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DiversiTech changes owners

USA: Ownership of acr component manufacturer and supplier DiversiTech is set to transfer to private equity firm Permira after an acquisition deal was struck with current equity owner The Jordan Company.

The Jordan Company backed the management buy-out in 2015 which saw ownership pass from the shareholder group then led by the company’s longtime chairman, Charles Lipman.

The senior management team led by current president and CEO Jim Prescott will remain significant owners of the company under this latest transaction.

Founded in 1971, DiversiTech is a leading manufacturer and distributor of HVACR equipment pads, condensate management equipment, maintenance chemicals and electrical accessories. It has over 150 product categories, including a range of proprietary manufactured products.

Permira says it 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 capitalise on our organic growth opportunities and significantly expand our business,” said Jim 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.”

“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,” said Permira partner, John Coyle.

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.”

Related stories: 

DiversiTech acquires sealant firm Cliplight

DiversiTech acquires sealant firm Cliplight

DiversiTech acquires sealant firm Cliplight

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