Advantage Distribution Holdings (“ADH”) is pleased to announce the acquisition of Badger Metals, Inc. (“Badger” or the “Company”), a leading distributor of HVAC equipment, parts, and supplies serving contractors throughout Wisconsin. Badger’s Appleton, Fond du Lac, Madison, and Rhinelander branches expand ADH’s footprint to 17 locations across seven states.
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Founded in 1913, Badger has served Wisconsin contractors for more than a century and has developed a reputation for trusted relationships, responsive service, and deep knowledge of its local markets. The Company is led by father and son Joe and Josh Welch, who will continue to lead Badger following the transaction.
Badger is a longtime member of BLUE HAWK, a member-owned cooperative of leading independent HVACR distributors. Through BLUE HAWK, Joe developed close relationships with Lauren Roberts, President and Chief Executive Officer of cfm Distributors, and Keith Sutton, founder of CTC Supply. Their longstanding friendships and shared commitment to independent distribution played an important role in Joe’s decision to partner with ADH.
“When I first started thinking about Badger’s next chapter, I struggled with the idea of selling the business,” said Joe Welch, President of Badger Metals. “Badger has been around since 1913, and our family has a deep responsibility to its employees, customers, and legacy. Through my relationships with Lauren and Keith, I came to understand that joining ADH did not have to feel like selling. It could be an opportunity to become a founder again, this time helping build something much larger alongside friends and peers whom I know, trust, and respect.”
“What attracted Josh and me to ADH was the opportunity to preserve everything that makes Badger special while gaining the resources and relationships to take the business further,” Welch continued. “We remain committed to our employees, our customers, and the communities we serve. Now we also have the opportunity to help shape ADH and build the kind of platform we believe independent distributors deserve.”
As part of the transaction, Joe and Josh will become shareholders in ADH, and all Badger employees will be granted equity ownership exposure in the broader platform. This shared ownership model underpins ADH’s “We All Win Together” philosophy and allows the employees who create value every day to participate in the platform’s future success.
“Badger represents exactly why we created ADH,” said Zach Katz, Alex Gatof, and Andrew Och, Co-Founders of ADH. “This is a family-led business with more than 110 years of history, an exceptional reputation, and deep relationships across its markets. Joe and Josh have built on that legacy with tremendous energy, and we are honored that they have chosen to continue building alongside us.”
“What makes this partnership especially meaningful is the trust that already exists among Joe, Lauren, and Keith,” they continued. “BLUE HAWK brought them together as peers, and ADH now gives them the opportunity to become partners. Joe is not stepping away or handing over the business. He is joining a group of founders and industry leaders who are building ADH together while preserving the local brands, cultures, and relationships that made their businesses successful.”
ADH will support Badger with additional capital, technology, procurement resources, and operating capabilities while maintaining the Company’s local leadership, brand, and customer-first culture.
The acquisition represents ADH’s third partnership with a distinguished independent HVAC distributor, following CTC Supply and cfm Distributors. Together, the businesses form a growing network of founder-, family-, and employee-led companies united by a shared commitment to customers, employees, and the long-term strength of independent distribution.
ADH continues to actively seek partnerships with leading independent HVAC distributors across the United States.
About Advantage Distribution Holdings
Advantage Distribution Holdings (“ADH”) is an industry-defining HVAC distribution platform focused on empowering independent distributors with the scale, resources, and tools to compete in today’s market, while preserving what makes them successful and staying true to their local roots. The platform provides capital, operational support, and shared capabilities, while maintaining local autonomy and brand independence.
At the core of ADH’s model is a commitment to Shared Ownership. Every employee across its partner companies receives equity participation, aligning incentives across the organization and allowing those closest to the customer to share in the value they help create. By bringing together best-in-class independents, ADH unlocks shared advantages no single business could achieve alone.
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