Dayton, Ohio-based Winsupply has purchased APCO, a Lansing, Mich.-based broad line distributor of heating, ventilation and cooling, plumbing and apartment maintenance supplies.
Terms of the purchase were not disclosed. APCO has nine locations, with two doing business as APCO Supply and seven as Michigan Temperature Supply.
APCO Supply is a distributor of building furnishings and maintenance supplies to multi-tenant industrial, commercial and residential complexes throughout Michigan and Indiana. Michigan Temperature Supply specializes in providing sourcing to residential and light-commercial contractors and is a traditional branch network that services the needs of HVAC contractors. The company will continue under the APCO Supply and Michigan Temperature Supply names in the foreseeable future.
“APCO Inc. is a successful, growing distributor with long-standing customer relationships, offering Winsupply additional coverage in the state of Michigan,” said Roland Gordon, president and chief executive officer of Winsupply. “The owners, Mike and Jeff Nussdorfer, have successfully grown the business since purchasing it from their father in 2005. In order to position the company for the future, the two brothers looked to Winsupply to become an equity partner to help with future succession planning, provide capital for future growth and provide assistance in product breadth and enhance profitability. We’re pleased Mike has indicated he wants to take advantage of the Winsupply ‘Spirit of Opportunity’ by investing in shared ownership.”
In the Winsupply co-ownership business model, Winsupply has majority equity in each of its locations, while the local company presidents and sometimes employees own substantial equity.