We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.

logo
  • Engineers & Specifiers
  • Contractors & Installers
  • Wholesalers & Distributors
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Free Subscription
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • PRODUCTS
    • Bath & Kitchen
    • Fire Protection
    • HVAC
    • Hydronics/Radiant
    • Plumbing
    • PVF
    • Tools
  • PROJECTS
    • Commercial
    • Green Building
    • MRO/Retrofit
    • Remodeling
    • Residential
  • HOW TO
    • Design
    • Fire Protection
    • Legal Matters
    • Management
  • BUSINESS
    • Buying Groups
    • Technology
    • Associations
  • CODES & STANDARDS
    • ANSI
    • ASHRAE
    • ASSE
    • Regulations
    • Green Building
    • IAPMO
    • ICC
    • NFPA
  • RESOURCES
    • Media Kit
    • Advertise
    • Contact Us
    • Classifieds
    • Digital Editions
    • Behind the Wall
    • Webinars
    • ASPE Live 2022
  • PODCASTS
  • DIGITAL EDITIONS
Home » Gryphon Investors Signs Agreement to Sell Heritage Distribution Holdings to Beijer Ref

Gryphon Investors Signs Agreement to Sell Heritage Distribution Holdings to Beijer Ref

December 15, 2022
No Comments
Gryphon Investors Signs Agreement to Sell Heritage Distribution Holdings to Beijer Ref.jpg

Gryphon Investors (Gryphon), a leading middle-market private equity firm, announced today that it has signed a definitive agreement for the sale of its portfolio company Heritage Distribution Holdings (HDH) to Beijer Ref (OM: BEIJ B), a leading worldwide distributor of commercial refrigeration, industrial refrigeration, and air conditioning. Gryphon made its first investment in HDH 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. 

HDH 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). HDH  is headquartered in Atlanta, Georgia, with 64 branches in 10 states.

Craig Nikrant, Gryphon operating partner, said, "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." 

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."

Keith Stimson, deal partner and head of Gryphon's Heritage Fund added, "We are proud of what CEO Alex Averitt and the HDH management team have accomplished over the past year and a half and are extremely pleased to have this successful outcome for the first exit from the Heritage Fund portfolio. Our investment in HDH is testament to Gryphon's Heritage Fund strategy, which leverages Gryphon's sector initiative strategy and focuses on partnering with market leaders with sustainable differentiation."

HDH CEO Alex Averitt added, "We have had a remarkable partnership with Gryphon. 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."

Baird acted as lead financial advisor to Gryphon, and Kirkland & Ellis LLP served as Gryphon's legal counsel. 

Business Contractors & Installers Distributor HVAC Industry Community News Wholesalers & Distributors
  • Related Articles

    Gryphon-Backed Heritage Distribution Holdings Appoints Brian Sasadu as Chief Human Resources Officer

    Heritage Distribution Holdings Acquires Coastal Supply Co.

    Ed's Supply, Division Of Heritage Distribution Holdings, Acquires Controlled Temp Supply

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular

  • NIBCO Expands Industry Presence with Acquisition of Matco-Norca

  • Stories From the Mechanical Room Podcast: The Math Never Lies ft. Taco Comfort Solutions' John Barba

  • Newly Released Scorecard Ranks States for Water Efficiency and Sustainability Policies

  • New 3M Docuseries Showcases Need for Diverse and Meaningful Trade Careers

Featured Video

Flow aide

JC Whitlam Flow Aide Biodegradable System Descaler Kit

Industry Events

  • 04Feb

    ASHRAE Winter Conference

    Atlanta, GA
  • 05Feb

    IMARK Plumbing Annual Meeting

    Orlando, FL
  • 06Feb

    2023 AHR Expo

    Atlanta, GA
More Events

Subscribe to our newsletters & stay updated

Subscribe & Learn More

  • Tw02 2023 cover
    Learn More
  • Pe02 2023 cover
    Learn More
  • Phc02 2023 cover
    Learn More
  • Es 2022
    Learn More
Subscribe

More from PHCP Pros

  • Editorial Team
  • Home
  • Contact Us
  • About
  • Advertise

Follow Us

© 2023 All Rights Reserved

Design, CMS, Hosting & Web Development | ePublishing