FOR IMMEDIATE RELEASE
Richmond, VA – (April 15, 2008) Transact Capital is pleased to announce the acquisition of Devco Enterprises Inc. by Charles Lipman of DiversiTech, Deluth, GA. Transact Capital served as the exclusive financial advisor to Devco Enterprises Inc.
Founded in 1965, this business has been owned and operated by the members of the same family for over forty years. Devco Enterprises Inc. is a two-step wholesale distributor of installation supplies and service parts used in the installation, repair, and maintenance of virtually all light commercial and residential air conditioning, heating and refrigeration systems. The Company buys raw materials in bulk from original equipment manufacturers and repackages them into its own branded products into various sizes, quantities, and kits. Over 96% of the Company’s sales are derived from Devco branded products.
According to Transact Capital Managing Director Anthony Vincent, “Although Devco was initially reluctant to share any confidential information with their competitors; I ultimately convinced them to talk with their most important competitor, Diversitech only after finding that it was impossible to attain Devco’s deal structure objectives by negotiating with private buyers. Diversitech met every expectation as the “ideal buyer” demonstrating respect for the seller’s concerns, by maintaining a high level of confidentiality, and by conducting their negotiations and due diligence with absolute professionalism. After a slow start, we closed this transaction – start to finish – 6 months and 2 days after signing of Transact Capital’s initial listing agreement.”
Transact Capital is an independent mergers and acquisitions advisory firm headquartered in Richmond, VA with offices in Roanoke, VA, Lexington, KY, and Orlando, FL. Transact focuses on the needs of small privately held companies with less than $100 million in revenues. With extensive experience in owning, running, or investing in private companies or divisions of public companies, the firm’s principals are able to help many business owners exit their companies or explore other opportunities.
To learn more about Transact Capital, please call Steve Zacharias at 804-323-6868 ext. 102 or send an e-mail to Steve at Steve@TransactCapital.com.
