M&A Deal Summary

Master Acquires Refrigeration Sales

On March 2, 2023, Master acquired distribution company Refrigeration Sales from Rotunda Capital Partners

Acquisition Highlights
  • This is Master’s 4th transaction in the Distribution sector.
  • This is Master’s 2nd transaction in the United States.
  • This is Master’s 1st transaction in Ohio.

M&A Deal Summary

Date 2023-03-02
Target Refrigeration Sales
Sector Distribution
Buyer(s) Master
Sellers(s) Rotunda Capital Partners
Deal Type Add-on Acquisition

Target

Refrigeration Sales

Valley View, Ohio, United States
Refrigeration Sales is a wholesale distributor of heating, ventilation, air conditioning, and refrigeration equipment. Refrigeration Sales is based in Valley View, Ohio.

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Buyer(S) 1

Buyer

Master

Boucherville, Quebec, Canada

Category Company
Founded 1952
Sector Distribution
Employees580
DESCRIPTION

Master is an independent HVAC-R distributor in Eastern Canada. Company is a distributor of heating, ventilation, air conditioning and refrigeration products. Master was founded in 1952 and is based in Boucherville, Quebec.


DEAL STATS #
Overall 6 of 6
Sector (Distribution) 4 of 4
Type (Add-on Acquisition) 6 of 6
State (Ohio) 1 of 1
Country (United States) 2 of 2
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-15 Value Added Distributors

Midlothian, Virginia, United States

Value Added Distributors is the parent company of three regional HVAC distributors (Virginia Air Distributors, Allied HVAC Distributors, and South Carolina Air Distributors) with 19 branches and 200 employees across six states (Virginia, West Virginia, North Carolina, South Carolina, Ohio and Pennsylvania). It has over 30 years of experience, financial strength, operational excellence, and a passion and reputation for outstanding customer service. Value Added Distributors was formed in 1987 and is based in Midlothian, Virginia.

Buy -

Seller(S) 1

SELLER

Rotunda Capital Partners

Bethesda, Maryland, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2009
PE ASSETS 195M USD
Size Small
Type Sector Focused
DESCRIPTION

Rotunda Capital Partners is a private equity firm which invests equity and debt capital in established and profitable lower middle market companies. The Company targets businesses valued between $50 and $200 million with defensible market positions and strong growth prospects. Sectors of interest include financial services, business services, manufacturing, government services, insurance services, logistics and distribution, retail, and consumer. Rotunda Capital Partners is based in Bethesda, Maryland with an additional office in Chicago.


DEAL STATS #
Overall 13 of 13
Sector (Distribution) 3 of 3
Type (Add-on Acquisition) 5 of 5
State (Ohio) 1 of 1
Country (United States) 13 of 13
Year (2023) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-01 Amware Logistics

Lawrenceville, Georgia, United States

Amware Logistics is a provider of B2B and B2C third-party logistics and order fulfillment services for a wide variety of industries throughout North America. Amware operates over 2 million square feet of warehouse space through nine facilities located across the United States. Amware Logistics was founded in 1989 and is based in Lawrenceville, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-21 Bron Tapes

Denver, Colorado, United States

Bron Tapes is a producer, converter, and distributor of pressure-sensitive tapes, adhesives, and innovative solutions in North America. With 11 production and distribution centers across the United States, the company provides more than 100 market applications for over 13,000 customers, in more than 50 countries, supporting a diverse end-market customer base including aerospace and defense, automotive, electronics, building and construction, medical, manufacturing, and more. Bron Tapes was formed in 1977 and is based in Denver, Colorado.

Buy -