SAN FRANCISCO — Gryphon Investors, a leading middle-market private equity firm, announced that it has signed a definitive agreement for the sale of portfolio company Heritage Distribution Holdings to Beijer Ref, a leading worldwide distributor of commercial refrigeration, industrial refrigeration and air conditioning.
Gryphon made its first investment in the company in July 2021 and completed four add-on acquisitions during its ownership to create a regional leader in its respective markets. Subject to customary closing conditions, the sale is expected to close in Q1 2023.
Heritage Distribution Holdings is a leading multi-regional HVAC/R parts and equipment distribution platform serving the Southeastern and Midwestern United States. The company was formed from the merger of four strong regional brands: Wittichen Supply (founded in 1914), Benoist Brothers Supply (founded in 1928), Ed's Supply (founded in 1957), and Coastal Supply Company (founded in 1978). Heritage Distribution Holdings is headquartered in Atlanta with 64 branches in 10 states.
"Our vision was to build a multi-regional distribution platform that would become a leading HVAC/R brand in the Southeastern and Midwestern United States. We are proud to have supported the company's growth while maintaining a focus on top-quality customer service across the entire family of brands," said Gryphon operating partner Craig Nikrant.
Tim Bradley, managing director at Gryphon, added, "Heritage Distribution Holdings has a bright future ahead and we are confident that Beijer Ref is the ideal home for the Company. It was important to Gryphon to steward the legacy behind each of HDH's underlying brands, which we are confident will continue given Beijer Ref's emphasis on entrepreneurial culture and local decision making."
"We have had a remarkable partnership with Gryphon," said Heritage Distribution Holdings CEO Alex Averitt. "With the help of their operating and deal professionals, we were able to quickly and successfully scale the business and invest in our teams across the HDH platform, all while maintaining the unique cultures of the firms we acquired. We look forward to continuing that momentum under our new owners."