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Gryphon Investors-backed Heritage Distribution continues expansion of HVAC/R platform
ATLANTA , Oct. 12, 2022 /PRNewswire/ -- Heritage Distribution Holdings ("Heritage Distribution" or "HDH"), an Atlanta -based wholesale distributor of HVAC/R equipment, parts, and supplies, backed by leading middle-market private equity firm Gryphon Investors ("Gryphon"), today, announced it has acquired Coastal Supply Company Inc. ("Coastal" or "the Company"), an HVAC/R distributor servicing the East Tennessee market.
Headquartered in Knoxville, TN , Coastal is a 40-year-old, family-owned distributor with six branch locations in and around Knoxville and Johnson City, TN. The Company will continue to be led by General Manager David Kennedy and operate under the Ed's Supply division of HDH.
Tucker Byram , President of Ed's Supply, said, "Coastal has grown steadily since its founding to become the leading distributor in the East Tennessee market, thanks to the management team's commitment to people, products, and service. The Company's focus on service combined with its broad product portfolio makes it a perfect fit for HDH, and I look forward to working with the Coastal team to continue to grow our business."
Alex Averitt , CEO of Heritage Distribution, said, "We are thrilled to welcome Coastal to the HDH family and expand the platform's reach into adjacent areas. As HDH continues to grow through strategic acquisitions, we are adding new customers and enabling more people to live healthier and more comfortable lives."
Mr. Kennedy noted, "We are excited to become part of the Heritage Distribution Holdings platform. Being part of a larger organization and the additional resources that come with it will ensure Coastal continues to grow and provide the superior customer experience for which it is known."
Coastal marks the fifth acquisition completed by HDH during Gryphon's ownership. HDH's growing number of brands of HVAC/R distributors operating across the Midwest and Southeast includes Benoist Brothers Supply, Ed's Supply, Nu Comfort Supply, and Wittichen Supply.
Heritage Distribution Holdings is the fastest-growing HVAC/R distributor in the US. With a focus on being the market leader in each local geography, HDH is expanding its footprint by partnering with businesses that share a tenacious commitment to customers, employees, and suppliers. From after-hours emergency service, to stocking our customer's warehouses, the HDH family is fully invested in being the critical link in the supply chain that enables people to live healthier and more comfortable lives.
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.
Contact: Jennifer Hurson 845-507-0571 [email protected]
SOURCE Heritage Distribution Holdings; Gryphon Investors
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