The Stephens Group Supports Grove Mountain Partners in its Acquisition of Premier Wholesale Distributor Plimpton & Hills

January 10, 2024

LITTLE ROCK, ARKANSAS – January 10, 2024 – Private investment firm The Stephens Group, LLC (“The Stephens Group”) announced that it has made a significant minority investment in Plimpton & Hills Corporation (“P&H” or the “Company”), the premier wholesale distributor of plumbing and HVAC equipment in Connecticut and adjacent geographies. The investment was made in support of Grove Mountain Partners’ acquisition of the 125-year-old family-owned business. Concurrent with the transaction, the Company also promoted longtime company executive Susan Montgomery to the President.

“We are thrilled to support Susan and the entire P&H team. P&H is a regional market leader with a longstanding reputation built around customer success. We are looking forward to building on our extensive experience in both the specialty distribution and commercial HVAC sectors and working together with the Grove Mountain and P&H teams to grow the business,” said Grant Jones, Managing Director at The Stephens Group.

In addition to this acquisition, the Company is actively seeking additional partners in the wholesale plumbing and HVAC equipment space around the country, with the aim of creating the premier customer-focused platform with embedded scale and efficiencies.

ABOUT PLIMPTON & HILLS

Plimpton & Hills Corporation, founded over a century ago, stands as a distinguished leader in the distribution of HVAC and Plumbing products across the Northeast. Esteemed for its unwavering dedication to quality, innovation, and unparalleled customer service, the company proudly bears the legacy of four generations of the Hills family. With an expansive presence spanning more than 20 locations in three states, Plimpton & Hills is anchored by its rich heritage and steered by a tenured leadership team.

ABOUT GROVE MOUNTAIN PARTNERS

Grove Mountain Partners is a private equity firm that invests in middle-market home service companies and specialty business service companies, with annual revenues between $15 and $200 million.  With a mission to build great companies, it is long-term and relationship-focused, possesses deep sector domain expertise and comprises operators rather than financiers.  For more information, visit grovemountainpartners.com.

ABOUT THE STEPHENS GROUP, LLC

The Stephens Group, LLC is a private investment firm that partners with talented management teams to help build valuable businesses. Backed by the resources of the Witt Stephens, Jr. and Elizabeth Campbell families, the firm combines the operational expertise of a private equity firm with the flexibility provided by long-term capital. With over $2 billion of private equity assets under management, the firm has a long history of providing informed, sophisticated expertise and working with owners and managers to help them successfully achieve their strategic visions and build long-term value. Since 2006, The Stephens Group has invested in over 50 companies, targeting investments in industries across the U.S., including industrial and commercial products and services, specialty distribution, technology infrastructure, and vertical software.