The Jordan Co. has acquired DiversiTech Corp., a manufacturer of heating, ventilating, air conditioning and refrigeration (HVACR) products for the repair, replacement and installation markets.
The New York private equity firm facilitated the deal through a $3.2 billion fund, which it closed in May 2014. Through the Resolute Fund III, Jordan taps the cash in this particular pool to invest in middle-market companies with enterprise values between $100 million and $2 billion. The sectors Jordan examines include industrial products, energy, chemicals, health care and financial services.
DiversiTech’s product offerings include proprietary equipment pads, condensate management equipment, HVACR maintenance chemicals and electrical accessories. The Duluth, Georgia-based company is expected to be part of a larger acquisition growth strategy in the HVACR sector, says Jordan senior partner David Butler.
The deal was announced just weeks after Jordan inked an add-on acquisition for portfolio company Precision Engineered Products LLC, picking up Trigon International.
Jordan has more than $8 billion in capital under management. The firm is also well-known for pioneering private equity investments overseas, particularly in China. (For more, see our video with Jordan senior vice president and former ACG chairman Andrew Rice, Committing to China.)
In 2014, Jordan bought Capstone Logistics LLC from HIG Capital and MSouth Equity Partners. Before that, it sold Haas Group Inc. to Wesco Aircraft Holdings Inc.for $550 million and bought Transilwrap Co., which makes customized plastic film for packaging and index tabs.The firm bought chemical maker Drew Marine and survival products maker ACR Electronics Inc.