Partners Group to Buy HVAC Firm Reedy at $1 Billion Value (1)

Partners Group Holding AG is acquiring commercial HVAC-services provider Reedy Industriesfrom Audax Private Equity in a deal that values the target at roughly $1 billion, according to a person with knowledge of the matter.

Audax will remain a minority investor in the business as will the Reedy family and management, according to a statement Tuesday, confirming an earlier Bloomberg News report. It didn’t disclose terms of the deal. The transaction is expected to be completed in the third quarter.

Reedy, with about 1,500 employees and based in Deerfield, Illinois, provides heating, ventilation and air-conditioning services to about 9,000 ...