Investcorp acquires Shearer Supply, a leading HVAC equipment distributor

Investcorp acquires Shearer Supply, a leading HVAC equipment distributor

Bahrain – Investcorp, a leading global alternative investment firm, today announced a majority investment in Shearer Supply (“Shearer” or “the Company”), a leading independent specialty distributor of essential Heating, Ventilation and Air Conditioning (“HVAC”) equipment for residential and commercial properties in the United States. The previous owners of the Company, including Shearer’s management team, the Shearer family and PNC Riverarch Capital will re-invest meaningfully alongside Investcorp and remain shareholders in the Company.

Founded in 1983, and headquartered in Dallas, Texas, Shearer is one of the largest independent distributors of HVAC products in the United States, serving over 5,500 clients from 22 branches across Texas, Oklahoma, Arkansas, Tennessee and Louisiana. Shearer distributes a comprehensive set of products including residential and commercial HVAC equipment and parts from over 120 suppliers including American Standard, Ameristar and Samsung.

“Shearer operates in a large, resilient and highly fragmented market driven by non-discretionary replacement demand, which we expect to continue to benefit from strong secular tailwinds including an aging housing stock, shortening replacement cycles and favorable regulation, in addition to its attractive Southern US geographic footprint where higher average temperatures and a growing population is increasing the demand for HVAC products. We are excited to partner with the