Canadian private equity firm Ironbridge Equity Partners has bought the assets of Midland Appliance Ltd, a branded home appliances dealer based in Richmond, British Columbia. No financial terms were released for the deal, which includes the affiliated BCH Transport Ltd and Innovative Appliance Distributors Ltd. Founded in 1984, Midland serves a network of developer, builder, designer and architect customers throughout Western Canada. President David Bast said the partnership with Ironbridge will support his company’s “next chapter of growth.” Midland is the third investment of Ironbridge Equity Partners III, which raised $238 million last year.
Ironbridge Equity Partners acquires the assets of Midland Appliance Ltd., BCH Transport Ltd. and Innovative Appliance Distributors Ltd.
(Toronto – December 7, 2017) Ironbridge Equity Partners (“Ironbridge”) of Toronto, Ontario is pleased to announce that they, together with management, have purchased the assets of Midland Appliance Ltd., BCH Transport Ltd. and Innovative Appliance Distributors Ltd., (together, “Midland” or the “Company”) of Richmond, British Columbia.
Founded in 1984, by Tom Hleucka, Midland is a leading dealer of premium and super premium branded home appliances throughout Western Canada. The Company serves its network of developer, builder, designer and architect customers with a team of over 60 employees operating from its headquarters in Richmond, B.C., an additional location in Vancouver, B.C., and a sales presence in Calgary, Alberta.
“From our first meeting with Ironbridge, Ken Harris (Executive Vice President) and I knew they were the right partners for the next chapter of growth,” said David Bast, President of Midland. “In partnering with Ironbridge and Lee Methot, a highly accomplished appliance industry executive, Midland gains invaluable access to a breadth of operational expertise and business experience, combined with a culture of excellence and integrity that is aligned with our own.”
“Over the years, Midland has developed a reputation for excellence with its customers in Western Canada. With the Company’s broad product portfolio of premium appliances and deep network of industry relationships, we believe the business is a great platform for growth,” said Andrew Walton, Partner at Ironbridge. “We are pleased to be partnering with the Midland team.”
Midland is the third investment in Ironbridge’s third private equity fund, Ironbridge Equity Partners III, LP, a fully-committed $238 million fund.
Ironbridge’s team of twelve professionals invests in Canadian lower middle-market businesses operating in a broad range of industries including manufacturing, distribution, and consumer and business products and services. The Ironbridge team has extensive financial and operating experience and works closely with the management teams of its portfolio companies to enhance value.
For more information, contact:
Ironbridge Equity Partners
Photo courtesy of Midland Appliance Ltd