Stamford, CT – July 1, 2025: TrueNorth Capital Partners LLC is pleased to announce that its wholly-owned subsidiary, TNCP, LLC (“TrueNorth”) initiated the transaction and acted as exclusive M&A advisor to Air Design Systems (“ADS”) on its sale to Grizzly MEP (“Grizzly”), a portfolio company of Garnett Station Partners.

Founded in 1977 by Bill and Jean Brown, ADS specializes in delivering comprehensive mechanical and plumbing solutions, excelling in design-build, negotiated and plan-and-specification projects. As an established and respected market leader with a strong footprint across the South, ADS has built a diverse and loyal customer base over the past 50 years.

Grizzly is a commercial mechanical, electrical and plumbing platform focused on partnering with best-in-class founders and management teams. ADS builds on Grizzly’s expansion of its platform, which was launched in May 2025, following its recently announced partnership with Stiles Heating & Cooling, a founder-owned leading provider of HVAC, building controls and plumbing services, serving communities in Georgia and South Carolina. Grizzly’s continued success is backed by Garnett Station Partners, a New York-based principal investment firm that manages approximately $4 billion of assets.

The Founders of ADS, Bill and Jean Brown, expressed their gratitude to TrueNorth stating: “We were very fortunate to have the advice and expertise of the TrueNorth team led by Dave Reilly during our sale of Air Design Systems. Dave’s knowledge and guidance were critical throughout the entire process. The team’s attention to detail was extraordinary during the preparation of our company data for presentation to potential buyers all the way through to the due diligence and closing phases. Their focus on the analytical presentation of our company information and their dedication to finding a well-suited match to our company culture were invaluable. TrueNorth presented a range of highly qualified potential buyers who were aligned with our goals, and Dave facilitated negotiations ensuring our best outcome. He was always available to walk us through each step of the process, anticipating potential issues and cutting to the core of any challenges to find solutions that pleased all parties. We genuinely appreciate the care and commitment that the TrueNorth team provided our family during this process.”

David Reilly, Managing Director at TrueNorth, acted as Lead Banker on this transaction with further support from Guy Piccolo, Associate, and Cosimo Lazzarino, Analyst.

Mr. Reilly added: “ADS embodies the type of client we are truly proud to represent—hardworking, passionate owners who have built a multi-decade legacy of excellence, loyal customer base, and exceptionally talented and dedicated team. It was a privilege to help deliver a result that reflects the full value created by the Browns and their leadership team, while ensuring that the business is poised for continued success as part of the Grizzly platform and with the support of Garnett Station Partners.”

Colby Smith led the Holland & Knight team as ADS’s primary legal advisor on the transaction.

Inquiries about the transaction can be directed to TrueNorth at the contact information provided below:

David Reilly, Managing Director
Stamford Office
Phone: (203) 817-0282
E-mail: dreilly@truenorthcp.com

About TrueNorth Capital Partners LLC:
TrueNorth provides advisory services to companies seeking advice for middle-market M&A and financing transactions. With offices in Stamford CT, Charleston SC, Central, NJ, Naples, FL, Minneapolis, MN, Tokyo, Japan and London, UK, TrueNorth is a boutique investment bank comprised of senior bankers providing a full complement of financial advisory services. Our focus on the middle-market enables us to provide independent, value-added advisory services to privately held middle-market companies, private equity and family office groups and corporate clients, both domestic and international, across a broad range of industries. TrueNorth conducts its securities related business through its wholly owned subsidiary, TNCP, LLC, member FINRA/SIPC.

About Scout Valuations LLC:
Scout Valuations, a wholly owned subsidiary of TrueNorth, is fully dedicated to business valuation. We provide thorough, independent valuation analyses together with superior client service and responsiveness. Our analyses combine a detailed understanding of the business, industry and economic context, with the insight to address complex valuation issues regarding your business.