Harris Williams Advises on Omega Environmental Merger
Harris Williams & Co. announced the merger of Omega Environmental Technologies with Global Parts Distributors (GPD) and Santech Industries, which were both previously owned by Global Temperature Control, LLC (GTC).
GTC, a national distributor of automotive aftermarket air conditioning components, was a portfolio company of Owner Resource Group (ORG). River Associates Investments, LLC is the majority shareholder of Omega and ORG will be a minority investor in the company.
Harris Williams & Co. acted as the exclusive advisor to GTC. The transaction closed on December 3, 2012 and was led by Patrick Hanraty, David Allebach and Alex Chadwick from the firm’s Philadelphia office.
Collectively, the three companies offer a complete line of automotive aftermarket air conditioning parts and radiators. The combined companies have a strong national presence with ten strategically located facilities, and sell products in over 85 countries around the world. The three companies will continue to maintain separate distribution facilities and the executive management teams of each of the three companies will remain in their current positions. The headquarters for the combined companies will be in Irving, TX.
“GTC has established itself as an outstanding platform in the automotive aftermarket air conditioning sector, and its combination with Omega creates the clear leader in the niche, with unmatched product line breadth, sourcing capabilities, customer service and technical expertise. This transaction is a great outcome for all parties, and we look forward to the continued success of the combined businesses,” said Patrick Hanraty, a managing director at Harris Williams & Co.
Harris Williams & Co. a member of The PNC Financial Services Group, is a middle-market investment bank focused on the advisory needs of clients worldwide.