Permira, a global private equity firm, announced that a company backed by Permira funds has signed a definitive agreement to acquire DiversiTech, an aftermarket manufacturer and supplier of highly-engineered components for residential and light commercial heating, ventilating, air conditioning and refrigeration, from an affiliate of The Jordan Company LP. As part of the transaction, the senior management team led by Jim Prescott, President & CEO, will remain significant owners of the company.
Founded in 1971, DiversiTech is a consolidator of the HVACR aftermarket with the broadest product offering in the space, including a wide range of must-have mechanical, electrical, chemical and structural parts and accessories critical to HVACR and electrical technicians. With over 150 product categories, including a range of proprietary manufactured products, DiversiTech serves over 4,500 customers looking for a one-stop-shop solution to consolidate their purchasing and streamline supply channels.
Permira will draw on its significant global experience in backing value-added manufacturing and distribution companies to help DiversiTech expand its product offerings and geographical footprint, both organically and through acquisition opportunities.
“We are thrilled to partner with Permira as we continue to capitalize on our organic growth opportunities and significantly expand our business,” said Jim Prescott. “The Permira funds have an extensive track record of successful investments within the industrial space, and this transaction demonstrates Permira’s confidence in DiversiTech’s growth potential, engineering excellence and outstanding customer service.”
The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the second quarter of 2017.