The Master Group Acquires Value Added Distributors (VAD)

Value Added Distributors Acquires L.T.L. Supply

December 10, 2025

Manufacturing

Value Added Distributors (VAD), a PE-backed distributor and fabricator, has acquired L.T.L. Supply, a family-operated wire harness and electrical-assembly manufacturer based in Green Bay, Wisconsin. The add-on expands VAD's manufacturing capabilities and electrical solutions offering, bolstering its service to specialty vehicle OEMs and other mobile fluid power customers; Rotunda Capital Partners, VAD's private equity backer, supported the platform strategy.

Rotunda Capital Partners Invests in Value Added Distributors, LLC

January 14, 2025

Logistics & Distribution

Rotunda Capital Partners has invested in Value Added Distributors, LLC (VAD), a Shawano, Wisconsin-based distributor of hydraulic hoses, tubes, seals, couplings and related value-added services. Rotunda will partner with the existing owners and management to accelerate growth through branch expansion and add-on acquisitions; financing was provided by TPG Twin Brook Capital Partners with U.S. Bank and Mayer Brown advising.

The Master Group Acquires Refrigeration Sales Corporation from Rotunda Capital Partners

March 2, 2023

Building Products

The Master Group, a leading North American HVAC/R distributor, acquired Refrigeration Sales Corporation (RSC), a Valley View, Ohio-based HVAC/R parts and equipment wholesaler, from Rotunda Capital Partners. The acquisition expands The Master Group's U.S. footprint across Ohio and western Pennsylvania and follows Rotunda's 2021 investment to grow RSC into a multi-location, data-driven distribution platform.

AAR CORP. Acquires American Distributors (ADI)

September 25, 2025

Aerospace & Defense

AAR CORP. acquired American Distributors Holding Co., LLC (ADI) for $146 million in an all-cash transaction funded via AAR's existing revolving credit facility. ADI, a distributor of high-performance electronic components and provider of supply chain and manufacturing services headquartered in Randolph, New Jersey with ~400 employees and six locations across the US, UK, and India, will join AAR's Parts Supply segment to expand new parts distribution, OEM relationships, and drive margin improvement.

RISE Group Acquires Air Masters HVAC of NE

April 3, 2023

HVAC & Mechanical

RISE Group, an employee‑owned provider of energy, engineering, laboratory, and field services, has acquired Air Masters HVAC of NE, a 23‑person commercial HVAC and building automation firm based in Fall River, Massachusetts. The Medeiros family will remain with the business, which will operate under RISE Group's Built Environment activities to expand the company's mechanical/HVAC contracting capability in southeastern Massachusetts and Rhode Island.

AFC Industries Acquires Master Distribution

August 27, 2020

Logistics & Distribution

AFC Industries, a portfolio company of Incline Equity Partners, has acquired Master Distribution, a Brunswick, Ohio-based value-added distributor of channel and pipe fittings, fasteners and related accessories. The deal expands AFC's product portfolio and strengthens its distribution capabilities and geographic footprint within commercial, industrial and infrastructure end markets.