The current management team has partnered with private equity firm The Jordan Company to acquire DiversiTech from a shareholder group led by the company’s longtime chairman, Charles Lipman.
DiversiTech is a leading manufacturer and distributor of HVACR equipment pads, condensate management equipment, maintenance chemicals and electrical accessories.
Describing the deal as a transformational moment in the company’s history, Charles Lipman, commented: “Our management team, led by ceo Jim Prescott, has established DiversiTech as the industry’s leading supply chain partner of hvacr components. Now with the resources of The Jordan Company behind them, the company can build upon its past success by targeting new investments in product development, acquisitions and capacity expansion.”
Paying due respect to Charles Lipman, Jim Prescott said: “All of us at DiversiTech are grateful to Charles for his visionary leadership over the past 35 years. I look forward to Charles’ continued guidance and support as an ongoing board member. I am also grateful to our outstanding employees. Through their great efforts, we have grown to become a true industry leader. Looking ahead, our opportunity to accelerate the growth of our business, both organically and via acquisitions, has never been more apparent. Backed by the resources of The Jordan Company, we have an extraordinary opportunity to expand our business and better serve our many loyal customers.”
David Butler, senior partner at Jordan, a company with over $8bn of cumulative equity commitments in middle market industrial businesses, said: “In DiversiTech, we are acquiring a world class platform combined with a world class management team that we look to invest in aggressively as the company executes on a highly targeted acquisition and growth plan strategy. This is a great business with a wealth of opportunities ahead.”