DiversiTech Corporation — a leading resource for a wide array of engineered aftermarket parts and components for the North American HVACR industry — and The Jordan Company private equity firm, announced on May 19 that the DiversiTech management team and The Jordan Company have partnered to acquire DiversiTech from a shareholder group led by the company’s longtime Chairman, Charles Lipman.
DiversiTech manufactures and distributes HVACR equipment pads, condensate management equipment, maintenance chemicals and electrical accessories.
Charles Lipman, DiversiTech’s Chairman and majority shareholder commented: “This is a transformational moment in our Company’s history. Our management team, led by CEO Jim Prescott, has established DiversiTech as the industry’s leading supply chain partner of HVACR components. Now with the resources of The Jordan Company behind them, the Company can build upon its past success by targeting new investments in product development, acquisitions and capacity expansion."
CEO Jim Prescott said: “All of us at DiversiTech are grateful to Charles for his visionary leadership over the past 35 years. I look forward to Charles’ continued guidance and support as an ongoing Board Member. I am also grateful to our outstanding employees. Through their great efforts, we have grown to become a true industry leader. Looking ahead, our opportunity to accelerate the growth of our business, both organically and via acquisitions, has never been more apparent. Backed by the resources of The Jordan Company, we have an extraordinary opportunity to expand our business and better serve our many loyal customers."
The Jordan Company, with over $8 billion of cumulative equity commitments, is one of the world’s most respected investors in middle market industrial businesses.
Commenting on the DiversiTech transaction, Jordan Senior Partner David Butler said: “Throughout our history, Jordan has partnered with industry leading platforms led by talented management teams to create extraordinary value for stakeholders. In DiversiTech, we are acquiring a world class platform combined with a world class management team that we look to invest in aggressively as the Company executes on a highly targeted acquisition and growth plan strategy. This is a great business with a wealth of opportunities ahead.” Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai.