NEW YORK — The Resolute Fund III L.P., a private equity fund managed by The Jordan Co., announced that it has acquired DiversiTech Corp. in partnership with the existing management team from the company’s shareholder group, led by longtime chairman, Charles Lipman.
Headquartered in Duluth, Georgia, DiversiTech is a leading manufacturer and distributor of HVACR products for the repair, replacement, and installation markets. Its product portfolio includes equipment pads, condensate management equipment, HVACR maintenance chemicals, and electrical and other accessories.
Lipman, DiversiTech’s majority shareholder as well as chairman, said, “This is a transformational moment in our company’s history. Our management team, led by CEO Jim Prescott, has established DiversiTech as the industry’s clear leader and now, with the resources of The Jordan Co. behind them, is poised to take the company to a whole new level.”
CEO Jim Prescott said, “All of us at DiversiTech are grateful to Charles for his visionary leadership over 35 years, and I look forward to Charles’ guidance and support for many years to come. Looking ahead, our opportunity to accelerate the growth of our business, both organically and via acquisitions, has never been more apparent. In partnership with The Jordan Co., we have an extraordinary opportunity to expand our business and deliver even more value to our loyal customers.”
“Throughout our history, Jordan has partnered with industry-leading platforms led by talented management teams. In DiversiTech, we are acquiring a world-class platform combined with a world-class management team and an extraordinary group of employees. We will continue to invest in the company and aggressively execute on a highly targeted acquisition and organic growth strategy. This is a great business with a wealth of opportunities ahead,” said David Butler, senior partner at The Jordan Co.
For more information about The Jordan Co., visit www.thejordancompany.com.
For more information about DiversiTech, visit www.diversitech.com.
Publication date: 5/25/2015