H.I.G. Capital Completes Investment in Ascension Property Services

• July 25, 2024
• North America
• Business Services

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MIAMI - July 25, 2024 - H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $64 billion of capital under management, is pleased to announce that one of its affiliates has completed a growth investment in Ascension Property Services ("APS" or the "Company"), a leading property services firm.

Headquartered in Tennessee, APS provides mechanical, electrical, plumbing ("MEP"), and other services to the commercial and industrial property sector, including retrofits and remodels, new construction, and routine maintenance and recurring services. APS operates a number of complementary, well-established regional hubs, primarily located in highly attractive, metropolitan and suburban areas in the southern part of the U.S. The Company serves a large base of general contractor and direct owner clients across a wide range of commercial property types including multifamily residential, healthcare, education, government, retail, warehouse, manufacturing, and hospitality.

Jim Howard, Executive Chair of APS, said, "Since inception, we have purposefully grown APS by assembling a deep and broad range of capabilities and thoughtfully integrating best practices across the organization. We are excited to work with H.I.G. and believe this partnership will help grow our offerings for both our customers and our employees."

Jon Contos, Managing Director at H.I.G. Capital, said, "We are thrilled to partner with the APS team and continue its track record of organic and acquisition-driven growth in the enormous and fragmented MEP industry. We see tremendous opportunity to further expand our service offerings and leverage our resources and infrastructure to target attractive new geographies, while maintaining our focus on quality and superior customer service."

About APS

Ascension Property Services has decades of experience in a wide range of commercial property types. APS provides mechanical, electrical, plumbing ("MEP"), and other services to the commercial and industrial property sector, including retrofits and remodels, new construction, and routine maintenance and recurring services. APS's customer focused, employee driven business model builds long term partners through loyalty, consistency, and expertise. For more information, visit ascprop.com.

About H.I.G. Capital

H.I.G. Capital is a leading global alternative investment firm with $64 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.'s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.'s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.