Case Studies

Robert Bosch North America’s Acquisition of Climatec, LLC


  • On January 14, 2015, Robert Bosch North America (“Bosch”) acquired Climatec, LLC (“Climatec”) from Pegasus Capital Advisors (“Pegasus”)
  • Climatec will be integrated into and operate as a subsidiary of Bosch Energy and Building Solutions (“BEBS”)


  • Bosch is a leading global supplier of technology and services with 281,000 employees generating over $60B in revenue
  • Bosch is headquartered in Germany and has more than 360 subsidiaries and regional companies in 50+ countries
  • The acquisition strengthens Bosch’s presence in North America and allows Bosch to provide a complete portfolio of networked and efficient energy, building automation and security solutions to public, commercial and industrial customers in the U.S
  • The addition of the Climatec portfolio to Bosch’s energy and security capabilities will position the BEBS business to achieve sales of $10B by 2020


  • Climatec is a leading single-source integrator of critical building systems and a provider of energy efficiency, building automation, security and life-safety solutions in North America with 670 associates across 12 offices in Arizona, California, Nevada and Texas
  • Climatec generated sales of $190M in 2014
  • Customers include building owners across a broad range of market segments, including education, health care, office, hospitality, industrials, and federal, state and local government
  • Climatec will be able to leverage Bosch’s global platform, world class engineering and R&D expertise and deep knowledge in HVAC and distributed generation systems to accelerate its growth

Greentech’s ROLE

  • Greentech conducted an extensive initial screening to find attractive acquisition candidates for Bosch in the North American energy services sector
  • After narrowing down a list of over 600 companies, Greentech conducted preliminary discussions with select candidates and identified Climatec as the most attractive partner that would help expand Bosch’s reach in North America
  • Greentech served as the exclusive financial advisor to Bosch and was closely involved in all aspects of the transaction, including structuring, valuation, due diligence and negotiations


  • This transaction highlights the increasing preference of strategic buyers for integrated, next generation building management and energy services and solutions
  • Direct building controls capabilities are increasingly viewed as essential rather than optional when buyers evaluate their willingness to pay strategic premiums for platform acquisitions

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