Peregrine Advisors brokers Dahl Air Conditioning partnership with Lynnfield

Peregrine Advisors announced a partnership between Dahl Air Conditioning and San Francisco-based holding company Lynnfield on Oct. 29. The deal is Peregrine’s fifth HVAC and MEP transaction of 2026 and keeps Dahl’s longtime president in place as the company looks to grow across California’s Central Coast.

Why it matters: - The deal adds to Peregrine Advisors’ momentum in trades-focused M&A and extends its footprint in HVAC and mechanical, electrical and plumbing transactions. - Dahl Air Conditioning gains a long-term capital partner as the company looks to expand its role on California’s Central Coast. - The partnership keeps founder-era leadership in place, which can help preserve customer relationships and operational continuity.

What happened: - Peregrine Advisors announced the partnership between Dahl Air Conditioning, Inc. and Lynnfield on Oct. 29, 2026. - Dahl is a leading HVAC services provider in central California. - Lynnfield is a long-term holding company that acquires and builds durable businesses across industrials and trade services. - This was Peregrine Advisors’ fifth HVAC and MEP transaction of 2026. - Jeff Tourtillotte will continue to lead Dahl as president and will remain an owner in the business.

The details: - Dahl was founded in 1977 and is based in Santa Barbara County, California. - Dahl is a union HVAC mechanical contractor serving commercial, industrial, institutional and residential customers throughout the Central Coast. - Dahl provides heating and air conditioning installation, maintenance, insulation, and 24-hour service and repair to commercial and residential customers throughout California’s Central Coast. - Lynnfield is based in San Francisco. - Lynnfield provides resources and long-term support to help portfolio companies strengthen operations, invest in people and pursue sustainable growth. - Peregrine Advisors said the Central Coast is a relationship-driven market and described Dahl as a trusted provider in the region. - Robert Fahrenhorst, managing director of Peregrine Advisors, said Dahl is a compelling platform for Lynnfield to build upon as the company extends its leadership across the region. - Fahrenhorst also said the partnership honors Tourtillotte’s legacy while positioning Dahl for its next chapter of growth.

Between the lines: - The transaction fits a broader trend of private capital targeting essential local service businesses with recurring demand and strong customer relationships. - Keeping Tourtillotte in charge suggests Lynnfield is prioritizing continuity over a quick operational reset. - Peregrine is signaling specialization in the trades, which can matter in a market where sector expertise can shape valuation and close rates.

What's next: - Dahl is expected to continue operating under Tourtillotte’s leadership while using Lynnfield’s support to pursue growth. - Peregrine Advisors is likely to keep leaning into HVAC and related trades transactions as part of its 2026 pipeline. - Lynnfield will work with Dahl to strengthen operations and expand the business over time.

The bottom line: - The partnership pairs a long-established Central Coast HVAC contractor with a holding company built for long-term ownership, while preserving current leadership and setting up Dahl for expansion.