Evanston, Ill., May 17, 2022 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that it has acquired N.B. Handy Company (“N.B. Handy” or the “Company”). Terms of the transaction were not disclosed.
Founded in 1891 and headquartered in Lynchburg, Va., N.B. Handy is a building products distributor specializing in HVAC products, architectural metal roofing and machinery, with vertically integrated fabrication operations for select products. The Company has been in operation for over 130 years and serves the commercial and residential markets in the Southeast and Mid-Atlantic regions through its 21 locations in 6 states.
Rosana Chaidez will continue leading the Company as President and CEO. Ms. Chaidez commented, “We are looking forward to partnering with IOP. The management team and I believe that IOP’s operations-focused approach will help us continue to execute on our growth and operational improvement initiatives.”
Dave Mackin, an IOP Operating Principal, will assume the position of Chairman of N.B. Handy. Mr. Mackin is a member of IOP’s Board of Operating Principals which is comprised of experienced executives who provide leadership to the businesses in which IOP invests. Mr. Mackin said, “I look forward to working closely with the N.B. Handy team to optimize all aspects of the business and achieve future growth. I think the management team has maintained a strong customer-focused culture and I am thrilled to work alongside them to support N.B. Handy’s continued success.”
Chris Willis, Managing Director of IOP, added, “Over its long history, we believe that N.B. Handy has developed a well-known brand and excellent reputation. We are proud to have been chosen by the founding family as the first institutional investor in the Company and we take seriously our position as stewards of N.B. Handy through this next chapter.”
N.B. Handy represents the second platform investment for IOP’s fourth fund, Industrial Opportunity Partners IV, L.P .
The transaction’s debt financing was provided by Regions Bank and Associated Bank. Winston & Strawn LLP provided legal representation to IOP in the transaction. DHG Corporate Finance LLC acted as exclusive advisor to N.B. Handy on the transaction.
About N.B. Handy
Founded in 1891 and headquartered in Lynchburg, Va., N.B. Handy is a building products distributor that specializes in duct, air distribution, and other HVAC products; architectural metal roofing; and machinery. The Company offers one-stop access to over 10,000 SKUs with 24-hour delivery and features vertically integrated fabrication operations for select products. The Company has been in operation for over 130 years and serves the commercial and residential markets in the Southeast and Mid-Atlantic regions through its 21 locations in 6 states (Virginia, Florida, North Carolina, South Carolina, Maryland and Georgia). Learn more about N.B. Handy at www.nbhandy.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $1.5 billion of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $50 million and $500 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.