SOUTHPORT, Conn.--(BUSINESS WIRE)--Carter Morse & Goodrich ("CMG") is pleased to announce it served as the exclusive financial advisor to Williams Distributing Co. (“Williams”) on its sale to Daikin Comfort Technologies North America, Inc. (“Daikin”), a subsidiary of Daikin Industries, Ltd. (DIL), the world’s largest manufacturer of HVAC systems. Terms of the transaction were not disclosed.
Founded in 1968 and headquartered in Grand Rapids, Michigan, Williams is the leading full-service distributor of heating, ventilation and air conditioning (HVAC) products and residential building products serving the kitchen and bath, plumbing, garage door and hearth markets in the Great Lakes region of the United States. Williams is a second and third generation family-owned business and operates from 32 locations, including 27 dedicated to HVAC, across Michigan, Indiana and Ohio, with 575 employees.
Daikin Industries, Ltd., headquartered in Osaka, Japan, is a Fortune 1,000 company with more than 84,000 employees worldwide and is the world’s #1 indoor comfort solutions provider company. Daikin Comfort Technologies North America provides Daikin, Goodman, Amana® (Amana® is a registered trademark of Maytag Corporation or its related companies and is used under license. All rights reserved) and Quietflex brands products throughout North America.
“I’m so appreciative of the Carter Morse & Goodrich team for their preparation, guidance and leadership throughout the M&A process ultimately culminating in a successful closing,” remarked Jim Williams, the majority owner of Williams.
Ramsey Goodrich, Managing Partner of CMG, commented, “We’re honored that Jim and the Williams family entrusted our firm with their ‘once-in-a-lifetime’ transaction. What initially began as a review of strategic options for the Company developed into a successful sale process and a realization of the Williams family’s life work. We are excited for the Williams family as they explore new endeavors, and for the management team at Williams Distributing with its new partnership with a global leader in Daikin.”
Honigman LLP served as Williams’ primary legal advisor. Transaction advisory services were provided by BDO. The transaction was managed by Carter Morse & Goodrich’s FINRA registered broker-dealer affiliate, Carter Capital Corporation.
About Carter Morse & Goodrich
Located in Southport, Connecticut, Carter Morse & Goodrich is a boutique M&A advisory firm that specializes in representing founder-led and family-held businesses valued between $20 million and $250 million.
While CMG provides a full range of investment banking services, our primary focus is representing owners who are pursuing their once-in-a-lifetime M&A transactions. CMG specializes in advising leading companies in niche markets to plan, prepare, execute, and close successful transactions that maximize shareholder value. CMG fully understands and appreciates the unique dynamics of closely-held businesses and the importance of owner legacies.
For 35 years, the combination of our hands-on approach, senior banker attention, strategic guidance, seamless transaction execution and extensive network of domestic and international resources has enabled us to become a trusted advisor to hundreds of business owners.
For more information, visit www.cartermorse.com.
