Alceon Private Equity has acquired a 49 per cent stake in TVH, a national provider of heating, ventilation and air conditioning (HVAC), electrical, and fire maintenance services.
In partnership with TVH’s founders and management team, Alceon will support the company to accelerate growth and secure its position as a leading pure-play technical maintenance provider for government and corporate customers.
TVH was founded in 1998 as Enviroair and has been owned and run by Josh Leys, Doug Lamac, and Simon Jones over the last 15 years, all of whom will remain with the business.
The Australian-owned business now employs a distributed network of more than 450 technicians nationwide, covering more than 30 regional locations.
The company is servicing household names like Telstra, Woolworths, Bupa, McDonalds, Transgrid, and Visy, and has government contracts with the Department of Defence, NSW Police, and City of Sydney.
The business doesn’t serve residential customers and is purely focused on maintenance with no exposure to new construction projects.
TVH managing director, Joshua Leys, said that as a founder-led business, it is committed to continuous improvement and innovation, constantly seeking opportunities to enhance its capabilities and offerings to deliver greater value to meet the evolving needs of customers.
“We are thrilled to welcome Alceon as a partner, bringing institutional-level capital and scaling expertise to our business for the first time,” Leys said.
“Their investment will turbocharge our growth trajectory, solidify our position as a market leader, and enable us to seize opportunities as the sector undergoes consolidation.
“It is also exciting to reflect on how far TVH has already come – the growth we have achieved to date has laid a strong foundation and now we’re positioned to accelerate even further.
“This partnership not only unlocks future potential for the business but also opens up greater exposure and new opportunities for our team, supporting their development as we enter this next chapter together.”
Alceon Group managing director, Rahil Gupta, said Alceon is excited to be partnering with TVH, a successful founder led company entering its next chapter of growth.
“This is a perfect fit with our core investment strategy of marrying flexible capital with best-in-class operators in market leading companies. Together we believe we can significantly grow and strengthen the TVH business,” Gupta said.
“Josh, Doug, and Simon have built a proven market leader with a high-quality client base, strong culture and customer value proposition that is taking market share.
“Alceon will assist with capital allocation, medium term strategy and scale-up and use its risk capital to pursue M&A in the sector, which is how similar markets overseas have evolved.
“We are confident that TVH’s strategy as an integrated single service provider focussed on maintenance will continue to win in-market.”
Josh Leys and Doug Lamac will continue to lead TVH’s business development and operations going forward and join the Board.
Alceon and TVH have also announced the appointments of Morris Guest as TVH CEO and Jon Newbery as TVH chair.
Guest joins TVH from PE-backed global cold chain logistics provider Lineage Logistics, which was the world’s largest IPO in 2024.
Newbery joins TVH alongside current NED roles with listed Xref and PharmX Technologies, recycler Repurpose It, and embedded network provider Energy Locals.