DiversiTech sold to UK firm
HVAC components maker DiversiTech Corp. has been sold to a global investment firm. Terms were not disclosed.
Officials with the U.K.-based private equity company Permira said it will use its global resources to help the aftermarket HVAC components manufacturer expands its products and size.
“DiversiTech has a well-earned reputation as the HVACR components leader, providing a critical role at the intersection of an industry that is marked by a highly diversified manufacturing base and technician end market,” said Permira partner John Coyle. “The company’s ability to offer the widest product offering of time sensitive components with the highest levels of customer service to wholesalers is unmatched. We are excited to be backing the over 500 employees of DiversiTech as they build on the company’s scalable platform and expand its leadership positions.”
As part of the agreement, senior management including President-CEO Jim Prescott, will maintain a “significant” ownership stake in the company.
“We are thrilled to partner with Permira as we continue to capitalize on our organic growth opportunities and significantly expand our business,” Prescott said. “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 expected to close in the second quarter, officials said.