A local HVAC company has changed hands.
Bryan Vartanian, owner of Livonia-based Drake Company, recently acquired Wyoming-based Lamphear Service Company, according to Grand Rapids-based Calder Capital, the mergers and acquisitions advisory firm that represented the owners of Lamphear in the transaction.
Terms of the deal were not disclosed.
Founded in 1987 by Bruce Lamphear, Lamphear Service Company is a single-location business whose 17 employees provide commercial and residential installation and maintenance of heating, ventilation and air conditioning (HVAC) systems.
Bruce Lamphear has remained the 100% owner of the company since its establishment. He and his wife, Linda, have worked together to operate the company for many years. The couple said even amid the COVID-19 pandemic, the company continued to grow and expand, experiencing its most profitable year to date in 2020.
They said they wanted to find a buyer who would maintain Lamphear’s quality of service and expand its reach.
“We feel very confident in Bryan’s ambition and experience,” Bruce Lamphear said. “He is the right successor for our business, and we look forward to watching the business grow under his leadership.”
Matt Baas, lead adviser on the deal for Calder Capital, said the transaction went smoothly.
“Bryan, the buyer, has a long career in the commercial mechanical services space and is a great fit,” Baas said. “He’s moving from the east side of the state (Livonia).”
Jeff Kleinschmidt, of Old National Bank, provided financing. Jim Wierenga, of David and Wierenga, served as the seller’s legal counsel. Andrew Longcore, of the Business Law Group, served as the buyer’s legal counsel.