NEW YORK, Feb. 17, 2026 /PRNewswire/ — LO3 Capital, a private investment firm providing transformative capital to lower-middle market companies, announced today a senior debt investment to support Thermometer BAS Holdings LLC’s (“Thermometer Holdings”) recapitalization and its acquisition of an Arizona based commercial HVAC business. Thermometer Holdings is a founder-led platform providing commercial and residential HVAC, controls, and energy efficiency services across the Southeast and Southwest United States.
Founded by Reid Althoff, Thermometer Holdings specializes in the maintenance, repair, and optimization of complex HVAC systems serving mission-critical end markets, including education, healthcare, industrial facilities, data centers and residential. Since inception, the Company has executed multiple strategic acquisitions to establish regional operating hubs and expand its service capabilities while maintaining strong customer retention.
“Thermometer represents the type of high-quality, service-oriented business we look to support,” said Wesley Roberts, Partner at LO3 Capital. “The Company benefits from a diversified and loyal customer base, a proven management team, and meaningful opportunities for continued growth in a highly fragmented industry. We are pleased to partner with Reid and his team as they continue to build a leading HVAC services platform.”
Mr. Althoff added, “LO3 Capital was a strong partner from the outset, bringing deep experience in supporting founder-led businesses and a long-term approach that aligns with our growth strategy. Their capital and perspective will allow us to continue investing in our people, systems, and acquisitions while maintaining the operational discipline that has driven our success to date.”
This transaction marks LO3 Capital’s sixteenth investment since its September 2022 launch, reinforcing the firm’s commitment to long-term value creation alongside management teams and private equity sponsors.
About LO3 Capital
LO3 Capital is a minority-owned private investment firm committed to helping lower-middle market companies grow. The firm has offices in Nashville, New York, and Dallas and targets businesses with over $3 million of EBITDA across a variety of industries. LO3 Capital partners with management teams, business owners, and private equity firms to finance organic growth, acquisitions, recapitalizations, and ownership transitions. LO3 Capital was previously a division of Live Oak Growth Capital and continues to manage the Live Oak Growth Capital funds.
For more information, please visit www.lo3capital.com.
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SOURCE LO3 Capital LLC
