Leading Southeast HVAC/R Parts and Equipment Supplier Establishes Holding Company, Prepares for ExpansionBirmingham, AL – December 7, 2021 —
Wittichen Supply Holding Company (the “Company”), today announced it has appointed Alex Averitt as Chief Executive Officer and named Scott Page as Chief Financial Officer, effective immediately. Wittichen Supply Holding Company, based in Atlanta, GA, is the newly established parent company of Wittichen Supply Company (“Wittichen”), a wholesale distributor providing heating, ventilation, air conditioning, and refrigeration (HVAC/R) equipment, parts, supplies, and service to residential and commercial customers in the southeastern U.S. The Company is a portfolio company of middle-market private equity firm Gryphon Investors.
Craig Nikrant, the dedicated Operating Partner to Gryphon’s small-cap Heritage Fund, said, “We are very excited to welcome Alex and Scott to Wittichen as we move forward with plans to establish a leading regional HVAC/R player. Their professional and financial experience will be invaluable as we put in place the operational, back-office, and regulatory capabilities that will support the Company’s strategic growth.”
Keith Stimson, Deal Partner and Head of Gryphon’s Heritage Fund, said, “Consistent with Gryphon’s long-standing business-building standards, Alex and Scott are each proven, blue-chip executives with exemplary track records in scaling similar middle-market distribution businesses both organically and through M&A, with private equity partners. They will complement the Wittichen and Gryphon teams nicely, and we are excited to work with them.”
Mr. Averitt is a proven C-suite business leader with a track record of building stakeholder value. He comes to the Company after three years as Chief Operating Officer at BlueLinx Holdings, Inc., a wholesale distributor of building materials and industrial products. He has extensive distribution and branch operations experience, and has a history of successfully managing acquisitions and integrations. Prior to that, he spent 13 years at Cedar Creek Holdings, Inc., which was later acquired by BlueLinx, where he served in several successive roles, most recently as CEO. He earlier held general management roles at JELD-WEN. Mr. Averitt holds a Bachelor’s Degree from Arkansas Tech University and has several professional designations.
Mr. Averitt said, “I am excited to join this 100-year-old brand, known for its exceptional culture and loyal customer base. I look forward to learning the ‘Wittichen Way’ and working with Wittichen and Gryphon as we look to become a leading regional player in the industry while continuing to invest in our people and the innovative products and services that will better serve our customers and create value for our suppliers.”
A veteran of several manufacturing and service businesses, Mr. Page will oversee the finances and resources of the Company and its affiliates. He most recently served as CFO at Royston Group, a manufacturer of custom merchandising fixtures and specialty equipment for the retail industry. Before that, he worked his way up to Vice President, Finance Distribution and Storage West at Chart Industries, a global manufacturer of cryogenic equipment for the industrial gas, energy, and biomedical industries. Earlier, he spent several years as Director, Corporate Financial Planning and Analysis at YP. He began his career at General Electric, where he served in various capacities for over a decade, most recently as Business Development Finance Manager at GE Energy. Mr. Page holds a BA from Michigan State University, a Master of Accountancy from Georgia Southern, and an MBA from Indiana University as well as several professional designations.
Mr. Page commented, “I am pleased to become part of a remarkable company that is clearly enjoying great success. With a stellar reputation, top-quality resources, and a dedicated group of employees, the Company is well-positioned for disciplined expansion.”
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 $7.50 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.