Rich Auger, one of the former owners/partners at CAC, is shown with new owner Dr. Izuh Obinelo (far right) and his wife Nzenalu (center) following the transaction of the business ownership
ROI Corporation, a leading business brokerage firm based in Weymouth, MA, and Marietta GA, today announced the completion of the sale of the 45-year old Commercial Air Control, a heating, ventilation and air conditioning provider, to Dr. Izuh Obinelo.
Dr. Obinelo, the company’s new owner, brings an impressive background to his newest venture. He founded a company called sEnergy Thermal LLC in 2008. Prior to founding Senergy Thermal, he served as Director of the Center at Airflow and Thermal Technologies (CATT), a Degree Controls research facility for developing advanced cooling solutions for different applications, notably in the military, telecommunications, ... and medical industries. He has authored or co-authored patents and technical articles on electronics cooling.
Commercial Air Control (CAC) is a 25-person company, established in 1972, which focuses on HVAC (heating, ventilation and air conditioning) projects throughout Massachusetts. CAC handles new installations, renovations, retrofits and service of commercial heating, ventilation and air conditioning systems. The firm is located at 19 Rantoule Street, Weymouth. The company’s owners prior to the transaction were Richard Auger and Ed Forbes. Both of the firm’s previous owners will remain with the company under the new ownership, as will the rest of the company’s current employees.
Gary Rayberg, President of ROI Corporation, said, “What an incredible pleasure it was for us to work with both the buyer and sellers on this transaction. One of the great outcomes of this transaction is that the former owners and the team will be staying on. The new owner, Dr. Obinelo, has strong knowledge of the industry and we know is going to do a great job building on the success of Ed Forbes, Rich Auger, and their capable teams.”
He added, “This is a great industry with recession-resistant qualities. HVAC is something that you can’t go without. There is a change afoot in this industry, with one generation selling off to a newer and younger generation.” He continued, “We enjoy our role of doing the necessary searching and negotiation to bring qualified and motivated buyers together with sellers to assure a smooth and successful transition.”
The sellers were represented by Attorney Marc Clerc of Clerc and Associates; and the CPA firm of Newburg & Company, represented by principal David Natan.
The buyer was represented by the law firm of Schlossberg LLC, and Michael O’Neil. The lender was Customers’ Bank of Boston, represented by Jennifer Mason.
About ROI Corporation
ROI Corporation, based in the Boston market, has been involved in the sale of businesses and real estate in over 30 states since 1997. They also assist in the transfer of business ownership between generations and to key employees and management teams. ROI serves all of New England including MA, NH, RI and CT with two divisions; a main street division serving smaller businesses as well as their middle market M&A division. Their Marietta, Georgia office, specializing in Service Distribution & Manufacturing Companies, serves the southeast United States. For more information, please visit us on the web at www.roicorporation.com or call (781) 682-6209.
