values, McWilliams & Son puts its customers, employees and community first. McWilliams & Son invests heavily in its team members, including providing industry-leading training programs and advanced technology and equipment, to enable team members to achieve their full potential and better serve our valued customers. For more information, please visit www.mcwilliamsandson.com.

About Percheron Capital

Percheron Capital is a private equity firm focused on partnering with exceptional teams to build market-leading services businesses. The firm’s purpose is to help high-quality businesses accelerate growth and enhance long-term value. Percheron has over $1 billion in assets under management and focuses on investing in strong services businesses in resilient end markets, including animal health, automotive, education, food & beverage, healthcare & wellness, and residential. For more information, please visit www.percheroncapital.com.

Media Contacts

Woomi Yun / Eric Carlson
Joele FrankWilkinson Brimmer Katcher
(212) 355-4449

SOURCE Percheron Capital

The post Percheron Capital Broadcasts Partnership with McWilliams & Son, a Main Supplier of Residential HVAC and Plumbing Providers appeared first on DAILY SAN FRANCISCO BAY NEWS.

Investment Supports McWilliams & Son’s Rapid Expansion Through Organic Growth and Strategic Acquisitions in the Growing, Resilient and Highly Fragmented Residential Services Market

SAN FRANCISCO other LUFKIN, Texas, Aug 15, 2022 /PRNewswire/ — Percheron Capital (“Percheron”), a private equity firm focused on partnering with high-quality essential services businesses, announced today that it has signed a definitive agreement to acquire a majority stake in McWilliams & Son (“McWilliams” or the “Company”), a leading residential HVAC and plumbing services platform. Following the transaction, McWilliams’ Chief Executive Officer, Trey McWilliams, will remain a significant investor and continue to lead the Company. Terms of the transaction were not disclosed.

Founded in 1974 in Texas by the McWilliams family, McWilliams & Son offers residential HVAC and plumbing maintenance, repair and replacement services with a reputation for outstanding quality and customer service. The Company’s people-first values ​​focused on service, trust and reliability have resulted in industry-leading customer satisfaction scores and consistent growth for over 45 years. McWilliams’ commitment to providing advanced training programs, innovative technology and equipment to its technicians has made the company an employer of choice in the markets it operates.

Under Trey McWilliams’ Leadership, the Company has successfully expanded its reach through strong organic growth, new branch openings and acquisitions of high-quality, partnership-focused residential HVAC and plumbing businesses. With Percheron’s strategic support and operational resources, McWilliams is well-positioned to further accelerate its growth in new and existing markets.

Trey McWilliams said, “I am proud of our exceptional team and the strong business we have built together. We attribute our success to our people-centric approach and unwavering commitment to our customers, team members and community. Percheron embodies our values ​​and brings significant experience and I am excited about the significant opportunities our partnership with Percheron creates for our team members as we continue executing on our vision of building the premier provider of residential HVAC and plumbing services in the country .”

Story continues

Chris LawlerCo-Founder and Managing Partner of Percheron, commented, “The residential HVAC and plumbing services market has been a thematic investment priority for Percheron given the industry’s large size, non-discretionary services, strong and resilient growth and high fragmentation. We are thrilled to partner with Trey McWilliams and his team, who have built a rare platform with best-in-class operational and performance metrics, including leading customer service scores, technician productivity and retention. The Company is supported by advanced technology, systems and processes, and has a strong track record of growth through both organic initiatives and strategic acquisitions. We look forward to leveraging Percheron’s deep operational capabilities to support the next phase of McWilliams’ rapid growth.”

About McWilliams & Son

McWilliams & Son is a leading HVAC and plumbing services business founded in 1974 in Texas by the McWilliams family. For over 45 years, McWilliams & Son has proudly served customers with a reputation for outstanding quality and customer service. A hometown company with hometown values, McWilliams & Son puts its customers, employees and community first. McWilliams & Son invests heavily in its team members, including providing industry-leading training programs and advanced technology and equipment, to enable team members to achieve their full potential and better serve our valued customers. For more information, please visit www.mcwilliamsandson.com.

About Percheron Capital

Percheron Capital is a private equity firm focused on partnering with exceptional teams to build market-leading services businesses. The firm’s purpose is to help high-quality businesses accelerate growth and enhance long-term value. Percheron has over $1 billion in assets under management and focuses on investing in strong services businesses in resilient end markets, including animal health, automotive, education, food & beverage, healthcare & wellness, and residential. For more information, please visit www.percheroncapital.com.

Media Contacts

Woomi Yun / Eric Carlson
Joele FrankWilkinson Brimmer Katcher
(212) 355-4449

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SOURCE Percheron Capital

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Investment Supports McWilliams & Son’s Rapid Expansion Through Organic Growth and Strategic Acquisitions in the Growing, Resilient and Highly Fragmented Residential Services Market

SAN FRANCISCO other LUFKIN, Texas, Aug 15, 2022 /PRNewswire/ — Percheron Capital (“Percheron”), a private equity firm focused on partnering with high-quality essential services businesses, announced today that it has signed a definitive agreement to acquire a majority stake in McWilliams & Son (“McWilliams” or the “Company”), a leading residential HVAC and plumbing services platform. Following the transaction, McWilliams’ Chief Executive Officer, Trey McWilliams, will remain a significant investor and continue to lead the Company. Terms of the transaction were not disclosed.

