TJM Capital Partners has sold Hayes Commercial to Frontenac
Hayes Commercial
Founded in 1918 and headquartered in Chicago, Illinois, Hayes Commercial is a leading provider of comprehensive mechanical services with a strong Midwestern presence. The company provides end-to-end HVAC, boiler and plumbing services, including preventative maintenance, service and repair, replacement, retrofit and installation for commercial and industrial facilities. Serving customers across a diverse range of end markets, Hayes has established a strong market presence supported by longstanding customer relationships, deep technical expertise and a highly skilled workforce.
The Deal
TJM Capital Partners acquired Hayes in 2021 and subsequently expanded the platform through the strategic acquisition of Edwards Engineering in 2025. Under TJM’s ownership and the management team’s leadership, Hayes strengthened its market position, broadened its service capabilities and expanded its geographic reach. The company’s service-led business model, longstanding union partnerships and comprehensive mechanical capabilities position Hayes to support customers throughout the full lifecycle of their mechanical systems.
With Hayes well-positioned for its next phase of growth, TJM engaged Lincoln International as its exclusive financial advisor to identify the ideal partner to capitalize on the company’s strong market position, differentiated capabilities and significant growth opportunities. Lincoln leveraged its deep industry expertise, extensive buyer relationships and transaction experience to generate compelling options for shareholders. Frontenac emerged as the ideal partner for Hayes and its management team, bringing deep experience investing in industrial and business services companies and a proven track record of supporting organic growth and strategic acquisitions.
Our Perspective
Luke Webb, Managing Director and Co-Head of Lincoln’s Business Services Group, commented, “We are proud to have served as the exclusive financial advisor to Hayes Commercial in its sale to Frontenac. Hayes’ strong recurring service and maintenance revenue, longstanding customer relationships and attractive exposure to essential maintenance and replacement demand position the company well for continued growth. We believe Frontenac is an ideal partner to support Hayes’ next phase of expansion, and we look forward to the company’s continued success under its new ownership.”
TJM Capital Partners
Founded in 2008, TJM Capital Partners is a Chicago-based private investment firm that invests in established lower-middle market businesses seeking to grow and realize shareholder value. TJM partners closely with management teams and is backed by a select group of committed capital sources, including family offices, high-net-worth individuals and first-generation investors.
Frontenac Company
Frontenac is a Chicago-based private equity firm focused on lower-middle market buyouts in the consumer, industrial and services sectors. Through its CEO1ST® executive-centric approach, Frontenac partners with established operating leaders to acquire and build market-leading companies through transformational acquisitions and operational excellence. Over 55 years, the firm has worked with more than 350 owners of mid-sized businesses on liquidity, management enhancement and growth planning.
Lincoln was an exceptional partner throughout the sale process. Their deep understanding of Hayes and the broader MEP services market, coupled with their extensive buyer relationships and disciplined execution, were instrumental in delivering a successful outcome. We are extremely pleased with the outcome and confident that Frontenac is the right partner to support Hayes’ next phase of growth.
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