Private equity firm closes DiversiTech deal
By HPAC MagazineHPAC General
A company backed by funds from the private equity firm Permira has acquired DiversiTech—an aftermarket HVACR manufacturer and supplier—from an affiliate of The Jordan Company LP. The Jordan Company, an investor in middle market industrial businesses, acquired aftermarket HVAC/R equipment manufacturer DiversiTech in 2015 in partnership with the existing management team.
The senior management team led by president and CEO Jim Prescott will remain significant owners of the company. Permira will help DiversiTech expand its product offerings and geographic footprint, the company said. The transaction closed June 1.
DiversiTech, founded in 1971, is a multi-faceted manufacturer and supplier to multiple industries including HVAC/R, electrical, consumer hardware retail, electrical utility and automotive retail. Its core product categories consist of equipment pads, mounting systems, and condensate management accessories including condensate pumps, replacement motors, electrical installation accessories and chemical products. In Canada, DiversiTech markets through the Alltemp Products Company, Ltd., a DiversiTech wholly-owned subsidiary.
Headquartered in the Atlanta, GA metropolitan area, DiversiTech operates over one million square feet in multiple manufacturing and warehousing locations in North America, Europe and Asia.