Deal Details

Heritage Is Acquired by Beijer Ref

Industrial

Heritage, a portfolio company of Gryphon Investors, sale to Beijer Ref

Summary

Heritage Distribution Holdings (“Heritage” or the “Company”), a portfolio company of Gryphon Investors, has entered into a definitive agreement to be acquired by Beijer Ref (OM: BEIJ B) for a purchase price of approximately $1.275 billion in cash. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in Q1 2023.

Baird served as exclusive financial advisor to Heritage on this transaction.

About

Heritage is a leading distributor of Heating, Ventilation, Air Conditioning and Refrigeration (“HVAC/R”) equipment, parts and supplies in North America. With a focus on repair and replacement demand, strong partnerships with respected brands such as Rheem and leading positions in the attractive Southeast and Midwest U.S. markets, the Company has delivered a consistent track-record of strong organic growth and attractive margins. Heritage is headquartered in Atlanta, Georgia.

Gryphon Investors 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, Gryphon Investors had over $9 billion of assets under management. Gryphon Investors is based in San Francisco, California.

Beijer Ref is one of the largest refrigeration and climate control distributors in the world. Beijer Ref operates in 42 countries in Europe, Africa, Asia and Oceania. Heritage will provide Beijer Ref with a presence in North America. Beijer Ref is headquartered in Malmö, Sweden.

Industrial

Heritage, a portfolio company of Gryphon Investors, sale to Beijer Ref