Gryphon Investors has acquired Wittichen Supply Company
Wittichen is a leading wholesale provider of heating, ventilation, air conditioning and refrigeration (HVAC/R) equipment, parts, supplies and customer service to residential and commercial customers throughout the Southeastern United States.
With a loyal technician customer base, Wittichen maintains long-standing relationships with leading HVAC/R manufacturers and vendors, including Rheem, Chemours, Fujitsu, Nu-Calgon and Emerson Climate Technologies. Following the investment from Gryphon, the company’s General Manager, Charles Herring, who has been with Wittichen for 48 years, will become President of the company and will work closely with the existing management team. Gryphon has also appointed several executive advisors to the company’s board of directors.
Lincoln acted as the exclusive financial advisor to Gryphon, working closely with the investment team. This included providing advisory expertise regarding the HVAC/R distribution market and offering strategic guidance and support throughout the process. The Wittichen acquisition represents the second investment closed by Gryphon’s Heritage Fund, a new small-cap fund offering launched by Gryphon in 2020. Financial terms of the transaction were not disclosed.
About Wittichen
Founded in 1914 and headquartered in Birmingham, Alabama, Wittichen is the market-leading wholesale distributor providing best-in-class HVAC/R equipment, parts, supplies and customer service across 25 locations in Alabama, Western Georgia and the Florida panhandle. Wittichen maintains long-standing relationships with leading vendors and distributes products from more than 500 leading HVAC/R manufacturers. With over 100 years of experience, Wittichen continues to provide its customers best-in-class service including fully stocked branches, competitive pricing and after-hours service for emergency situations. For more information, visit www.wittichen-supply.com.
About Gryphon
Based in San Francisco, California, Gryphon is a leading private equity firm focused on profitably growing and competitively enhancing middle market companies in partnership with experienced management. The firm has managed over $5 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. 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. For more information, visit www.gryphoninvestors.com.
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