Platinum Equity has invested in Motors & Armatures (MARS), headquartered in Hauppauge, NY. Terms of the agreement were not disclosed.

A July 17 news release noted that the Chernoff family and company management retained a significant ownership stake in the company, and MARS CEO and President Eddie Chernoff will continue to lead the business.

MARS, a distributor of HVAC/R parts, supplies and equipment in the U.S. and Canada, offers customers a line of MARS and JARD replacement products, including motors and other electrical components.

“We are proud of the business our family has built over the years and are dedicated to providing our customers access to high-quality products and excellent service,” Chernoff said. “The partnership with Platinum provides us with the financial and operational tools to meet the future demands of our customers and continue our legacy for generations to come. Platinum understands the dynamic nature of our industry and is committed to supporting our strategic growth initiatives and the long-term success of MARS and our distribution partners.”

Platinum Equity, a global investment firm founded in 1995, specializes in mergers, acquisitions and operations. It acquires and operates companies in a range of markets including manufacturing, distribution, transportation and logistics and other industries.

“Our research shows MARS is one of the most trusted brands in the HVAC/R market, known for its in-season availability, quick delivery, best-in-class warranties, and comprehensive training and support programs,” commented Platinum Equity Managing Director Dan Krasner. “With its talented employee base and extensive distribution capabilities, we believe MARS is an excellent platform with significant growth potential. We look forward to working with management, as well as the company’s customers and suppliers, to introduce new products to the market. We will also look to expand through additional acquisitions in adjacent categories where the company does not currently compete.”

R.W. Baird acted as the financial advisor to Platinum Equity, with O’Melveny & Mergers serving as legal counsel for the transaction. Tucker, Midis & Associates provided financial advisory services, while Rivkin Radler acted as legal counsel to MARS.