GOOD SPRINGS CAPITAL ANNOUNCES INVESTMENT IN KIMBEL MECHANICAL SYSTEMS

NEW YORK, July 1, 2024 /PRNewswire/ -- Good Springs Capital LP ("Good Springs"), a private investment firm focused on partnering with founders, families, and entrepreneurial management teams in the industrial and services sectors, today announced that entities managed by it have completed an investment in Kimbel Mechanical Systems, Inc. ("Kimbel" or "the Company"), a leading mechanical contractor. Headquartered in Fayetteville, Arkansas, Kimbel has more than 650 employees and operates in 11 states throughout the South, Midwest, and Mountain West regions of the United States. Kimbel services a diverse customer base of leading single-family homebuilders and multi-family residential project developers and is one of the few businesses in its markets that provides a tri-service offering that includes plumbing, HVAC, and electrical installation services.

David Van Geyzel, Managing Partner of Good Springs, stated, "We are excited to partner with Rob Kimbel, David Kimbel, and their dedicated team. Kimbel has an impressive history of organic growth and is one of the largest companies in its field. The Company exemplifies what Good Springs seeks in potential investments: an established business led by an experienced, driven, and talented management team operating in a large, essential market. We believe the Company has numerous opportunities to grow through existing initiatives as well as the application of the Good Springs Growth System."

"I would like to thank all the Kimbel employees for their hard work and dedication in helping build the Company," said Rob Kimbel, Chief Executive Officer of the Company. "Kimbel has come a long way since my father, Miles, founded the business in 1984, and we are excited about partnering with the team at Good Springs to pursue our next stage of growth and expansion. Their experience, values, capital, and model of working with entrepreneurial companies such as ours should allow us to pursue our objectives of maintaining our unique culture, providing high quality service to our customers, accelerating growth, and expanding future opportunities for our team."

Udi Toledano, Managing Partner of Good Springs, added, "Kimbel's senior team, led by Rob, will continue to manage and operate the Company, and the Kimbel family will remain significant owners of the business alongside Good Springs. We look forward to supporting the Kimbel team as it continues to execute the strategy that has led to its past successes and assisting the Company as it pursues a complementary and focused acquisition plan."

White & Case LLP acted as legal counsel to Good Springs. Kutak Rock LLP acted as legal counsel to Kimbel.

About Kimbel Mechanical Systems

Founded in 1984 in Ohio and re-established in Northwest Arkansas in 1993, Kimbel is a leading national mechanical contractor that specializes in servicing residential and commercial builders with plumbing, HVAC, and electrical needs. Kimbel focuses on single-family projects such as mid- to large-scale developments and multi-family projects such as military housing, condominiums, hotels, tax credit housing, apartments, student housing, hospitality, and assisted living. With a team of over 650 employees, including over 400 tradespeople, Kimbel has grown to be a premier mechanical contractor in its markets. For more information about Kimbel, please visit www.kimbel.com.

About Good Springs Capital

Good Springs, based in New York, NY, is a private investment firm focused on making majority control investments in middle-market companies run by founders, families, and entrepreneurial management teams in the industrial and services sectors. Good Springs is honored to have The Chickasaw Nation as a strategic partner. Good Springs approaches opportunities with a long-term mindset and strives to build strong partnerships with talented management teams. It supports successful companies in pursuing their next chapter of growth objectives through the implementation of the Good Springs Growth System. For additional information about Good Springs, please visit www.goodspringscap.com.

CONTACT: Kristina Mayne, [email protected]

SOURCE Good Springs Capital LP