Middle-market private equity firm Gryphon Investors is to sell its portfolio company Heritage Distribution Holdings to Beijer Ref, a worldwide distributor of commercial refrigeration, industrial refrigeration, and air conditioning.

Middle-market private equity firm Gryphon Investors (Gryphon) is to sell its portfolio company Heritage Distribution Holdings (HDH) to Beijer Ref, a worldwide distributor of commercial refrigeration, industrial refrigeration, and air conditioning. 

Gryphon made its first investment in the company in July 2021 and has completed four add-on acquisitions during its ownership. 

Subject to customary closing conditions, the sale is expected to close in Q1 2023.
 
Heritage Distribution Holdings is a HVAC/R parts and equipment distribution platform serving the Southeastern and Midwestern United States. 

Baird acted as lead financial advisor to Gryphon, and Kirkland & Ellis LLP served as Gryphon’s legal counsel.