Non-public fairness agency acquires Cascade-based producer of HVAC merchandise
Hart & Cooley is a manufacturer of HVAC products. Courtesy Hart & Cooley
The Cascade Township manufacturer Hart & Cooley is in new ownership.
Hart & Cooley, located at 5030 Corporate Exchange Blvd. Cascade Township SE announced that its ownership has been transferred from Johnson Controls International to a subsidiary of HIG Capital, a Miami-based global private equity firm.
Hart & Cooley said HIG’s investment will allow the manufacturer to become an independent entity again and secure its future as a provider of HVAC products.
Jim Kaboski Courtesy Hart & Cooley
“We are delighted that HIG has committed to investing in our business. They have a successful track record of creating value for companies like ours, ”said Jim Kaboski, COO of Hart & Cooley. “This partnership will allow us to continue to focus on growth and innovation, and make operational improvements that offer new ways to serve our customers.”
Todd Ofenloch, managing director of HIG Capital, said his firm was “impressed with the reputation of the Hart & Cooley industry and the extensive portfolio of strong, market-leading brands.”
“We look forward to transforming the nearly 120-year-old Hart & Cooley back into an independent company and working with management to ensure that the company is well positioned to be the most innovative, committed and successful competitor in the industry,” he said .
Hart & Cooley said it will continue its mission of “delivering innovative, reliable and safer products that improve the comfort, sustainability and energy efficiency of buildings”.
Hart & Cooley
Hart & Cooley was founded in 1901 and produces and sells residential and commercial grilles, registers, diffusers, commercial and private ventilation and chimney systems, flexible air duct systems, ventilation duct components, commercial roof products and air filter products and systems under the brands Hart & Cooley, Selkirk, AMPCO, AmeriVent, Heatfab and MILCOR.
The company employs over 1,800 people. The company will retain its headquarters and continue to operate its manufacturing facilities and distribution centers in the United States, Canada and Mexico.
Founded in 1993, HIG is a global private equity and alternative asset investment firm specializing in the provision of debt and equity to small and medium-sized businesses.
The company has offices in Miami, New York, Boston, Chicago, Dallas, Los Angeles, San Francisco and Atlanta, and eight offices in Europe and South America.
HIG has over $ 40 billion in equity under management.