Ironbridge Equity Partners has acquired Midland Appliance and its sister companies BCH Transport and Innovative Appliance Distributors (collectively Midland).
Midland is a dealer of premium and super-premium branded home appliances throughout Western Canada. The company’s products include barbeques, coffee machines, cooktops, dishwashers, freezers and ice makers, laundry machines, microwaves, ranges, refrigerators, wall ovens, and wine storage. Midland, led by President David Bast and Executive Vice President Ken Harris, serves its network of developer, builder, designer and architect customers with a team of over 60 employees operating from its headquarters in Richmond, BC, an additional location in Vancouver, BC, and a sales presence in Calgary, AB. Midland was founded in 1984 by Tom Hleucka (www.midlandappliance.com).
“From our first meeting with Ironbridge, Ken and I knew they were the right partners for the next chapter of growth,” said Mr. Bast. “In partnering with Ironbridge and Lee Methot, a highly accomplished appliance industry executive, Midland gains invaluable access to a breadth of operational expertise and business experience, combined with a culture of integrity that is aligned with our own.”
“Over the years, Midland has developed a reputation for excellence with its customers in Western Canada. With the company’s broad product portfolio of premium appliances and deep network of industry relationships, we believe the business is a great platform for growth,” said Andrew Walton, a Partner at Ironbridge.
Ironbridge makes control investments of $15 million to $40 million in lower middle-market businesses that are valued from $25 million to $100 million and have a history of positive earnings and have EBITDA of $5 million to $15 million. Sectors of interest include manufacturing, distribution, consumer products and services, and business products and services. The firm is headquartered in Toronto (www.ironbridgeequity.com).
Midland is the third investment in Ironbridge’s third private equity fund, Ironbridge Equity Partners III LP, which closed in May 2016 at its hard cap of C$238 million.
© 2017 Private Equity Professional | December 20, 2017