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Midwest HVAC News
Gryphon Investors Acquires
Benoist Brothers.
Creates Leading Multi-Region HVAC/R Parts and Equipment
Distribution Platform.
Gryphon Investors, a leading middle-market private equity firm,
today announced it has acquired Benoist Brothers Supply Co. ("Benoist"
or "the Company"), a Midwest-based regional distributor of HVAC/R
(heating, ventilation, air conditioning, and refrigeration)
equipment, parts and supplies. Gryphon plans to operate the Company
as an independent division of its Wittichen Supply Holding Company
under the Benoist brand, alongside existing portfolio company
Wittichen Supply Company ("Wittichen"), a wholesale distributor of
HVAC/R equipment, parts, supplies, and customer service to
residential and commercial customers based in the Southeastern
United States. Financial terms of the transaction were not
disclosed.
Benoist will continue to be led by its current management team,
including CEO Peter Warren. Mr. Warren, along with the Benoist
family, will retain a minority investment stake in the Company.
Headquartered in Mount Vernon, IL and Fenton, MO, Benoist is a
90-year-old, family-owned HVAC/R distributor with 13 branch
locations across Illinois, Indiana, Kentucky, Missouri, and
Tennessee. The Company offers a broad portfolio of products,
including Ruud® equipment, a sister brand to Wittichen's core brand
Rheem®. Benoist has been actively growing, including through its
acquisition of NuComfort in late 2018 to expand its presence to the
Chicago area.
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Craig Nikrant,
Gryphon's dedicated Operating Partner to its Heritage Fund team,
said, "The addition of Benoist creates a leading, multi-region
distribution platform serving customers in eight states. Benoist
and Wittichen, which share similar histories and cultures and a
focus on superior service to contractor customers, will work
together to create broad availability of parts, supplies and
equipment across a larger territory. This also represents an
exciting opportunity for Benoist and Wittichen to bolster their
already strong relationships with Ruud and Rheem, respectively,
opening a new path for growth. We are pleased to support Benoist
as it continues to invest for its future."
Alex Averitt, CEO of Wittichen Supply Holding Company, said, "We
are thrilled to welcome Peter and the Benoist team. Like
Wittichen, Benoist is a longstanding leading distributor with an
established market share in its core markets and strong customer
and supplier relationships. The Company's product offerings are
highly complementary to those of Wittichen, and its position as
one of the largest HVAC/R distributors in Illinois provides us
with a springboard for growth in the Midwest."
Mr. Warren noted, "We are delighted to be working alongside
Wittichen and Gryphon. We look forward to being part of a larger
organization with a wider array of product offerings and
resources, which provides us with additional growth
opportunities as we continue to deliver premium service and a
superior customer experience."
Wittichen was advised by legal counsel Kirkland & Ellis.
WachtelMissry served as legal counsel to Benoist Brothers and
Uplift Partners served as exclusive financial advisor to the
Company.
About Benoist Brothers
Benoist Brothers Supply Co. is a full-service wholesale
distributor of heating and air conditioning products.
Headquartered in Mount Vernon, IL and Fenton, MO, the Company
has 13 locations across Illinois, Indiana, Kentucky, Missouri,
and Tennessee. The Company offers a broad array of HVAC/R
supplies and is Illinois' largest distributor of Ruud® brand
products.
About Wittichen Supply Company
Founded in 1914 and headquartered in Birmingham, Alabama,
Wittichen is the market-leading wholesale distributor providing
best-in-class HVAC/R equipment, parts, supplies, and customer
service across 25 locations in Alabama, Georgia, and Florida.
Wittichen maintains long-standing relationships with leading
vendors and distributes products from more than 500 leading
HVAC/R manufacturers. With over 100 years of experience,
Wittichen continues to provide its customers best-in-class
service including fully stocked branches, competitive pricing,
and after-hours service for emergency situations. For more
information, visit
www.wittichen-supply.com.
About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com)
is a leading private equity firm focused on profitably growing
and competitively enhancing middle-market companies in
partnership with experienced management. The firm has managed
over $7.5 billion of equity investments and capital since 1997.
Gryphon targets making equity investments of $50 million to $300
million in portfolio companies with enterprise values ranging
from approximately $100 million to $600 million. Gryphon
prioritizes investment opportunities where it can form strong
partnerships with owners and executives to build leading
companies, utilizing Gryphon's capital, specialized professional
resources, and operational expertise.
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