July 20, 2023 – Fort Worth, TX and Greenville, SC – Palmetto Air & Water Balance, LLC (“Palmetto” or the “Company”), a people first, high-growth independent Testing, Adjusting and Balancing business, is pleased to announce a transaction with Air Balancing Company, Inc. (“ABC”). ABC’s operations will be merged with Palmetto, and the combined business’ operations in Abilene, Fort Worth, and Lubbock will be known as Palmetto Air & Water Balance – Texas, LLC (“Palmetto – Texas”). ABC CEO Tracy Privitt will retire from the company, while ABC Vice President Bret Privitt will join Palmetto as VP of Texas Operations.
Air Balancing Company has served customers throughout the state of Texas for over 30 years, with a team of dedicated technicians and engineers with over 100 years of collective experience.
“We are thrilled to welcome our new teammates to our One Palmetto family as we conclude our second merger with a leading firm in Texas. ABC’s enthusiastic support will help us achieve our vision to be recognized as a world-class firm employing the most certified professionals in North America” said Palmetto CEO Rodney R. Hinton. “Bret and Tracy Privitt built the leading provider of Testing, Adjusting, and Balancing services in Fort Worth, and we are grateful for their trust and partnership as we continue to grow in the great state of Texas.”
Bret Privitt said, “The opportunity to partner with Rodney, Penny Hinton, and the broader Palmetto team was an excellent fit for us, our employees, and customers. The ABC team is excited to partner with Palmetto, whose excellent customer service has made it a leader in all its markets—including Texas.”
Mr. Hinton added that Mr. Privitt and other key leaders of ABC have made long-term commitments to remain with the Company. “We look forward to learning from the ABC team and continuing our strong growth in Texas,” Mr. Hinton concluded.
Palmetto’s transaction with ABC represents the Company’s second add-on as a Sunny River Management portfolio company, following Palmetto’s merger with N.D. White Engineering Services in January 2023. The Company is actively pursuing additional transactions to continue its exceptional growth trajectory.
The transaction was led by John Cote, Beau Brace, Andrew Martinez, and Joe Silverman of Sunny River Management. Palmetto was represented by Nelson Mullins Riley & Scarborough. Financing was provided by Deerpath Capital Management. Terms of the transaction were not disclosed.
About Palmetto Air & Water Balance:
Palmetto Air & Water Balance, LLC began in 1989, is headquartered in Greer, South Carolina and operates thirteen additional offices throughout North Carolina, South Carolina, Texas, and Virginia with over 140 teammates. Palmetto is a leader in the industry, providing validation of ventilation, comfort, and efficiency for occupants working in healthcare, Life Sciences, Education, Institutional and Industrial facilities.