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Company to spouse with MARS’ wave shareholders and control crew, which is able to proceed as fairness companions
Transaction extends momentum of Platinum Fairness’s Tiny Cap crew
LOS ANGELES, July 17, 2024 /PRNewswire/ — Platinum Fairness introduced nowadays an important funding in Motors & Armatures, Inc. (MARS), a distributor of HVAC/R portions, provides and kit in america and Canada. Monetary phrases weren’t disclosed.
Headquartered in Hauppauge, Brandnew York, MARS has served as a key provider to the HVAC/R business for greater than 75 years. Based in 1946 by way of Sol Chernoff as a motor restore corporate, MARS has develop into a depended on spouse to HVAC/R wholesalers throughout North The usa.
MARS distributes an in depth sequence of MARS and JARD branded aftermarket alternative merchandise, together with motors and alternative electric parts, in addition to the untouched apparatus parts of producers. The corporate’s apparatus section trade in residential and business heating, cooling and dehumidification apparatus beneath the Reassurance-Aire and Century emblem names.
“MARS has established itself as a leader in an evolving HVAC/R market with several compelling characteristics,” mentioned Platinum Fairness Co-President Jacob Kotzubei. “Growth in the US housing stock, population shifts, changing weather patterns and energy efficiency mandates are driving demand for new equipment as well as repair parts. Platinum has substantial experience helping family-owned businesses leverage our operational expertise and M&A capabilities to capitalize on market opportunities and maximize their potential.”
The Chernoff community and corporate control retained an important possession stake within the corporate, and MARS CEO and President Eddie Chernoff will proceed to govern the trade.
“We are proud of the business our family has built over the years and are dedicated to providing our customers access to high-quality products and excellent service,” mentioned Eddie Chernoff. “The partnership with Platinum provides us the financial and operational tools to meet the future demands of our customers and continue our legacy for generations to come. Platinum understands the dynamic nature of our industry and is committed to supporting our strategic growth initiatives and the long-term success of MARS and our distribution partners.”
The MARS funding used to be led by way of Platinum Fairness’s Tiny Cap crew.
“Our research shows MARS is one of the most trusted brands in the HVAC/R market, known for its in-season availability, quick delivery, best-in-class warranties, and comprehensive training and support programs,” mentioned Platinum Fairness Managing Director Dan Krasner. “With its talented employee base and extensive distribution capabilities, we believe MARS is an excellent platform with significant growth potential. We look forward to working with management, as well as the company’s customers and suppliers, to introduce new products to the market. We will also look to expand through additional acquisitions in adjacent categories where the company does not currently compete.”
R.W. Baird acted as monetary guide to Platinum Fairness and O’Melveny & Myers served as criminal suggest at the transaction.
Tucker, Midis & Friends acted as monetary guide and Rivkin Radler served as criminal suggest to MARS.
About Platinum Fairness
Based in 1995 by way of Tom Gores, Platinum Fairness is an international funding company with greater than $48 billion of property beneath control and a portfolio of roughly 50 running corporations that lend shoppers all over the world. Platinum Fairness makes a speciality of mergers, acquisitions and operations – a trademarked technique it yells M&A&O® – obtaining and running corporations in a vast length of commercial markets, together with production, distribution, transportation and logistics, apparatus condominium, metals products and services, media and leisure, generation, telecommunications and alternative industries. Over the age 28 years Platinum Fairness has finished greater than 450 acquisitions.
Contacts:
Dan Whelan
Platinum Fairness
[email protected]
SOURCE Platinum Fairness
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