Tigertail Capital Partners' Advantage Distribution Holdings has acquired Badger Metals, a Wisconsin-based HVAC distributor. Founded in 1913 and led by father-and-son team Joe and Josh Welch, Badger's four branches in Appleton, Fond du Lac, Madison, and Rhinelander expand ADH's footprint to 17 locations across seven states. As part of the transaction, Joe and Josh Welch will become ADH shareholders, and all Badger employees will receive equity ownership exposure in the platform.
ADH employs a "We All Win Together" shared ownership model. The acquisition marks ADH's third independent HVAC distributor deal, following CT C Supply and cfm Distributors. Badger remains a member of the BLUE HAWK cooperative.
Tigertail Capital Partners, a Miami-based firm, made a control investment in the founder-owned business.
Source: PE Hub · Summarized by HeadlinesBriefing