Case Studies
JTW Advises Sale of McGowan’s to Del-Air
JTW Advisors LLC announced today that its client, McGowan’s Heating & Air Conditioning, the largest stand-alone HVAC provider in the Jacksonville market, has been acquired by Del-Air Heating, Air Conditioning & Refrigeration, backed by Astara Capital Partners. JTW Advisors served as the exclusive investment banker to McGowan’s for the transaction.
The sale attracted strong interest from a highly competitive field of buyers, driven by McGowan’s long-standing reputation, differentiated business model, and strong market position. After receiving multiple bids, McGowan’s selected Del-Air for its employee-focused culture and proven ability to integrate acquisitions while maintaining operational excellence.
“We built McGowan’s with a commitment to our customers and employees, and it was important to find a partner who shared that vision,” said Mike Regula, owner and operator of McGowan’s. “Del-Air’s reputation and employee-first culture made them the right choice to carry our legacy forward.”
Founded over 50 years ago, McGowan’s serves the Jacksonville market with residential replacement, service, maintenance, and new construction HVAC offerings. Del-Air, which operates across the state of Florida, strengthens its statewide presence through this strategic acquisition.
“We are proud to have represented McGowan’s in this transaction,” said Chris Jasinski, CEO at JTW Advisors. “This deal underscores the robust M&A environment in home services, where both strategic and private equity-backed buyers remain highly active.”
JTW Advises Sale of Level Homes Raleigh Division to Lennar
Lennar, one of the nation’s leading home builders and the largest builder in the Raleigh–Durham market, has expanded its footprint through the acquisition of 1,602 homesites from Level Homes. The purchase includes homesites across seven key communities, including 5401 North, Willow Oak, and Meadowbrook. An affiliate of Level Homes will continue to develop and deliver these lots to Lennar in phases over the coming years.
“We are proud to have advised Level Homes on this significant transaction,” said Chris Jasinski, CEO & managing partner of JTW Advisors. “The Raleigh–Durham region continues to be one of the strongest and fastest-growing housing markets in the Southeast. This deal highlights the strategic importance of well-located land positions and reflects Lennar’s continued commitment to expanding its reach and product offerings throughout the area.”
For Level Homes, this transaction marks a meaningful evolution in the company’s long-term strategy within the Raleigh–Durham market. The firm has built a strong reputation for identifying and developing well-positioned communities, and its affiliate, Engquist Development, will maintain involvement by continuing to develop and deliver finished homesites to Lennar.
“Raleigh–Durham has been a great market for Level Homes,” said Todd Waguespack, Managing Partner for Level Homes. “We are grateful for the talented people who contributed to our success in this region and look forward to continuing our development work as Engquist Development. Lennar is a respected leader with deep roots in the area, and we are excited to see these communities continue forward under their banner.”
Lennar’s acquisition reinforces its position as the largest home builder in the Raleigh–Durham market, now capturing 13 percent of total new home construction and approximately 25 percent of the townhome segment. The transaction further reflects the ongoing trend of leading national builders strengthening their land pipelines in high-growth Southeast markets.
This transaction underscores the robust activity within the homebuilding mergers and acquisitions market, particularly in regions experiencing strong demographic tailwinds and continued in-migration.