Middle-market private equity firm Gryphon Investors has acquired Benoist Brothers Supply Co., a Midwest-based regional distributor of HVAC/R equipment, parts and supplies.
Financial terms were not disclosed.
Gryphon said it plans to operate the Company as an independent division of its Wittichen Supply Holding Company under the Benoist brand, alongside existing portfolio company Wittichen Supply Company, a wholesale distributor of HVAC/R services to residential and commercial customers based in the Southeastern U.S.
Benoist will still be led by its existing management team, including CEO Peter Warren.
“The addition of Benoist creates a leading, multi-region distribution platform serving customers in eight states,” said Craig Nikrant, Gryphon’s dedicated Operating Partner to its Heritage Fund team. “Benoist and Wittichen, which share similar histories and cultures and a focus on superior service to contractor customers, will work together to create broad availability of parts, supplies and equipment across a larger territory. This also represents an exciting opportunity for Benoist and Wittichen to bolster their already strong relationships with Ruud and Rheem, respectively, opening a new path for growth. We are pleased to support Benoist as it continues to invest for its future.”