OAKBROOK TERRACE, IL – June 24, 2021 – Prairie Capital Advisors, Inc. (“Prairie”) is pleased to announce that Packard, Inc. (“Packard” or the “Company”) has been acquired by DiversiTech Corp. (“DiversiTech”). Prairie acted as exclusive financial advisor in this transaction to Packard and its shareholders and was led by Michael McGinley and Tim Witt of Prairie. Terms of the transaction were not disclosed.
Founded in 1959 and headquartered in Kennesaw, Georgia, Packard has been a dominant force in the HVACR industry since its inception. As a master distributor, Packard brings wholesalers and OEMs innovative, high-quality products that include top industry names and their own exclusive private-label lines. With its corporate office and main distribution center in Georgia, its fully stocked distribution centers in Plainfield, Indiana and Tempe, Arizona, and its many regional offices and independent manufacturers’ representatives, Packard’s reach extends from coast to coast. The Company became 100% employee-owned in 2017.
Headquartered in Atlanta, Georgia, DiversiTech is North America’s largest manufacturer of equipment pads and a leading manufacturer and supplier of components and related products for multiple industries, including HVACR, electrical, consumer hardware retail, electrical utility, automotive retail and pool and spa channel. DiversiTech’s mission is to simplify its customers’ work with high-quality, advanced products and exceptional customer support. With over 1 million square feet of manufacturing and distribution space in key U.S., Canadian and European locations, DiversiTech maintains a global presence.
“We are honored to have advised Packard on this transaction. We believe that the Company’s commitment to product quality and customer service will contribute to DiversiTech’s continued growth as a leading manufacturer and supplier of HVACR and other related products and are excited for the significant wealth creation for Packard’s employees through the sale of the ESOP-owned company,” said Michael McGinley, Managing Director at Prairie. “This transaction represents another successful assignment completed by Prairie’s Investment Banking group as we continue to serve middle-market family, founder and ESOP-owned businesses,” added Tim Witt, Managing Director at Prairie.
About Prairie Capital Advisors
Prairie offers investment banking, ESOP advisory, valuation advisory and financial reporting valuations to support the growth and ownership transition strategies of middle-market companies. Headquartered in Oakbrook Terrace, Illinois, the company is a leading advisor to closely-held companies nationwide. Prairie was named the 2021 U.S.A. Valuations Firm of the Year by M&A Atlas. For more information, visit www.prairiecap.com.
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Prairie Capital Advisors, Inc.