Trinity Hunt Partners-backed Averon Group has invested in Control Equipment Company (CEC), a distributor of HVAC controls, building automation systems and replacement parts based in South Salt Lake City, Utah. No financial terms were disclosed.
Trinity Hunt is a growth-oriented private equity firm with more than $2 billion in assets under management, focused on distribution and services businesses. Its portfolio company Averon is building a national network of independent HVAC distributors serving HVAC and mechanical contractors and facility managers. CEC joins Blackhawk Supply in Chicago and Fenco Supply in Knoxville as Averon's third partner company, expanding a platform that already operates in the Midwest and Southeast.
The deal adds controls and building automation capabilities to Averon, reinforcing the platform's focus on parts and supplies. Averon is pursuing further partnerships with independent HVAC distributors and providers of adjacent product lines across the US. According to the release, the US HVAC independent distribution industry is worth $70 billion and remains highly fragmented, with thousands of distributors.
Founded in 1954, CEC serves HVAC and mechanical contractors and building automation professionals across the Intermountain West, offering technical training courses alongside its products. Its leadership team will stay in place, and Bob Bair will continue as president.
Source: PE Hub · Summarized by HeadlinesBriefing