PPP: No Room to Vent: First HVAC Roll-Up to File for Chapter 11

Welcome to the 123rd Pari Passu Newsletter. 

Today, we’re diving into the rise and fall of Air Pros, a prominent Heating, Ventilation, and Air Conditioning (HVAC) company. As the first large, sponsor-backed company to file for bankruptcy in recent years [11], Air Pros is a great introduction to how (not to) execute a successful HVAC roll-up. As this is an ongoing case, be on the lookout for updates from Pari Passu as we see how the story of Air Pros unfolds. 

But first, a note from the Pari Passu Newsletter

Hey guys, Restructuring here.

Let me give you more context behind this and future Pari Passu Premium (PPP) editions.

Historically, Pari Passu published a writeup every Friday. All articles would be free and the read the archive you had to become a paid subscriber. Given the amazing reception we have been receiving on our publication, we want to take this to the next level!

Starting today, the Pari Passu newsletter will also offer premium writeup covering more live situation, like the evolving Chapter 11 of Air Pros. I want to clarify a few things:

• Nothing will change to our free offering, every Friday, everyone will receive a free writeup

• I do not have a definitive schedule for these premium pieces, ideally we will cover one per month but this can change

• I have not raised prices for the premium membership, this is something complimentary that we are not offering to our premium members

• I want Pari Passu to bring the best restructuring content forever. Doing so through sponsors is not possible given how niche the field is!

Let’s get to it. Thank you so much to our premium subscribers!

Subscribe to Pari Passu Premium to read the rest.