Frontenac recapitalizes Hayes Commercial with management
Chicago-based Hayes Commercial provides commercial and industrial HVAC, plumbing and boiler services across the Midwest, acquired from TJM Capital Partners.
Frontenac, a Chicago-based private equity firm, announced the recapitalization of Hayes Commercial in partnership with the company's management team. Hayes was acquired from TJM Capital Partners. Financial terms were not disclosed.
Founded in 1918 and headquartered in Chicago, Hayes maintains, repairs and installs HVAC, plumbing, boiler and building control systems for commercial and industrial customers across the Midwest, selling through facility owners and general contractors. Frontenac said the business has an in-house union workforce.
Lincoln International advised Hayes, KeyBanc Capital Markets advised Frontenac and DLA Piper was Frontenac's legal counsel.
Deal facts
- Target
- Hayes Commercial
- Business
- Provider of commercial and industrial HVAC, plumbing, boiler and building control services in the Midwest
- Investor
- Frontenac
- Sponsor
- Frontenac
- Seller
- TJM Capital Partners
- Deal type
- Recap
- Headquarters
- Chicago, IL
- Advisers
- Lincoln International financial adviser to Hayes
- KeyBanc Capital Markets financial adviser to Frontenac
- DLA Piper legal counsel to Frontenac
- Status
- Completed
- Announced
- Tuesday, November 3, 2026
Sources
- FrontenacNov 3, 2026
Written by Buyout Desk from the sources above. Spotted an error? Email corrections@buyoutdesk.com.