Global private equity firm Permira announced that a company backed by the Permira funds has signed a definitive agreement to acquire DiversiTech, an aftermarket manufacturer and supplier of highly engineered components for residential and light commercial HVAC and refrigeration from an affiliate of The Jordan Co. As part of the transaction, the senior management team led by Jim Prescott, president and CEO, will remain significant owners of the company.
Founded in 1971, DiversiTech is a consolidator of the HVACR aftermarket with a broad product offering, including a wide range of mechanical, electrical, chemical and structural parts and accessories critical to HVACR and electrical technicians. With more than150 product categories, including a range of proprietary manufactured products, the company serves more than 4,500 customers.
Permira will draw on its 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.
The transaction is subject to customary regulatory approvals and closing conditions, and is expected to close in the second quarter of 2017.