Gryphon Investors, through its small-cap Heritage Fund, has acquired Wittichen Supply Company.
Wittichen is a wholesale distributor of heating, ventilation, air conditioning and refrigeration equipment, parts, and supplies to the residential and commercial markets in the Southeastern United States.
Birmingham, Alabama-based Wittichen was founded in 1914 by Carl Wittichen and has locations in Alabama (21), Georgia (2), and Florida (2).
“Wittichen is a 100-year-old brand with a strong culture and exceptionally loyal employee and customer base,” said Craig Nikrant, an operating partner at Gryphon. “We look forward to partnering and supporting the Wittichen management team in their next phase of growth by leveraging Gryphon’s in-house operations resource group and human capital team to enable further investment in its business and employees.”
At the close of the transaction, General Manager Charles Herring took over as president of Wittichen replacing current president David Henderson.
“My goal is to leave the company, our employees, customers, and suppliers in the best hands, and I feel confident that we have found the best partner in Gryphon,” said Mr. Henderson. “Our business has been built on providing a premium service and customer experience and that will not change. Gryphon’s financial resources and operational know-how will be invaluable as Wittichen builds on its geographic expansion and continues to look for the most innovative ways to serve our loyal customers.”
The acquisition of Wittichen marks the second investment by Gryphon’s small-cap Heritage Fund. In September 2020, the Heritage Fund acquired Kano Laboratories, a Nashville-headquartered producer of branded penetrating lubricants used by MRO professionals and consumers to loosen rusted, corroded, or frozen mechanical parts.
San Francisco-based Gryphon makes leveraged acquisitions and growth investments in middle-market companies. The firm invests from $50 million to $300 million of capital in companies with enterprise values ranging from $100 million to $600 million. Sectors of interest include business services, consumer products and services, healthcare, industrial growth, and software.
Chicago-based Uplift Partners was the financial advisor to Wittichen and Lincoln International advised Gryphon.
© 2021 Private Equity Professional | August 16, 2021
