The Cascade Township manufacturer Hart & Cooley is under new ownership.
Hart & Cooley, based at 5030 Corporate Exchange Blvd. SE in Cascade Township, said its ownership transferred from Johnson Controls International to an affiliate of H.I.G. Capital, a Miami-based global private equity firm.
Hart & Cooley said H.I.G.’s investment will allow the manufacturer to become an independent entity once again and secure its future as a provider of HVAC products.
“We are excited that H.I.G. has committed to investing in our business. They have a successful track record of adding value to companies like ours,” said Jim Kaboski, COO of Hart & Cooley. “This partnership will allow us to continue our focus on growth and innovation, along with operational improvements that will provide new opportunities to serve our customers.”
Todd Ofenloch, managing director of H.I.G. Capital, said his firm is “impressed with Hart & Cooley’s industry reputation and comprehensive portfolio of strong, market-leading brands.”
“We look forward to transitioning the nearly 120-year-old Hart & Cooley back into a standalone company and working with management to ensure the company is well-positioned to be the most innovative, engaging and successful competitor in the industry,” he said.
Hart & Cooley said it will continue its mission “to deliver innovative, reliable and safer products that improve the comfort, sustainability and energy efficiency of buildings.”
Hart & Cooley
Established in 1901, Hart & Cooley manufactures and distributes residential and commercial grilles, registers, diffusers, commercial and residential venting and chimney systems, flexible air duct systems, ventilation duct components, commercial rooftop products, and air filtration products and systems under the brands Hart & Cooley, Selkirk, AMPCO, AmeriVent, Heatfab and MILCOR.
The company employs over 1,800 individuals. It will maintain its headquarters and continue to operate its manufacturing facilities and distribution centers throughout the U.S., Canada and Mexico.
Founded in 1993, H.I.G. is a global private equity and alternative assets investment firm that specializes in providing debt and equity capital to small and midsized companies.
The firm has offices in Miami, New York, Boston, Chicago, Dallas, Los Angeles, San Francisco and Atlanta, as well as eight affiliate offices in Europe and South America.
H.I.G. has over $40 billion in equity capital under management.