Washington Gas and Thayer Capital Partners each owns 50% of Primary Investors and each has an equal number of members on its board of directors. Each firm's initial equity commitment to the venture is $25 million. Earnings from investments made by Primary Investors are expected to be positive in the first year of operation.
Primary Service Group will acquire and operate companies to provide aftermarket HVAC products and services to the residential and light commercial markets.
These products and services may include equipment, repairs, replacement and inspection programs and service agreements.
Primary Service Group will focus initially on building a regional presence in the District of Columbia, Maryland and Virginia metropolitan area.
Primary Investors' board has named Louis Pearsall president of Primary Service Group. Pearsall has HVAC and management expertise. His credentials include 20 years with Carrier Corp. and experience in product management, strategic marketing, operations, purchasing, acquisitions and business integration.
Washington Gas is an energy company primarily engaged in the sale and delivery of natural gas and other energy-related products and services. The company serves nearly 850,000 customers.
Thayer Capital Partners is a private equity investment firm that manages more than $1.2 billion in capital.