This article first appeared in Real Estate Weekly on June 9, 2021.

New York-based HVAC leader Gil-Bar Industries has secured an investment from Intermediate Capital Group (ICG) as the company continues to expand its footprint in the northeast.

“We are very pleased to partner with ICG as we move into the next phase of Gil-Bar’s evolution,” said Joe Sbarra, founding Partner, Gil-Bar. “Having co-founded the business in 1986, I am proud of what we have accomplished to date. Gil-Bar is well-positioned for the future, and with ICG’s capital and experience, I am excited about what we can achieve together.”

Since inception 35 years ago, Gil-Bar has become the leading HVAC solutions provider in the New York metropolitan area. Last year, the company acquired GBS Limited as part of its wider initiative to grow the company’s reach into new markets by partnering with existing HVAC providers.

“We believe there are multiple avenues for Gil-Bar’s continued growth as we expand our service and solution offerings and build our footprint both organically and through acquisitions,” added Chris Bisaccia, partner, Gil-Bar. “We selected ICG as our partner because they share our vision for the future and have the resources and experience to help us succeed.”

“We are delighted to announce our investment in Gil-Bar,” said Uzair Dossani and Evan Eason, both Managing Directors at ICG. “Gil-Bar has the key hallmarks we look for in an investment opportunity: a market leader with an excellent management team and significant runway for growth. We are excited to partner with Joe Sbarra, Chris Bisaccia, Joe Cohen, Ken Corio, and the rest of the Gil-Bar team.”

ICG will work in partnership with Gil-Bar’s management team to support the firm’s growth initiatives. Financial terms of the transaction have not been disclosed.

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