Resolute Industrial LLC, backed by One Equity Partners, has acquired cooling equipment supplier Tioga HVAC Rentals from Mangrove Equity Partners and Hunter Equity Capital. One Equity is one of the firms that we identified in our recent list of 10 young and thriving PE firms.
Headquartered in Detroit, Tioga provdes portable commercial heating, ventilation and cooling equipment. The target was founded in 1977 and distributes around 14,500 temperature control rental products mainly to contractors and other commercial customers. Resolute is based in Wheeling, Illinois and rents industrial cooling systems. The company was spun off from Johnson Controls in 2015.
“The acquisition of Tioga doubles the size of Resolute’s business and helps broaden Resolute’s product offerings into a range of products that are widely used among a variety of HVAC customers,” says One Equity managing director JB Cherry. Oppenheimer & Co. advised Mangrove and Hunter Equity on the sale.
One Equity is a middle market private equity firm that was founded in 2001 as Bank One’s PE arm. In 2005, the firm became part of J.P. Morgan Chase & Co. (NYSE: JPM) in the same capacity and in 2015, One Equity became independent through a completed spinoff and raised its first fund in 2017. One Equity has offices in New York, Chicago and Frankfurt. The firm recently acquired power equipment manufacturer SGB-SMIT.