DiversiTech Acquires Devco
April 11, 2008.
Atlanta.
DiversiTech Corporation has acquired 100% of the assets and equity of Devco Enterprises, Inc. Both DiversiTech and Devco are closely held private corporations. Terms of the transaction were not disclosed. Devco’s operations will be relocated from Silver Spring, MD to one of DiversiTech’s facilities in Conyers, GA.
Speaking of the acquisition, CEO Charles Lipman stated “The acquisition of Devco will complement DiversiTech’s prior acquisitions of Wagner and Rayco; enabling DiversiTech to bring expanded branch merchandising solutions to our wholesale distribution partners.”
Devco’s product offerings are sold throughout the US on a variety of rotating merchandising displays. Since the first displays were placed in 1975, Devco has introduced wholesale distribution to many merchandising techniques. Features such as color coding product headers and backup cards, reorder forms, product location guides, computerized product support, and one of the smallest package sizes in wholesale distribution.
ABOUT DEVCO
Devco® Enterprises, Inc. was founded by Alva “Dev” Devereaux on September 20, 1965. Dev started in the refrigeration trade in Chicago in 1935. In the early 1960's, important small parts were not available at traditional commercial refrigeration wholesalers in and around the Washington DC. Dev saw the need for a master distributor acquiring and packaging these “missing products”. Dev first offered them for sale throughout the eastern United States. Dev died on March 24, 1977. His sons Larry and John assumed control of the family business, incorporating Devco in April 1977.
ABOUT DIVERSITECH
Founded in 1971, DiversiTech® Corporation is North America’s largest manufacturer of equipment pads and a leading manufacturer and supplier of components and related products for the heating, ventilating, air conditioning, and refrigeration (HVACR) industry. Headquartered in the Atlanta, GA metropolitan area, DiversiTech manufactures a suite of products, which includes a wide range of mechanical, electrical, chemical, and structural parts for HVACR systems. The company maintains over one million square feet of manufacturing and distribution space in key U.S. locations and Asia. DiversiTech has enjoyed a continued history of successful growth and has acquired industry recognized brand names including Wagner® Manufacturing, Specialty Chemical, and The Black Pad®.
DiversiTech’s position as a leader in flexible composite concrete products is fortified with numerous patents and an advanced materials research and development department. These composite products include mounting pads for air conditioners and utility power transformers sold under the UltraLite®, CladLite®, and other brands.
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DiversiTech®, the DiversiTech chevron, Wagner®, UltraLite®, CladLite®, E-Lite®, The Black Pad®, Wet Switch®, and Pro-Treat®, are registered trademarks of DiversiTech Corporation in the United States and other countries.
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For information about DiversiTech Corporation: www.diversitech.com
For information about Devco: www.devco1.com
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