Parts Distributor Heritage Foodservice Equipment Acquired By Private Equity Firm

Heritage Foodservice Equipment, the largest so-called “master” distributor of replacement parts and components for foodservice equipment in North America, announced Dec. 2 that it has been acquired by Heritage Foodservice Group, a newly created affiliate of The Jordan Company II, L.P., a New York-based private investment firm.

As a result of this transaction, Heritage will have an enhanced capital base, but continue to be owned by R. Bruce Dye, Heritage president and CEO. "We are excited about our partnership with Jordan. Heritage will have greater access to capital which will allow us to replicate the company's historic track record of growth moving forward  We do not anticipate any significant changes in our facilities and locations, service offerings or employment," said Dye.

"The Jordan Company is thrilled to partner with Bruce Dye and the management team of Heritage," said Michael Denvir, principal at The Jordan Company. He added, "Heritage has an impressive track record due to its dedication to customer service and on-time delivery of critical-need replacement parts."

Heritage, headquartered in Fort Wayne, Ind., was founded by Dye in 1987. Heritage carries replacement parts in excess of 34,000 stocking SKUs for more than 600 OEM manufacturers of commercial foodservice equipment. In addition, it maintains a diverse customer base consisting of 35,000 end-users and service agents including but not limited to restaurant chains, hospitals, hotels, convention centers, and casinos. It often works closely with large multiunit customers to create custom catalogs of parts tailored to their equipment packages and ensures inventory and quick shipment of critical parts. In addition to its main parts distribution operations in Ft. Wayne, Heritage also operates service agencies and maintains parts distribution centers in multiple locations in the United States and Canada. It is a member of the Commercial Food Equipment Service Association.

Jordan, founded in 1982, is a middle-market private equity firm with more than $5 billion of assets under management and a successful track record of investing in and growing businesses across a wide range of industries. The firm's partners have been investing together for more than two decades. The investment team is supported by the firm's Operations Management Group, which initiates and supports operational improvements in portfolio companies. Headquartered in New York, Jordan also has offices in Chicago and Shanghai.

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