DiversiTech is North America’s largest manufacturer of air conditioning condenser pads and a leading supplier of components and related products for the heating, ventilating, air conditioning, and refrigeration (HVACR) industry.
DiversiTech sells primarily through the HVAC wholesale distribution trade channel. With over 200 product categories – many of these manufactured by DiversiTech - we like to say "We don't sell everything to everybody, but we sell something to everybody". DiversiTech's core product categories are equipment pads, condensate pumps, aftermarket replacement motors, and chemical products. These four categories form the foundation of DiversiTech's product offering to HVAC wholesale distribution.
DiversiTech also sells HVAC and related products to electrical wholesalers. Core products to these customers include liquid tight conduit, pull out disconnects, capacitors, relays, transformers, and a unique mounting base for residential air cooled standby generators.
DiversiTech's suite of product categories are also available to the swimming pool industry through professional distributors in the US and Canada.
DiversiTech Completes Sale to Management Team and The Jordan Company
May 19, 2015
DiversiTech Corporation - North America’s leading resource for a wide array of engineered aftermarket parts and components for the HVACR Industry and The Jordan Company announced today that the Management Team and The Jordan Company have partnered 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. The Company’s breadth of product, its innovation capabilities and its industry leading attention to customer service make DiversiTech the “one-stop-source” for HVACR distributors nationwide.
Charles Lipman, DiversiTech’s Chairman and majority shareholder commented: “This is a transformational moment in our Company’s history. 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."
CEO 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."
The Jordan Company, with over $8 billion of cumulative equity commitments, is one of the world’s most respected investors in middle market industrial businesses. They enjoy a storied history of partnering with management teams to build long term value. Commenting on the DiversiTech transaction, Jordan Senior Partner David Butler said: “Throughout our history, Jordan has partnered with industry leading platforms led by talented management teams to create extraordinary value for stakeholders. 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.” Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai.
TM Capital Corp. served as financial advisor and Greenberg Traurig, LLP served as legal counsel to DiversiTech in this transaction. Weil, Gotshal & Manges LLP served as legal counsel to The Jordan Company.