Add-on Acquisition • Distribution

Heritage Distribution Acquires Dennis Supply

On November 18, 2025, Heritage Distribution acquired distribution company Dennis Supply

Acquisition Context

This is Heritage Distribution’s 7th transaction in the Distribution sector.
This is Heritage Distribution’s 8th transaction in the United States.
This is Heritage Distribution’s 1st transaction in Iowa.

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M&A Deal Summary
Date	November 18, 2025
Target	Dennis Supply
Sector	Distribution
Buyer(s)	Heritage Distribution
Deal Type	Add-on Acquisition

Target Company

Dennis Supply

Sioux City, Iowa, United States

Dennis Supply is a wholesale distributor of HVAC, refrigeration and air-conditioning equipment and supplies serving contractors and dealers primarily in the U.S. Midwest. Dennis Supply was founded in 1935 and is headquartered in Sioux City, Iowa.

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Buyer Overview 1

Buyer

Heritage Distribution

Birmingham, Alabama, United States

Category	Company
Sector	Distribution

DESCRIPTION

Heritage Distribution is a distributor of heating, ventilating, air conditioning, and refrigeration (HVAC/R) parts, equipment, and supplies to HVAC/R contractors in the Southeastern and Midwestern US. Heritage Distribution is based in Birmingham, Alabama.

Deal Context for Buyer	#
Overall	8 of 8
Sector: Distribution	7 of 7
Type: Add-on Acquisition	8 of 8
State: Iowa	1 of 1
Country: United States	8 of 8
Year: 2025	2 of 2

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2025-11-18	Key Refrigeration Supply North Kansas City, Missouri, United States Key Refrigeration Supply is a distributor of HVAC and refrigeration parts, supplies, and equipment, serving contractors, dealers, and commercial customers in its market area. Key Refrigeration Supply was founded in 1999 and based in North Kansas City, Missouri.	Buy	-

DATE

TARGET

DEAL TYPE

VALUE

2025-11-18

Key Refrigeration Supply

North Kansas City, Missouri, United States

Key Refrigeration Supply is a distributor of HVAC and refrigeration parts, supplies, and equipment, serving contractors, dealers, and commercial customers in its market area. Key Refrigeration Supply was founded in 1999 and based in North Kansas City, Missouri.

Buy

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