Gryphon Investors, San Francisco, Calif., a middle-market private equity firm, has agreed to sell its portfolio company Heritage Distribution Holdings to Beijer Ref.
Beijer Ref is a global distributor of commercial refrigeration, industrial refrigeration and air conditioning.
Heritage Distribution Holdings is a multiregional HVAC/R parts and equipment distributor serving the southeastern and midwestern regions of the United States. Heritage was formed from the merger of four companies, Wittichen Supply, Benoist Brothers Supply, Ed’s Supply and Coastal Supply Company. Heritage is headquartered in Atlanta and has 64 branches across 10 states.
“We have had a remarkable partnership with Gryphon,” said Alex Averitt, CEO of Heritage. “With the help of their operating and deal professionals, we were able to quickly and successfully scale the business and invest in our teams across the HDH platform, all while maintaining the unique cultures of the firms we acquired. We look forward to continuing that momentum under our new owners.”