Founded in 1974 in Texas by the McWilliams family, McWilliams & Son offers residential HVAC and plumbing maintenance, repair and replacement services with a reputation for outstanding quality and customer service. The Company’s people-first values ​​focused on service, trust and reliability have resulted in industry-leading customer satisfaction scores and consistent growth for over 45 years. McWilliams’ commitment to providing advanced training programs, innovative technology and equipment to its technicians has made the company an employer of choice in the markets it operates.

Under Trey McWilliams’ Leadership, the Company has successfully expanded its reach through strong organic growth, new branch openings and acquisitions of high-quality, partnership-focused residential HVAC and plumbing businesses. With Percheron’s strategic support and operational resources, McWilliams is well-positioned to further accelerate its growth in new and existing markets.

Trey McWilliams said, “I am proud of our exceptional team and the strong business we have built together. We attribute our success to our people-centric approach and unwavering commitment to our customers, team members and community. Percheron embodies our values ​​and brings significant experience and I am excited about the significant opportunities our partnership with Percheron creates for our team members as we continue executing on our vision of building the premier provider of residential HVAC and plumbing services in the country .”

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Chris LawlerCo-Founder and Managing Partner of Percheron, commented, “The residential HVAC and plumbing services market has been a thematic investment priority for Percheron given the industry’s large size, non-discretionary services, strong and resilient growth and high fragmentation. We are thrilled to partner with Trey McWilliams and his team, who have built a rare platform with best-in-class operational and performance metrics, including leading customer service scores, technician productivity and retention. The Company is supported by advanced technology, systems and processes, and has a strong track record of growth through both organic initiatives and strategic acquisitions. We look forward to leveraging Percheron’s deep operational capabilities to support the next phase of McWilliams’ rapid growth.”

About McWilliams & Son

McWilliams & Son is a leading HVAC and plumbing services business founded in 1974 in Texas by the McWilliams family. For over 45 years, McWilliams & Son has proudly served customers with a reputation for outstanding quality and customer service. A hometown company with hometown values, McWilliams & Son puts its customers, employees and community first. McWilliams & Son invests heavily in its team members, including providing industry-leading training programs and advanced technology and equipment, to enable team members to achieve their full potential and better serve our valued customers. For more information, please visit www.mcwilliamsandson.com.

About Percheron Capital

Percheron Capital is a private equity firm focused on partnering with exceptional teams to build market-leading services businesses. The firm’s purpose is to help high-quality businesses accelerate growth and enhance long-term value. Percheron has over $1 billion in assets under management and focuses on investing in strong services businesses in resilient end markets, including animal health, automotive, education, food & beverage, healthcare & wellness, and residential. For more information, please visit www.percheroncapital.com.

Media Contacts

Woomi Yun / Eric Carlson
Joele FrankWilkinson Brimmer Katcher
(212) 355-4449

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View original content:https://www.prnewswire.com/news-releases/percheron-capital-announces-partnership-with-mcwilliams–son-a-leading-provider-of-residential-hvac-and-plumbing-services -301605461.html

SOURCE Percheron Capital

The post Percheron Capital Pronounces Partnership with McWilliams & Son, a Main Supplier of Residential HVAC and Plumbing Providers appeared first on DAILY SAN FRANCISCO BAY NEWS.

Private equity firm Huron Capital Partners LLC has added to its string of investment exits.

The Detroit-based firm on Wednesday announced the sale of Phoenix-based Pueblo Mechanical and Controls to OMERS Private Equity, a Toronto and New York investment fund with nearly $20 billion in assets under management, according to its website.

Terms of the sale were not disclosed, but the exit marked Huron’s fourth exit over the past 12 months, according to a news release.

“We acquired Pueblo because we believed demand for HVAC repair and installation services would increase and the sector was ripe for consolidation,” Scott Hauncher, a Huron Capital partner, said in a news release. “Since then, regional population growth, aging infrastructure, energy efficiency and sustainability have driven demand for Pueblo’s services.”

A 20-year-old company, Pueblo was acquired by Huron Capital in 2017.

“We have a clear focus to become one of the largest independent technical services operators in the US by leveraging a scalable platform with an experienced and aligned management team,” stated Dan Bueschel, Pueblo CEO. “Due in large part to the investments we made in the systems and team, in addition to leveraging Huron’s demonstrated M&A playbook, we executed and integrated numerous acquisitions including six in 2022 alone.”

Moelis & Co. served as financial adviser for the deal, and Perkins Coie LLP served as legal advisor to Huron and Pueblo.

Huron Capital, which has managed as much as $1.8 billion since its founding in 1999, lists three core areas of focus on its website: commercial and industrial services, professional services and consumer services, primarily focused around residential services.

A news release from Huron Capital late last year said the PE firm completed eight exits in 2021, which included the majority sale of San Francisco-based Sciens Building Solutions to funds managed by global investment firm Carlyle.

Amid increasing uncertainty in economy — driven primarily by inflation, rising interest rates and other factors — private equity executives have said they’ve become more cautious in recent months. James Mahoney, Huron Capital’s managing partner, last month described the feeling to Crain’s as sleeping “with one eye open.”

That sense of hesitation on the part of private equity firms has shown shown up in recent data. Citing numbers from data service Prequin, a new report from PwC says PE deal volumes fell by 26 percent in the first half of 2022 when compared with the same time period last year.

“However, we expect activity to recover given record-high levels of dry powder (US PE totals $975 billion),” reads the PwC report. “Due diligence will be a key safeguard against volatility and possible regulatory action.”

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