EnSite Solutions LLC

Cushman & Wakefield
EnSite Solutions LLC


EnSite Solutions, LLC of Irving TX, has been acquired by Cushman & Wakefield of Chicago, IL. Palomino Capital initiated this transaction, assisted in the negotiations, and served as exclusive financial advisor to EnSite Solutions.


EnSite Solutions is a nationwide provider of HVAC and power system maintenance and repair services focused on serving data center and telecom facilities. Founded by CEO Toby Thomas in 2009, EnSite Solutions has grown rapidly over the past four years, with appearances in Inc500 in 2013 and Inc5000 in 2014 and 2016.


  • Mr. Thomas spoke with Palomino in 2013 to explore a sale/recapitalization based upon his growth plans. We believed he was two years away from creating significant value and the existing valuation of $10-12 million would substantially increase if he executed plan. While not in complete agreement, Mr. Thomas focused on his plan and reengaged with us in 2016 to begin a process focused primarily on strategic partners/buyers.
  • Mr. Thomas retained Palomino to engage with several “highly probable” potential strategic acquirers, all with current mechanical services maintenance programs.
  • The identified strategic buyers could not come to acceptable terms as they could not incorporate EnSite’s asset-light business model into existing asset-heavy infrastructure, resulting in low valuations and difficult transition issues.
  • Limited other strategic buyers existed, leaving financial buyers as the next typical path.

Palomino Solution

  • To maximize valuation, Palomino marketed EnSite as the singular national provider of services to mission critical facilities with ability to scale rapidly due to their asset-light advantages.
  • We identified over 70 “tangential strategic” potential buyers with no mechanical service maintenance programs including HVAC equipment OEMs, design / build firms, industrial service firms, property management firms, and asset-light service companies in unrelated industries.
  • Palomino received 15 LOIs, eventually closing the transaction with Cushman & Wakefield due to their global focus and ability to supercharge EnSite’s growth with their client base. Additionally, they looked at EnSite as a critical element to manage existing CW client infrastructure.
  • Total consideration yielded an EBITDA multiple in the teens.