Ridgemont Expands Munch’s Supply

Munch’s Supply, a portfolio company of Ridgemont Equity Partners, has acquired API of New Hampshire and Delta T Distributors (together API).

API is a distributor of heating, ventilation, air conditioning (HVAC), hydronic, and geothermal equipment used in both residential and commercial applications. API distributes numerous top-line brands including Rheem, Lochinvar, LG, Viessmann, Aprilaire, and CertainTeed.

The company operates eight distribution facilities in New Hampshire, Massachusetts, Rhode Island, Maine and Vermont; and it also operates two sheet metal manufacturing shops in New Hampshire and Maine. API was founded in 1969 and is headquartered in Manchester, New Hampshire.

“We are fortunate to have found a like-minded partner in Munch’s Supply. Our culture, values and philosophy of customer-centered service are closely aligned, and we are committed to accelerating our growth together,” said Bob Engel Jr., the president of API. “My brothers and I will continue to lead the business along with our talented management team. We look forward to working with Munch’s Supply to grow the business both organically and by potentially acquiring other regional distributors who fit with our culture of service.”

Ridgemont acquired Munch’s Supply, a distributor of HVAC equipment, parts and supplies, from Rotunda Capital in April 2019.

Munch’s distributes heating and cooling supplies to dealers and contractors and has more than 10,000 SKUs from more than 100 HVAC equipment, parts and supplies manufacturers, including Trane, American Standard, Rheem and Mitsubishi.

Munch’s was founded in 1956 by Willard Munch and led today by CEO Bob Munch (the founder’s grandson). The company is headquartered southwest of Chicago in New Lenox, Illinois.

“We are excited to expand our company’s presence in the Northeast,” said Bob Munch. “As I got to know Bob Engel and his brothers, it was amazing how many similarities the businesses share. The union of our great companies sets the stage for a bright and exciting future in HVAC distribution. We are pleased to welcome both the customers and employees of API of NH and Delta T into Munch’s family of brands.”

The buy of API expands Munch’s geographic footprint to 42 locations across 16 states. The API acquisition follows the buy in February 2021 of the HVAC and plumbing distribution business of C&L Supply, including its seven branches servicing Oklahoma, Kansas, Missouri and Arkansas.

Charlotte, North Carolina-based Ridgemont focuses on middle-market buyout and growth equity investments of $50 million to $250 million in companies with $5 million to $50 million. The firm invests in the following sectors: business and industrial services, energy, healthcare, and technology and telecommunications. In December 2018, the firm held an oversubscribed final closing of Ridgemont Equity Partners III LP with $1.65 billion in commitments.

© 2021 Private Equity Professional | April 29, 2021

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