Case Study:

Riddleberger Brothers is the largest mechanical contractor in Virginia’s Shenandoah Valley. The Company provides engineering, installation and maintenance of mechanical systems in Central and Western Virginia and serves a diverse group of commercial and institutional clients.
Comfort Systems USA (NYSE: FIX), the nation’s largest mechanical systems installation and service provider, approached Riddleberger on an unsolicited basis to acquire the company.
Matrix had a long-term advisory relationship with the owner of Riddleberger, dating back to when Matrix advised the owner when he initially acquired Riddleberger ten years prior.

Matrix was hired to manage the transaction process with Comfort Systems, negotiate the terms and conditions of the deal, and to “keep the buyer honest” with the threat of an auction.

Matrix effectively streamlined the process by coordinating between the attorneys and accountants of both sides and by coordinating the diligence process.
By leveraging the threat of an auction process, Matrix was able to maximize the terms and consideration of the deal, while serving the dual role as a buffer between the Riddleberger and Comfort Systems management teams, who would be working closely together post close.