HIG Capital (HIG) has sold its portfolio company, Hart & Cooley (H&C) to DuraVent, a manufacturer of venting products for gas, wood, oil, pellet and fuel burning appliances. Terms of the transaction have not been disclosed.
Since 1901, H&C has provided high quality air distribution products designed to make buildings more comfortable, safe and energy efficient. The Company’s product portfolio represents many of the most recognisable and trusted brands within the industry, and includes residential and commercial products such as vents, grilles, registers and diffusers. Headquartered in Grand Rapids, Michigan, H&C serves a broad base of wholesale distributors, and has manufacturing and distribution locations throughout the US, Canada and Mexico.
Todd Ofenloch, Managing Director at HIG Capital, says: “We have enjoyed working closely with the H&C management team. By successfully carving the business out from Johnson Controls, rationalising the existing product portfolio to focus on those categories where the Company has a leading market position and investing in capacity for future growth, we have created a differentiated competitor within the HVAC and air distribution industry. The highly strategic transaction represents a true win-win for all parties involved.”
Jeffrey Stark, Hart & Cooley’s CEO, says: “HIG has been an exceptionally supportive partner, delivering valuable operational and financial guidance during a time of significant change. We thank them for their expertise and are excited as an organisation to enter the next chapter of our growth story with DuraVent. The combination of the two businesses will create a meaningful player within the North American air distribution category.”
“Our immediate objective is to build one unified company, with one team, focused on world-class manufacturing and distribution,” says DuraVent President and CEO, Simon Davis. “We are guided by our passion for innovation and commitment to creating the benchmark for responsive customer service.”
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