CAL-AIR, Inc. sold to Johnson Controls for $35 million

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Transactions

CAL-AIR, Inc. has been sold to Johnson Controls for $35 million

CAL-AIR is a Southern California-based engineering and technical facilities services provider. Kerlin was selected by the CAL-AIR Board as the investment banking advisor to the Company and the ESOP which controlled 100% of the Company. Kerlin developed a framework for considering alternative transactions, assisted the Board to set a course of action, and developed a plan to market the Company to strategic buyers. Kerlin’s information memorandum and management presentations demonstrated the Company’s unique ability to pull-through and bundle services and emphasized CAL-AIR’s recurring service revenues. Kerlin marketed the Company on a selective basis with five of the best strategic prospects, and Johnson Controls, a Fortune 50 Company, emerged as the strongest partner. The closing on October 1, 2004, was approximately 5 ½ months from when Kerlin commenced the project.