ATLANTA, Jan. 9, 2024 – Grove Mountain Partners, a premier private equity firm renowned for its strategic investments in home service and specialty business service companies, has announced a significant expansion of its portfolio. The firm has successfully acquired a majority stake in Plimpton and Hills, a leading wholesale distributor of plumbing and HVAC equipment. This strategic move underscores Grove Mountain Partners’ commitment to building strong partnerships within the home services sector and further solidifies Plimpton and Hills’ position as a market leader in Connecticut and surrounding regions.
This partnership represents a pivotal moment for both Grove Mountain Partners and Plimpton and Hills. For Plimpton and Hills, a family-owned business with a 125-year legacy, this acquisition by Grove Mountain Partners provides a platform for continued growth and prosperity. The Hills family will maintain equity and board-level involvement, ensuring the preservation of the company’s core values and long-standing customer relationships.
Tripp Hills, the former owner and President of Plimpton and Hills, expressed confidence in the new partnership, stating, “Grove Mountain Partners truly appreciates the enduring relationships Plimpton and Hills has cultivated over generations with its customers, our robust network of top-tier suppliers, and our esteemed reputation for exceptional service, comprehensive inventory, and unwavering integrity.” Highlighting the company’s future leadership, Hills added, “This transaction includes the well-deserved promotion of Susan Montgomery to President. Susan’s dedication to our customers and Associates perfectly embodies the values of Plimpton and Hills.”
Susan Montgomery shared her enthusiasm for her new role and the partnership with Grove Mountain Partners: “I am deeply honored to lead this exceptional company, where I have dedicated nearly 15 years. I am committed to expanding the solutions and services our customers have relied upon for over a century.”
Stephen Fraser of Grove Mountain Partners elaborated on the strategic rationale behind the acquisition: “Grove Mountain has been diligently searching for a highly respected wholesale plumbing and HVAC distributor with a strong foundation of integrity and customer service. We are thrilled to partner with Plimpton and Hills and support the growth of their business.”
Looking ahead, Grove Mountain Partners is actively seeking additional strategic partnerships within the wholesale plumbing and HVAC equipment distribution industry nationwide. The firm aims to establish a premier, customer-centric platform that leverages scale and efficiency to deliver unparalleled value.
Legal counsel for Grove Mountain Partners was provided by DLA Piper, and financing for the transaction was secured from Ares Management Credit funds and PennantPark Investment Advisers.
About Plimpton & Hills
Founded over a century ago, Plimpton & Hills Corporation is a recognized leader in the Northeast for HVAC and Plumbing product distribution. The company is celebrated for its unwavering commitment to quality, innovation, and superior customer service. Plimpton & Hills operates across more than 20 locations in three states, guided by a rich heritage and an experienced leadership team.
About Grove Mountain Partners
Grove Mountain Partners is a specialized private equity firm focused on investing in middle-market home service and specialty business service companies with annual revenues ranging from $15 to $200 million. Driven by a mission to cultivate exceptional companies, Grove Mountain Partners adopts a long-term, relationship-focused approach, leveraging deep sector expertise and a team of operators rather than purely financiers. For further information, please visit grovemountainpartners.com.
SOURCE Grove Mountain Partners
