Partners Group Strengthens HVAC Line with Texas Acquisition as New Income Strategy Debuts

The Swiss private equity firm has been busy on two fronts this week, announcing both a bolt-on acquisition by one of its portfolio companies and the official launch of a new product aimed at income-seeking institutional investors. Yet the stock continues to trade under pressure, closing Friday at €905.20 — down 0.66% on the day and 17% lower since the start of the year.

The shares now sit roughly 25% below their 52-week high of €1,213.50 touched in August 2025, with the 50-day moving average hovering just above the current level. An RSI reading of 58 points to neutral territory, suggesting the market is still weighing the impact of these developments.

On the M&A side, DiversiTech — a Partners Group portfolio company focused on heating, ventilation and air conditioning — has agreed to acquire Polymer Adhesives Holdings, a Texas-based manufacturer of high-performance sealants and adhesives for HVAC ductwork. The seller is DalFort Capital Partners, which announced the sale on May 29. Polymer Adhesives, headquartered in Mineral Wells, Texas, also produces fire-protection materials and adhesives. During DalFort’s holding period, the company had already completed two smaller add-on acquisitions.

Should investors sell immediately? Or is it worth buying Partners Group?

Partners Group originally took a stake in DiversiTech in 2021 at an enterprise value of $2.2 billion, flagging M&A as a central driver of value creation at the time. The latest deal fits squarely into that playbook, though neither DalFort nor Partners Group disclosed a purchase price, leaving analysts in the dark on its immediate financial contribution.

Alongside the bolt-on, Partners Group is rolling out a new fund, the Total Return Strategy, designed to appeal to investors seeking a blend of regular distributions and long-term capital appreciation. The strategy targets majority stakes in companies across foundational sectors — industry, logistics, healthcare, consumer goods and services — using a more conservative capital structure with lower leverage than traditional buyout vehicles. The firm aims for a mid-teens return and an initial dividend yield of 5% to 8% at the strategy level, focusing on market leaders with high free cash flow and exposure to technological disruption.

The dual moves come just weeks after the annual general meeting on May 20 in Baar-Zug, where shareholders overwhelmingly approved a dividend of CHF 46.00 per share — a 10% increase over the prior year. The board was also confirmed in full, with Steffen Meister remaining chairman and Gaëlle Olivier taking on the role of lead independent director. The ex-dividend date was May 22, with payment on May 27.

Looking ahead, investors will get a clearer read on progress when Partners Group reports assets under management as of the end of June on July 15. The long-term target of $450 billion in AUM by 2033 remains in place, up from $185 billion at the end of 2025. For the current year, management has guided for gross demand of $26 billion to $32 billion. Half-year results are scheduled for September 1, which will shed more light on whether the new strategy and the HVAC platform build-out are translating into higher exit valuations or recurring earnings.

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