DiversiTech, North America's largest manufacturer of equipment pads and a leading aftermarket manufacturer and supplier of components to the HVAC industry, is being acquired by global private equity firm Premira from an affiliate of The Jordan Company LP. DiversiTech's senior management team, let by president and CEO Jim Prescott, will remain significant owners of the company.
Founded in 1971, DiversiTech is a multi-faceted manufacturer and large consolidator to multiple industries including HVACR, electrical, consumer hardware retail, electrical utility and automotive retail. DiversiTech has over 150 product categories and serves more than 4,500 customers. DiversiTech is headquartered in the Atlanta, GA metropolitan area and operates multiple manufacturing and warehousing locations totaling over 1 million square feet. The Jordan Company acquired DiversiTech in 2015.
Permira will draw on its experience backing value-added manufacturing and distribution companies to help DiversiTech expand its product line and geographical reach.
“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.”
The transaction is subject to customary regulatory approvals and closing conditions, and is expected to close in the second quarter of 2017.
For more information, visit the DiversiTech website.