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Right Time Heating & Air Conditioning Canada
Carlyle-backed Canadian HVAC consolidator led by Jay McKillop, operating over a dozen residential brands from St. Catharines across six provinces.
Right Time Heating & Air Conditioning Canada
The Right Time Group of Companies was formed in 2014 as a partnership between CEO Jay McKillop and Clairvest Group, a Toronto-based private equity firm. Clairvest sold its remaining stake to The Carlyle Group in 2022 (per Carlyle, April 2022), marking a full transition to institutional ownership. The firm operates as a residential HVAC and home services aggregator, acquiring established local heating, ventilation, and air conditioning companies and retaining their original branding, management teams, and community relationships. Its founder-led acquisition model is built on the thesis that home services demand is non-discretionary — Canadians replace furnaces in January regardless of economic cycles. Right Time deploys capital through direct acquisitions of owner-operated businesses, targeting firms with $5 million to $50 million in annual revenue. The group has completed over 25 acquisitions since inception, building a portfolio that spans furnace and air conditioner installation, repair, maintenance, and indoor air quality services. Geographic coverage runs from Ontario's Golden Horseshoe westward through Manitoba, Saskatchewan, Alberta, and into southern British Columbia. Portfolio entities include Peel Heating & Air Conditioning, Furnasman Heating & Air Conditioning, Romaniuk Heating & Air Conditioning, and AtlasCare, each operating under its own trade name with local brand equity intact. The firm fields approximately 1,000 technicians, installers, and support staff across its network of regional brands. Its operational footprint is concentrated in Canada's six most populous markets. In April 2022, The Carlyle Group acquired a majority stake in Right Time Group from Clairvest Group, who held the asset across two consecutive funds (per Carlyle announcement, April 2022). The transaction valued the business at an undisclosed amount and brought Carlyle's residential services expertise — previously demonstrated through investments in US-based Service Champions — into the Canadian market. Right Time's structure differs materially from a standard private equity fund. Carlyle acquired the platform directly, without a fund-raise tied exclusively to the HVAC sector, positioning Right Time as long-duration hold capital rather than a traditional 5-to-7-year commitment. This indefinite hold structure means the group can make acquisitions without pressure to exit on a fixed timeline — a structural advantage when bidding for founder-owned businesses whose sellers care about stewardship of their legacy more than maximizing the purchase multiple.
General information
Firm type
Asset Manager
Year founded
2014
AUM
Undisclosed
Location
Region
North America
Country
Canada
City
St. Catharines
Corporate office
St. Catharines, ON, Canada
Principals
Jay McKillop
Chief Executive Officer
Sector focus
Frequently asked questions
Who owns Right Time Group, and how is it capitalized?
The Carlyle Group acquired a majority stake in April 2022, buying out previous sponsor Clairvest Group (per Carlyle announcement, April 2022). Right Time operates as a direct portfolio company of Carlyle, not through a dedicated fund vehicle, which suggests an indefinite hold period rather than a fixed-duration fund structure.
What is Right Time's acquisition strategy?
Right Time acquires founder-owned residential HVAC companies with $5 million to $50 million in annual revenue across Canada. Acquired businesses retain their brand names, management teams, and local offices — the group provides back-office support, procurement scale, and access to best practices while preserving the community relationships that drive demand.
How does Right Time structure its deals with founders?
The group typically purchases a majority interest but structures transactions to keep founders and key operators in place post-close. The firm's indefinite capital base — through Carlyle rather than a fund vehicle — means it can offer sellers continuity without the pressure of a fund-driven exit timeline.
Does Right Time operate only in Ontario?
No. While headquartered in St. Catharines, the group's portfolio stretches across Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia. The firm targets Canada's major population corridors, prioritizing markets where seasonal temperature swings make HVAC demand structural rather than discretionary.
How does Right Time differ from a standard private equity fund?
Right Time is a Carlyle direct portfolio company, not a fund portfolio company. That means Carlyle holds the asset on its balance sheet rather than inside a blind-pool fund with a fixed liquidation date. The structure permits acquisitions to compound over a longer horizon and aligns with the stewardship narrative residential services sellers often prioritize.
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