H.I.G. Capital News
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Boston, MA 02116
H.I.G. Capital Acquires Hart & Cooley, LLC
BOSTON – October 7, 2020 – H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with over $40 billion of equity capital under management, is pleased to announce that one of its affiliates has acquired Hart & Cooley, LLC. (“Hart & Cooley” or the “Company”). A subsidiary of Johnson Controls International plc (NYSE: JCI), Hart & Cooley is a leading manufacturer of HVAC and air distribution products, including vents, grilles, registers, diffusers, and rooftop and chimney products. H.I.G. is partnering with the current management team to capitalize on and accelerate the Company’s significant strategic growth opportunities.
Founded in 1901 and headquartered in Grand Rapids, MI, Hart & Cooley’s products are used in a variety of new residential and construction applications and are primarily sold through wholesale distributors. The Company has eight manufacturing sites and six distribution centers spread across the United States, Mexico, and Canada.
“We are excited that H.I.G. has committed to investing in our business. They have a successful track record of adding value to companies like ours,” stated Jim Kaboski, Chief Operating Officer of Hart & Cooley LLC. “This partnership will allow us to continue our focus on growth and innovation along with operational improvements that will provide new opportunities to serve our customers.”
“We are impressed with Hart & Cooley’s industry reputation and comprehensive portfolio of strong, market leading brands,” said Todd Ofenloch, Managing Director, H.I.G. Capital. “We look forward to transitioning the nearly 120-year-old Hart & Cooley back into a standalone company and working with management to ensure the company is well positioned to be the most innovative, engaging and successful competitor in the industry.”
About Hart & Cooley LLC
Founded in 1901 and headquartered in Grand Rapids, MI, Hart & Cooley is a leading manufacturer of HVAC and air distribution products, including vents, grilles, registers, diffusers, and rooftop and chimney products. The Company’s products are used in a variety of new residential and construction applications and are primarily sold through wholesale distributors. As a leader in the HVAC industry, the Company has a strong portfolio of recognized and trusted brands, such as Hart & Cooley, Selkirk, AMPCO, AmeriVent, Heatfab and MILCOR. The Company has eight manufacturing sites and six distribution centers spread across the U.S., Canada and Mexico. For more information, please visit https://www.hartandcooley.com/.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $40 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.
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.