Coon-Devisser Co. (Royal Oak, Mich.). has sold its pipe division to a new joint venture, CDv-Costa Piping Systems. Coon-DeVisser owns 49% of the new company; the other 51% belongs to David E. Costa, who is the president of the firm.
CDv-Costa has been certified by the Michigan Minority Business Development Council as a minority business enterprise.
"We believe that CDv-Costa Piping Systems is the first African-American-owned industrial-piping distributor in the United States," Costa said. "Our MMBDC certification means that 100% of our customers' purchases will qualify toward their firms' minority purchasing targets."
Coon-DeVisser's pipe division represented half of the company's $24 million in annual sales. Coon-DeVisser retains ownership and operation of its Fluid Systems Division, which sells HVAC equipment; its Compressed Air Division, which sells air compressors and related equipment; and its Service/Parts Division. Jason Schiaciano will remain president of the company as well as serve as vice president of CDv-Costa.