Boxwood Partners Advises Value Added HVAC Distributors on Its Strategic Partnership with The Master Group
Latest transaction marks Boxwood’s record 10th deal of the year
JUPITER, FL – (December 13, 2021) – Boxwood Partners is pleased to announce a strategic partnership between Value Added HVAC Distributors (VAD) and its three subsidiaries, Virginia Air Distributors, Allied HVAC Distributors and South Carolina Air Distributors, and The Master Group, a portfolio company of Novacap.
Boxwood Partners, a leading boutique middle-market investment bank based in Jupiter, FL, acted as the exclusive sell-side advisor to Value Added HVAC Distributors on the transaction. The transaction was led by J. Patrick Galleher (Managing Partner), Brian Alas (Managing Director) and Madison Day (Associate). The terms of the deal were not disclosed. This marks Boxwood’s 10th deal of 2021.
Based in Midlothian, VA, Value Added HVAC Distributors (VAD) is the parent company of Virginia Air Distributors, Allied HVAC Distributors and South Carolina Air Distributors, with nearly 200 employees across 19 branch locations. Established in 1987, VAD supplies HVAC contractors with residential and commercial heating and air-conditioning equipment.
“We are excited to join The Master Group, which we believe was the perfect fit for us and our vision for growth,” said Chris Baker, President and CEO of Value Added HVAC Distributors. “Boxwood had a thorough knowledge of the market and provided outstanding advice. Their support and guidance was essential as we pushed this across the finish line.”
Founded in 1952, The Master Group is the largest HVAC/R distributor in Canada and leader in the heating, ventilation, air conditioning, and refrigeration space. The company serves residential, commercial, and industrial sectors, operating more than 50 branches across Canada from British Columbia to Atlantic provinces. It also has four distribution centers and has more than 1,000 product lines in inventory.
“Virginia Air is a longstanding, family-owned business with a proven track record for many years,” said Boxwood Partners Managing Partner Patrick Galleher. “The Company has expanded to more than six states and well positioned to continue its strong organic growth. This move will give Chris and the company additional resources and the opportunity to grow the business as part of The Master Group.”
Novacap is a leading North American private equity firm with offices in Brossard, Québec and Toronto, Ontario. Since 1981, its partnership approach has helped companies accelerate growth and maximize value. Novacap ensures its portfolio companies get proper and long-term visibility by favoring a patient and global approach for each significant corporate project.
About Boxwood Partners
Boxwood Partners, LLC, is a boutique investment bank based in Jupiter, Florida with offices in Richmond, Virginia. Boxwood Partners combines a unique blend of senior-level transaction advisory, business operating experience, and proven process execution skills to give its clients a distinct advantage in the market. The firm’s extensive relationships within the global capital and buyer communities (including U.S. and international private equity groups, corporations, and lenders) and other important transaction-related service providers such as consultants, attorneys, and accountants, ensure that the firm’s clients receive the attention, service, and results they deserve.
For more information about Boxwood Partners, please visit www.boxwoodpartners.com.
About Valued Added HVAC Distributors
Value Added HVAC Distributors (VAD) is the parent company of Virginia Air Distributors, Allied HVAC Distributors and South Carolina Air Distributors, with nearly 200 employees across 19 branch locations. Established in 1987, VAD supplies HVAC contractors with residential and commercial heating and air-conditioning equipment.
For more information about Valued Added HVAC Distributors, please visit www.virginiaair.com, www.southcarolinaair.com and www.alliedheatingac.com.
About The Master Group
A leader in the heating, ventilation, air conditioning, and refrigeration sector, The Master Group celebrates its 70th anniversary in March 2022. Named one of Canada’s best-managed companies since 2010, Master is the largest HVAC-R distributor in the country. The company now employs 1,050 dynamic and devoted individuals who serve the industry at 49 branches and 4 distribution centers from British Columbia to the Atlantic Provinces. To learn more about The Master Group, please visit www.master.ca.
About Novacap
Founded in 1981, Novacap is a leading North American private equity firm with over C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in TMT, Industries and now Financial Services, Novacap’s deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial capital, Novacap has the resources and knowledge that help build world-class businesses. Novacap has offices in Brossard, Québec and Toronto, Ontario.
For more information about Novacap, please visit www.novacap.ca.
