Buyer Dossier: MSouth Equity Partners

Buyer Profile

Firm

MSouth Equity Partners

Headquarters

Atlanta, GA

Focus

Lower middle market; $25M–$150M enterprise value

In-House Debt

MSouth Capital (proprietary debt alongside equity)

HVAC Track Record

Southern Air & Heat — acquired 2016 (single FL shop), exited to Gryphon Oct 2021 as multi-state platform

Recent Promotion

Elle McLeod — VP (Dec 2025)

Revenue

Not disclosed

Sectors

Services, distribution, specialty manufacturing

Key Contacts

Name	Title	Phone	Email
Elle McLeod	VP (promoted Dec 2025)	—	—
MSouth Deal Team	Investment Professionals	—	—

Strategic Fit

MSouth's HVAC playbook is documented: they bought Southern Air & Heat as a single Florida shop in 2016, scaled it into a multi-state platform, and exited to Gryphon Investors in October 2021. Air Control in McLean is the Northern Virginia version of that original thesis — an established, founder-led operator in a high-income market with room to scale.

MSouth Capital's in-house debt capability is a structural advantage. Most lower middle market firms need a third-party lender to close; MSouth can deliver a term sheet backed by both equity and debt on their own balance sheet. In a competitive HVAC deal environment, that speed matters.

Air Control's enterprise value falls squarely within MSouth's stated $25M–$150M sweet spot. The DC metro HVAC market — part of a $32B national industry growing at 6.1% CAGR — is a more premium market than MSouth's prior Southern HVAC investments, with higher average ticket and stronger service agreement penetration potential.

Approach Strategy

CALL OPENER

"Your team took Southern Air & Heat from a single Florida shop in 2016 to a multi-state HVAC platform and exited to Gryphon in October '21 — if you're looking to run that playbook again, we have a target in McLean that's the Northern Virginia version of that story."

1

Lead with the Southern Air & Heat exit as proof of thesis. MSouth ran this exact playbook before — they know how to build value in HVAC. Frame Air Control not as a new idea but as a second chapter to a proven strategy. The exit multiple from the Gryphon transaction gives them a clear valuation benchmark for what a well-run HVAC platform is worth at exit.

2

Leverage the in-house debt advantage explicitly. MSouth Capital means MSouth can close faster than any competitor without a bank process. In an HVAC deal environment where 125+ transactions closed in 2024, owners have options — and speed is a differentiator. Bring this up proactively; it's a genuine edge they should own in the pitch.

3

Target Elle McLeod as the deal lead. She stepped up to VP in December 2025 — a newly promoted VP looking to lead her first notable deal is a motivated counterparty. Route initial outreach through her and position this as a deal she can own from sourcing through close.

Pipeline History

Stage	Status	Date	Notes
Target Identified	Complete	2025	Added to Air Control buyer list
Research Complete	Complete	Mar 2026	Southern Air exit verified; Elle McLeod promotion confirmed Dec 2025
Outreach Pending	Next Step	—	Route through Elle McLeod, VP