Continues Buildout of Newly Renamed Heritage Distribution Holdings, a Leading Multi-Region HVAC/R Parts and Equipment Distribution PlatformSan Francisco, CA – April 25, 2022 —
Gryphon Investors, a leading middle-market private equity firm, today announced it has acquired Ed’s Supply Company, Inc. (“Ed’s Supply” or “the Company”), a wholesale distributor of HVAC/R (heating, ventilation, air conditioning, and refrigeration) equipment, parts and supplies with 19 locations across Arkansas, Georgia, Kentucky, and Tennessee. Financial terms of the transaction were not disclosed.
Gryphon plans to operate the Company as an independent division of its Heritage Distribution Holdings platform, which recently rebranded from Wittichen Supply Holding Company. Ed’s Supply will join two existing companies, Benoist Brothers Supply Company, a Midwest-based regional distributor of HVAC/R equipment, parts and supplies, and Wittichen Supply Company, a wholesale distributor of HVAC/R equipment, parts, supplies, and customer service to residential and commercial customers based in the Southeastern United States.
Craig Nikrant, Gryphon’s dedicated Operating Partner to its Heritage Fund team, said, “We are excited to add Ed’s Supply to our multi-region distribution platform as we continue to expand. The Company’s proud history and focus on top-quality customer service makes it a great fit with our family of brands. With a growing multi-regional reach, we see a bright future for Heritage Distribution Holdings in an industry with a long runway for growth.”
Headquartered in Nashville, Tennessee, Ed’s Supply serves both the commercial and residential markets and features one of the largest inventories of HVAC/R parts, equipment and air distribution products in the Southeast. Steve Byram, former president of Ed’s Supply, will become an advisor to the Heritage Distribution Holdings management team. His son Tucker Byram, most recently Vice President of Operations, Nashville, will become President, and the current management team will remain with the Company.
Alex Averitt, CEO of Heritage Distribution Holdings, said, “We are thrilled to welcome the entire Ed’s Supply team. Their robust product and service offerings are highly complementary to our existing lines and their strategic footprint will help us round out our presence in the attractive Southeast market.”
Steve Byram noted, “We are delighted to become part of Gryphon’s Heritage Distribution Holdings platform with its broad financial and operational resources. As part of a larger organization with a reputation for superior customer service, Ed’s Supply will continue to deliver premium service as we take advantage of additional growth opportunities.”
Heritage Distribution Holdings was advised by legal counsel Kirkland & Ellis. Waller Lansden Dortch & Davis, LLP served as legal counsel to Ed’s Supply, PNFP Capital Markets, Inc. served as exclusive financial advisor to Ed’s Supply, and Lakoff & Co. served as accounting advisor to the Company.
About Ed’s Supply
Founded in 1957 and based in Nashville, Ed’s Supply (www.edssupply.com) has been a leading wholesale distributor and service provider for over 60 years, committed to serving the unique needs of the local contractor community. With 19 locations in three distinct regional markets covering Georgia, Tennessee, Kentucky, and Arkansas, the company boasts one of the largest inventories of HVAC/R parts, equipment and air distribution products in the Southeast. Serving both the residential and commercial markets, Ed’s Supply offers products and services ranging from refrigeration system design and compressor solutions to temperature control, air purification systems, and professional training seminars.
About Heritage Distribution Holdings
Heritage Distribution Holdings platform is an umbrella company that encompasses several brands of leading HVAC/R distributors across eight states. The platform currently includes three brands: Wittichen Supply Company, a wholesale distributor of HVAC/R equipment, parts, supplies, and customer service to residential and commercial customers based in the Southeastern United States; Benoist Brothers Supply Company, a Midwest-based regional distributor of HVAC/R equipment, parts and supplies; and Ed’s Supply Company, a wholesale distributor of HVAC/R equipment, parts and supplies across Arkansas, Georgia, Kentucky, and Tennessee.
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. As of December 31, 2021, the firm has over $9 billion of assets under management. 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.