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Southeast HVAC News
HVACR Distributor Wittichen Supply
Acquired.
Birmingham, AL-based Wittichen provides parts, supplies and
customer service, distributing products from more than 500
HVAC/R manufacturers.
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Gryphon Investors, a middle-market
private equity firm, announced Monday that it has acquired Wittichen
Supply Company, a wholesale distributor providing heating,
ventilation, air conditioning, and refrigeration (HVAC/R) equipment,
parts, supplies, and customer service to residential and commercial
customers in the Southeastern United States. This represents the
second investment closed by Gryphon's Heritage Fund, a new small-cap
fund offering launched by Gryphon in 2020. Financial terms of the
transaction were not disclosed.
Founded in 1914 and headquartered in Birmingham, AL, Wittichen
provides parts, supplies, and customer service, distributing
products from more than 500 leading HVAC/R manufacturers. With 25
locations, the Company is the industry leader in Alabama, and has a
growing presence in the Florida panhandle as well as western
Georgia. With a loyal technician customer base, the Company
maintains long-standing relationships with leading HVAC/R
manufacturers and vendors, including Rheem, Chemours, Fujitsu, Nu-Calgon,
and Emerson Climate Technologies.
Keith Stimson, Deal Partner and Head of the Heritage Fund Team at
Gryphon, said, "Our investment in Wittichen is testament to
Gryphon's Heritage Fund strategy, which leverages Gryphon's sector
initiative strategy and focuses on partnering with market leaders
with sustainable differentiation. We expect to make future
investments to develop a strong platform across the Sun Belt."
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General Manager
Charles Herring, who has been with Wittichen for 48 years, will
become President of the Company, and will continue to work closely
with the existing management team. Gryphon has also appointed
several executive advisors with deep HVAC/R OEM manufacturing and
industrial distribution experience to the Company's Board of
Directors.
Craig Nikrant, Gryphon Operating Partner on the Heritage Fund Team,
said, "Wittichen is a 100-year-old brand with a strong culture and
exceptionally loyal employee and customer base. We look forward to
partnering and supporting the Wittichen management team in their
next phase of growth by leveraging Gryphon's in-house Operations
Resource Group and Human Capital Team to enable further investment
in its business and employees."
Mr. Herring commented, "We are excited to welcome and partner with
the Gryphon team as we build on our recent growth and look to the
future. We are experiencing steady demand for product repair,
maintenance, and improvement, and we expect that demand to continue
in a post COVID-19 environment that is driving greater need for
high-quality, safe air filtration. We look forward to servicing our
existing and new customers with the same great team, supported by
the added resources provided by our new partner."
David Henderson, outgoing President of Wittichen, added, "My goal is
to leave the Company, our employees, customers, and suppliers in the
best hands, and I feel confident that we have found the best partner
in Gryphon. Our business has been built on providing a premium
service and customer experience and that will not change. Gryphon's
financial resources and operational know-how will be invaluable as
Wittichen builds on its geographic expansion and continues to look
for the most innovative ways to serve our loyal customers."
Gryphon was advised by legal counsel Kirkland & Ellis and financial
advisor Lincoln International. Uplift Partners served as the
exclusive financial advisor to Wittichen Supply Company, and Maynard
Cooper Gale served as legal counsel.
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