P&M Corporate Finance (PMCF) is pleased to announce that it served as the exclusive financial advisor to Heat Controller Inc. of Jackson, Michigan and Aitons’ Equipment Inc. of Ontario, Canada. The buyer was Hauppauge, New York-based Motors and Armatures (MARS). Founded in 1946, MARS is a family-owned and operated supplier of quality motors, components, and service/installation parts for the HVAC/R industry. The acquisition will align reputable companies to better serve HVAC/R customers, suppliers and contractors, combining MARS’ motors and components experience with Heat Controller’s equipment offering.
For more than 75 years, Heat Controller, Inc. has earned its reputation as THE SOURCE for residential and commercial heating, cooling, and dehumidification equipment. The company markets its products under the Comfort-Aire and Century brand names in the United States and under the Comfort-Aire by Aitons’ brand name in Canada. As a leading supplier to the HVAC industry, Heat Controller is well respected due to the quality and reliability of its branded products, which are designed to meet or exceed industry standards for energy efficiency. In addition, the company offers one of the broadest equipment lines in the HVAC industry and is known for in-season availability, quick delivery, best-in-class warranties and comprehensive training and support programs.
Commenting on the transaction, Don Peck, Chairman and CEO of Heat Controller, noted, “Our Company is excited to work with the team at MARS who has similar value propositions to ours and is a well-respected Company in the HVAC/R industry. MARS and Heat Controller is a merger of two equal companies with long histories of dedication to the customer and commitment to quality people, products and service. ”
PMCF worked closely with the company to run a highly effective transaction process. Commenting on the transaction, Don Peck noted “PMCF was highly involved in all phases of the transaction process from identifying potential buyers and setting the marketing strategy, to leading the negotiations of the transaction terms, facilitating the due diligence process, and assisting on the legal documentation. We were very pleased with PMCF’s performance on this transaction.”
PMCF facilitated discussions and negotiations with a range of potential strategic and financial parties in a process that ultimately resulted in a successful transaction with MARS, which closed in May 2013.