Florida buyer acquires local plant for $11 million

1 Lau Parkway. Loopnet image
1 Lau Parkway. Loopnet image

A new LLC has taken ownership of a plant in Englewood for $11 million, a move that may be related to a Florida private equity firm’s recent acquisition of the company that operates there.

1 Lau Parkway LLC bought the building at 1 Lau Parkway from Hart & Cooley Inc. for that amount Oct. 7, according to Montgomery County records.

A week earlier, on Sept. 30, a private equity firm in Miami, H.I.G. Capital, announced that it had purchased Hart & Cooley — a producer of heating, ventilation and air conditioner parts — which has operations in that building. H.I.G purchased the manufacturer from Johnson Controls, based in Milwaukee.

Hart & Cooley makes “products that improve the comfort, sustainability and energy efficiency of buildings.”

Hart & Cooley said it will maintain its headquarters in Grand Rapids, Mich. and continue to operate its manufacturing facilities and distribution centers across the United States, Canada and Mexico.

“We are excited that H.I.G. has committed to investing in our business," Jim Kaboski, chief operating officer of Hart & Cooley, said in a release. “They have a successful track record of adding value to companies like ours.”

Established in 1901, Hart & Cooley said it has more than 1,800 employees.

The local building, with just over 200,000 square feet, came with a little over 20 acres, records show. Hart & Cooley bought the building in 2011 for nearly $4.1 million.

A message seeking comment was sent to a representative of Hart & Cooley.

In Other News