The deal
Forum Asset Management holds a majority stake in The Chill Brothers, an HVAC platform launched in 2020 that serves homes and businesses. On Oct. 23 the company said it had bought Bowles Heating and Cooling in San Angelo, Texas, its 10th deal so far. The price was not made public.
Guy Bowles opened the business in 1980. His son Nathan, an 18-year veteran of the business, took over ownership in 2021. Bowles counts upward of 14,000 customers across the Concho Valley, mostly households plus some light commercial accounts.
The company keeps the Bowles name, and Nathan Bowles remains general manager alongside the team already in place. Under CEO Brennan Mulcahy, The Chill Brothers now works in three states: Texas, Arizona and North Carolina.
A customer list topping 14,000 in a city the size of San Angelo is the kind of number buyers notice. A big customer base in a smaller market usually means a strong local name and fewer serious competitors, and it hands a platform a ready-made foothold in a new region. The Bowles family also settled succession before selling, passing the business to the next generation in 2021. When it's clear who runs the company day to day, the conversation with buyers is easier, because they know who will be leading after the deal.
What this means if you own an HVAC company
- Smaller markets count. Platforms are buying outside the big metros when a company leads its area.
- Customer count is currency. A large, loyal customer list is one of the clearest signs of value to a buyer.
- Settle who leads next. Clear leadership after the sale makes your company easier to buy and easier to keep running.
Source: The Chill Brothers announcement, EIN Presswire, Oct. 23, 2026. Summary and analysis by V2 Strategy Advisors.