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Gryphon Investors, a leading mid-market private equity firm, has announced that it has acquired Ed’s Supply Co., a leading HVAC/R wholesale distributor, ventilation, air conditioning and refrigeration), parts and supplies with 19 locations throughout Arkansas, Georgia, Kentucky and Tennessee. Financial terms of the transaction were not disclosed.
Gryphon plans to operate the company as a separate division of its platform Heritage Distribution Holdings, which recently changed its name from Wittichen Supply Holding Company. Ed’s Supply will join two existing companies, Benoist Brothers Supply Company, a regional distributor of HVAC/R equipment, parts and supplies based in the Midwest, and Wittichen Supply Company, a wholesale distributor of equipment, parts, supplies and service to the HVAC/R customer. to residential and business customers based on the Southeastern United States.
Craig Nikrant, Gryphon's dedicated operating partner to its Heritage Fund team, said, “We are excited to add Ed’s Supply to our multi-regional distribution platform as we continue to expand. The company’s proud history and focus on customer service of the highest “High quality makes it an excellent fit with our family of brands. With a growing multi-regional reach, we see a bright future for Heritage Distribution Holdings in an industry with a long history of growth.”
Based in Nashville, Tennessee, Ed’s Supply serves both the commercial and residential markets and has one of the largest inventories of HVAC/R air distribution parts, equipment and products in the Southeast. Steve Byram, former president of Ed’s Supply, will become an advisor to the management team of Heritage Distribution Holdings. His son Tucker Byram, most recently vice president of operations, Nashville, will become president, and the current management team will remain with the company.
Alex Averitt, CEO of Heritage Distribution Holdings, said, “We are delighted to welcome the entire Ed’s Supply team. Their strong product and service offerings greatly complement our existing lines and their strategic footprint will help us round out our presence in the attractive southeastern market.”
Steve Byram noted, “We are delighted to be part of Gryphon’s Heritage Distribution Holdings platform with its extensive financial and operational resources. As part of a larger organization with a reputation for superior customer service, Ed’s Supply will continue to provide premium service as we we took advantage of additional growth opportunities.”
Heritage Distribution Holdings was advised by legal counsel Kirkland & Ellis. Waller Lansden Dortch & Davis LLP served as legal counsel to Ed’s Supply, PNFP Capital Markets Inc. served as exclusive financial advisor to Ed’s Supply, and Lakoff & Co. served as accounting advisor to the company.