New York-based private equity firm Graycliff Partners announced March 29 it has made an investment in Republic Electric Company, a distributor of HVAC and electrical equipment based in Davenport, Iowa. Financial terms of the transaction were not disclosed.
Founded in 1916, Republic has been serving electrical, HVAC, industrial and OEM customers for over a century. The distributor supplies more than 40,000 different products including residential and commercial HVAC systems, switchgears, controls, lighting solutions and other related parts and tools. Republic operates out of five locations across Iowa and Illinois.
“As a third-generation family-owned company, it was of utmost importance to find a financial partner that understood our vision and valued our legacy,” Mark Kilmer, Republic’s CEO of 25 years, said in a news release. “Graycliff’s approach of providing strategic support and guidance while still maintaining Republic’s culture made them the right fit for us. They have deep experience in working with and growing companies like ours, and we couldn’t be more excited about our partnership.”
“Republic has established itself as a key partner to its customers, providing the products, support services, and fast response times that are vital to the success of both its customers and its manufacturer partners,” Graycliff Partner Brandon Martindale said in the release. “We’re excited to partner with the Republic team to support existing initiatives and capitalize on growth opportunities, while prioritizing the exceptional customer-oriented culture that has been the cornerstone of the company’s strong reputation in the region for over 100 years.”