New York-based private equity firm Broad Sky Partners has snapped up Punctual Pros, a regional franchisee for three high-profile consumer-facing brands.
- Based in East Hempfield Township, Lancaster County, Punctual Pros serves customers across Central Pennsylvania as an operator of One Hour Heating & Air Conditioning, Benjamin Franklin Plumbing and Mister Sparky Electrical franchises.
- The company is hoping to expand its footprint through acquisitions, said company CEO Matt Buckwalter. “Broad Sky gives us the opportunity to do that.”
- Terms of the transaction were not disclosed.
The target: Punctual Pros was originally founded in 1958 as The Rohrer Company.
- Rohrer became a franchisee in 2004 and began using the Punctual Pros name as a holding company, said Buckwalter, who joined the company in 2000.
- Buckwalter bought into the business in the early 2000s alongside the Rohrer family and became sole owner in 2021.
- The company now employs 113 people and covers Lancaster and surrounding areas, including Harrisburg, York and West Chester, as well as Bucks and Montgomery counties, according to a Broad Sky spokesperson.
- The One Hour Heating, Benjamin Franklin and Mister Sparky franchisor is Authority Brands, a company based in Bethesda, Maryland.
- Authority, which owns a suite of home-services brands, is backed by majority owner Apax Partners, a British private equity firm.
The buyer: Founded in 2014 and relaunched in 2021, Broad Sky invests in both B2B and consumer companies.
- Its holdings include scientific equipment supplier Thomas Scientific, accounting firm Smith + Howard, PR/communications firm Bully Pulpit International and sustainable clothing company Fair Harbor.
- Punctual Pros was advised in the sale to Broad Sky by accounting and professional services firm Trout CPA, law firm Barley Snyder and Florida-based M&A advisory Boxwood Partners.
- Buy-side advisers include M&A firm Harris Williams and law firmGreenberg Traurig.
Why is this happening: Home services like plumbing, HVAC repair and electrical work have long been fragmented, with most work handled by small, family-owned businesses.
- But the $657 billion sector has drawn attention from larger players eager to build bigger companies.
- In a statement, Broad Sky executives said they expected Punctual Pros to grow based on the expansion of housing stock, prevalence of hybrid work, volatile weather and rising demand for energy-efficient systems.
- The firm said it was also attracted to the strength of the management team at Punctual Pros.
- Buckwalter will remain CEO post-acquisition.
