Atlanta (January 9, 2024) — Grove Mountain Partners, a leading private equity firm specializing in investments in home service companies and specialty business service companies, announces the acquisition of a majority stake in Plimpton and Hills, the premier wholesale distributor of plumbing and HVAC equipment in Connecticut and adjacent geographies.
This strategic partnership marks a significant milestone in the growth and development of both organizations. Plimpton and Hills, a 125-year-old family-owned business, will continue to prosper under the stewardship of Grove Mountain while retaining the equity and board-level commitment of the Hills family.
"Grove Mountain Partners uniquely understands and respects Plimpton and Hills' multi-generational customer relationships, its deep and first-class supplier base, and its well-known reputation for good service, inventory, and integrity," said Tripp Hills, former owner and President of Plimpton and Hills. "As part of this transaction, we are promoting Susan Montgomery to President. Susan embodies Plimpton and Hills' devotion to customers, customer service and care for our Associates."
"I'm honored and humbled to be given the responsibility to lead this great company which I've served for nearly 15 years and am committed to growing the solutions and services which our customers have depended on us for, for over a century," said Montgomery.
"Grove Mountain has looked broadly for a few years to find a deeply respected wholesale plumbing and HVAC distributor whose business and corporate culture are founded on integrity and customer service," said Stephen Fraser. "We are delighted to be able to partner now with Plimpton and Hills to help grow their business."
In addition to this acquisition, Grove Mountain is actively seeking additional partners in the wholesale plumbing and HVAC equipment space around the country, with the aim of creating the premier customer-focused platform with embedded scale and efficiencies.
DLA Piper provided legal counsel to Grove Mountain, and debt financing for the transaction was provided by Ares Management Credit funds and PennantPark Investment Advisers.
ABOUT PLIMPTON & HILLS
Plimpton & Hills Corporation, founded over a century ago, stands as a distinguished leader in the distribution of HVAC and Plumbing products across the Northeast. Esteemed for its unwavering dedication to quality, innovation, and unparalleled customer service, the company proudly bears the legacy of four generations of the Hills family. With an expansive presence spanning more than 20 locations in three states, Plimpton & Hills is anchored by its rich heritage and steered by a tenured leadership team.
ABOUT GROVE MOUNTAIN PARTNERS
Grove Mountain Partners is a private equity firm that invests in middle-market home service companies and specialty business service companies, with annual revenues between $15 and $200 million. With a mission to build great companies, it is long-term and relationship-focused, possesses deep sector domain expertise and comprises operators rather than financiers. For more information, visit grovemountainpartners.com.
MEDIA CONTACT
Thornton Kennedy
thornton@prsouth.net
C | 404 210 0363