13 / 10 / 2021
DuraVent acquires Hart & Cooley
Detroit, 13 October 2021 – DuraVent, a HVAC and hearth manufacturer in the North American market, acquires its industry peer Hart & Cooley from H.I.G. Capital. The transaction brings together two industry leaders in the building products marketplace. The DuraVent and Hart & Cooley products will ensure the highest standards in the marketplace. Financials details of the transaction have not been disclosed.
Both companies have a long history in the hearth and HVAC industries with legacy brands and innovative products. “Our immediate objective is to build one unified company, with one team, focused on world-class manufacturing and distribution,” said DuraVent CEO Simon Davis in announcing the deal. “The acquisition fits well with our strategy to better serve our customers by offering a complete product range, as well as to further diversify into adjacent product categories, such as rooftop products and grilles and registers”.
The transaction is supported by the Egeria Evergreen fund. Egbert Prenger, Partner and CEO at Egeria: “We are fully supportive of the strategic ambitions of management and we believe the combined company can set a new HVAC industry standard for the future”. Furthermore, this deal will serve as a platform for Egeria to further increase its presence in the North American market. Egeria is also active in the US through its real estate investments and listed investments.
DuraVent engineers and manufactures venting systems for the residential and commercial market segments for the North American HVAC industry. It operates 2 businesses: Duravent and Security Chimneys. Duravent, founded in 1956, produces venting products for gas, wood, oil, pellet and other alternative fuel burning appliances. Security Chimneys, founded in 1960, is a light HVAC commercial products manufacturer, including complete chimneys for residential and commercial applications.
About Hart & Cooley
Hart & Cooley was founded in 1901 and is headquartered in Grand Rapids, Michigan. It manufacturers residential and commercial HVAC products and building accessories. Products include fuel burning appliances, grilles, registers and diffusers and rooftop products and access doors. It operates facilities throughout the United States, Canada and Mexico.
Egeria is an independent Dutch investment company founded in 1997, which focuses on medium-sized companies. Egeria typically invests in healthy companies with an enterprise value between € 50 million and € 350 million. Egeria’s portfolio companies have a combined turnover of c. € 2 billion and employ close to 10,000 people. The Egeria Evergreen fund has an indefinite lifetime and committed capital of € 400 million. It currently has investments in six companies (DuraVent, M&G Group, Koninklijke Mosa, Sif Group, MAAS Aviation, APOC and Social Blue). Other activities are Egeria Funds (12 companies), Egeria Real Estate Investments, Egeria Real Estate Development and Listed Investments.