The Stephens Group, LLC Announces Sale of Summit Industrial Construction, LLC

Closes Previously Announced Sale to Comfort Systems USA

LITTLE ROCK, Ark.--(BUSINESS WIRE)--The Stephens Group, LLC (“The Stephens Group”) today announced that it has closed its previously announced sale of Summit Industrial Construction, LLC (“Summit”) headquartered in Houston, Texas, to Comfort Systems USA, Inc. (NYSE: FIX) (“Comfort Systems”).

Summit is a specialty industrial mechanical contractor offering engineering, design-assist and turnkey, direct hire construction services of modular systems serving the advanced technology, power, and industrial sectors. Summit’s capabilities encompass a wide range of modular and site-based construction including process piping, equipment setting, large pipe rack trestles, and related steel erection and specialty concrete work. Summit is a trusted supplier to some of the world’s largest advanced technology, power and industrial companies and is currently deployed on several major chip fabrication projects.

“We are pleased to announce the closing of our sale of Summit. We enjoyed a successful, 13-year partnership with Jeff Johnson and his team. We are thrilled about the transaction and look forward to watching Summit’s continued success under Comfort Systems,” said Witt Stephens, CEO and Co-Chairman of The Stephens Group.

Brian Lane, CEO and President of Comfort Systems, added, “[w]e enthusiastically chose Summit because of its amazing workforce and culture, which is a direct result not only of its committed and field-focused leadership, but also of more than a decade of people-first stewardship by The Stephens Group.”

About The Stephens Group, LLC

The Stephens Group, LLC is a private investment firm that partners with talented management teams to help build valuable businesses. Backed by the resources of the Witt Stephens, Jr. and Elizabeth Campbell families, the firm combines the operational expertise of a private equity firm with the flexibility provided by long-term capital. With over $2 billion of private equity assets under management, the firm has a long history of providing informed, sophisticated expertise and working with owners and managers to help them successfully achieve their strategic visions and build long-term value. Since 2006, The Stephens Group has invested in over 50 companies, targeting investments in industries across the U.S., including industrial and commercial products and services, specialty distribution, technology infrastructure, and vertical software.