News | One Equity Partners
One Equity Partners Completes Sale of Resolute Industrial Holdings

Carve-out and transformational combination strategy

creates market leader and delivers successful exit


NEW YORK – MARCH 8, 2019 – One Equity Partners (“OEP“), a leading middle market private equity firm, today announced that it has completed the sale of Resolute Industrial Holdings, LLC, (“Resolute” or “the Company”), a leading independent provider of York-brand chilling products, compressor remanufacturing, refrigerant storage, and other heating, ventilation, air conditioning and refrigeration (“HVAC&R”) equipment services. The sale marks the first exit from the firm’s $1.65 Billion Fund VI, which was also the first fund raised with outside capital after OEP spun out of J.P. Morgan. Financial terms of the private transaction were not disclosed.


Headquartered in Indianapolis, IN, Resolute and its 18 branch offices serve a wide range of businesses across the industrial manufacturing, aviation, energy, power, healthcare, education, and telecommunications sectors.


Since OEP acquired Resolute from Johnson Controls through a corporate carveout transaction in 2015, the Company has experienced significant growth driven by OEP’s partnership with Resolute’s management team. In August 2017, the Company acquired Tioga HVAC Rentals, a Detroit supplier of heating and small-tonnage cooling equipment, compounding its growth through a complimentary transaction that doubled Resolute’s size, provided access to an expanded customer base, and added heating rental products to smooth out the Company’s seasonality.


“Resolute has been a fantastic investment for us. Working with CEO Mike McGraw and his team, OEP transformed Resolute into the largest independent provider of temporary HVAC&R solutions in North America,” said Andrew Oliver, Managing Director, OEP.


During OEP’s ownership, Resolute grew its sales force to deepen client relationships and accelerate cross-selling initiatives, opened new branch offices and added mechanical and general contractors in new geographic markets. Following the acquisition of Tioga, Resolute added additional small tonnage heating capacity to its business, and opened four depot locations for its equipment in Phoenix, Tampa, Atlanta, and Delaware.


“Resolute is a great example of our successful strategy of building market-leading businesses through transformative acquisitions that compound growth, generate significant value and produce market winners,” said JB Cherry, Senior Managing Director, OEP.   


“We’d like to thank OEP for being a truly supportive, valuable partner in helping us to identify and act on strategic growth opportunities, and implement operational improvements that have enabled Resolute to differentiate itself as a truly unique, national leader in HVAC&R product rentals and support,” said Robert Russell, Chairman of Resolute.  


“We are proud of our accomplishments under OEP’s ownership, including diversifying our customers while growing new relationships in attractive segments such as the independent contractor market,” said CEO McGraw. “We are well positioned for continued growth and we look forward to the next chapter of our journey.”


Sidley Austin LLP served as legal advisor and Robert W. Baird & Co. served as financial advisor to Resolute.  Kirkland & Ellis LLP served as legal advisor and PricewaterhouseCoopers LLP served as financial advisor the buyer, AE Industrial Partners.  


About One Equity Partners

OEP is a middle-market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm builds market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 180 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, and Frankfurt. For more information, please visit


About Resolute Industrial

Resolute Industrial is a leading independent provider of specialty HVAC&R rental services, compressor remanufacturing, and refrigerant storage solutions for mission critical applications across North America. Headquartered in Indianapolis, IN, Resolute Industrial is strategically positioned across seven depot facilities and 18 branch locations, which supports rapid delivery of temporary temperature control solutions anywhere in the country. For more information, please visit


Press contact for One Equity Partners:
Kelly Holman