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 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.”
“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. 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,” said Permira Partner, John Coyle. “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.”
Prescott continued, "The Jordan Company LP has been a transformational partner for DiversiTech over the last two years as we completed eight acquisitions while continuing to invest heavily in our internal operations and management talent. Their collaborative partnership approach truly helped us get to the next level."
The transaction is subject to customary regulatory approvals and closing conditions and is expected to close in the second quarter of 2017.
Founded in 1971, DiversiTech Corporation is a manufacturer of equipment pads and a leading manufacturer and supplier of components and related products for the heating, ventilating, air conditioning, and refrigeration (HVACR) industry. Headquartered in the Atlanta, Georgia, metropolitan area, DiversiTech’s mission for its wholesaler partners is to simplify the way they work. The Company is focused on growth through internal product development, external partnerships and acquisitions. Manufacturing a suite of products, which includes a wide range of mechanical, electrical, chemical and structural parts for HVAC/R systems, DiversiTech brings unparalleled scaling capabilities and supplier expertise. The Company holds numerous patents and operates an advanced R&D materials division dedicated to bringing more value to its customers. The Company maintains over 1 million square feet of manufacturing and distribution space in key U.S., Canadian and European locations. DiversiTech has enjoyed a continued history of successful growth and has acquired industry recognized brand names including Wagner Manufacturing, Specialty Chemical, EcoPad, The Black Pad and Super Seal.