Industrials | Mergers & Acquisitions

Stevens Equipment Supply has been Acquired by Daikin

  • TM Capital served as exclusive financial advisor to Stevens Equipment Supply, LLC (“Stevens”) a portfolio company of Ironwood Management Partners Fund II, LP (“Ironwood”), in its sale to Daikin Industries, Ltd. (“Daikin”)
  • Established in 1960, Stevens is a leading independent wholesale distributor of HVAC and Foodservice equipment, parts and accessories based in Eagan, Minnesota
  • Stevens is an authorized distributor for a portfolio of industry-leading HVAC manufacturers including Daikin, Goodman and Amana and Foodservice manufacturers including Manitowoc and Kelvinator
  • Under Ironwood’s ownership, Stevens expanded its regional footprint to 19 locations throughout the Midwestern and Southwestern U.S.
  • Ironwood Partners is a middle-market private equity firm based in New York, primarily investing in the manufacturing and distribution sectors
  • Daikin, with revenues of $24 billion, is the world’s largest manufacturer of heating, cooling and refrigerant products
  • This is the second transaction TM Capital has completed on behalf of Ironwood

Client Testimonial

This is the second successful portfolio company exit on which TM Capital has advised Ironwood in the past three years.  Their industry knowledge and deal expertise were evident throughout.  What really made the team instrumental in closing with a large multinational buyer during the COVID-19 pandemic was their sensitivity to the many nuances of each party's requirements and aspirations.  This was one of the more complicated but ultimately satisfying transactions I have been a part of.  The TM Capital team executed it with thoughtful strategy, teamwork and poise.  Each member of the team was exceptional.  They worked together to drive the deal forward to completion, and there was always clear communication and consistent messaging to all parties.  I highly recommend TM Capital to anyone considering selling a business, and look forward to working with them again in the future.”
- James K. Kelliher, Partner, Ironwood Management Partners Fund II, LP