CT/HX, A Fidelity Company, has acquired Tower Engineering, Inc. (TEI) of Fort Worth, Texas. The deal gives CT/HX its first footprint in Texas and extends its commercial and industrial cooling tower work as part of Fidelity's national expansion. Terms were not disclosed.
The asset.
TEI was founded in 1982. It designs, supplies, installs, and retrofits concrete and fiberglass cooling towers, and runs a parts and service business alongside. It also offers its own TEI DirecDrive fan drive. Customers span commercial, industrial, and power generation.
The buyer.
CT/HX services, repairs, and refurbishes cooling towers and heat exchangers, with offices in Florida, Maryland, Pennsylvania, North Carolina, and Virginia. It joined Fidelity Building Services Group on September 7, 2022. Fidelity, based in Hunt Valley, Maryland and founded in 1945, provides commercial HVAC and mechanical services, building automation, and generator services, and has been an active acquirer.
What it means.
Cooling towers are a specialty inside commercial mechanical: heavy equipment, long service lives, and recurring rebuild and parts work. A design-to-retrofit shop with its own fan drive product and power generation customers is the kind of niche asset strategic buyers use to enter a new region. If you own a specialty mechanical business, expect national platforms to keep shopping for exactly that.
Own a mechanical or HVAC company?
Schryver & Co. advises trades owners with roughly $5 million to $100 million of revenue. If a strategic buyer or sponsor has reached out, reach Will at will@schryverco.com.
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