H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with over $45 billion of equity capital under management, announced today the sale of its portfolio company, Hart & Cooley (“H&C” or the “Company”), to DuraVent, Inc. (“DuraVent”), a leading manufacturer of venting products for gas, wood, oil, pellet and fuel burning appliances. Terms of the transaction were not disclosed.
Since 1901, H&C has provided high quality air distribution products designed to make buildings more comfortable, safe and energy efficient. The Company’s product portfolio represents many of the most recognizable and trusted brands within the industry, and includes residential and commercial products such as vents, grilles, registers and diffusers. Headquartered in Grand Rapids, Michigan, H&C serves a broad base of wholesale distributors, and has manufacturing and distribution locations throughout the U.S., Canada and Mexico.
Todd Ofenloch, Managing Director at H.I.G. Capital, commented, “We have enjoyed working closely with the H&C management team. By successfully carving the business out from Johnson Controls, rationalizing the existing product portfolio to focus on those categories where the Company has a leading market position, and investing in capacity for future growth, we have created a differentiated competitor within the HVAC and air distribution industry. The highly strategic transaction represents a true win-win for all parties involved.”
Jeffrey Stark, Hart & Cooley’s CEO, said, “H.I.G. has been an exceptionally supportive partner, delivering valuable operational and financial guidance during a time of significant change. We thank them for their expertise and are excited as an organization to enter the next chapter of our growth story with DuraVent. The combination of the two businesses will create a meaningful player within the North American air distribution category.”
“Our immediate objective is to build one unified company, with one team, focused on world-class manufacturing and distribution,” said DuraVent President and CEO Simon Davis. “We are guided by our passion for innovation and commitment to creating the benchmark for responsive customer service.”
About Hart & Cooley
Hart & Cooley is a leading manufacturer of HVAC and air distribution products, including vents, grilles, registers, diffusers, and rooftop and chimney products. Previously a subsidiary of Johnson Controls International plc (NYSE: JCI) (“Johnson Controls”), the Company has been a leader in the HVAC industry since 1901, and its product portfolio represents some of the most recognized and trusted brands in the industry.
For more information visit: https://www.hartandcooleyllc.com/
Headquartered in Detroit, Michigan, DuraVent® is a recognized technological leader in the venting industry. Consistently first-to-market with new innovations in venting systems, DuraVent has captured its leadership position with best-in-class design and manufacturing capabilities, world-class distribution networks, and customer-first service and support.
Scientifically proven materials and unequaled engineering make DuraVent products not only the best and safest choice, but the only choice for professional quality venting solutions. DuraVent is committed to continuing this trend by providing the industry with cutting-edge products and refinements to existing products that not only meet the demands of today’s market but go beyond it.
DuraVent. Leaders in-Venting Innovation.™
About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with over $45 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
- H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.