Goodway has sold its SpeedClean and BBJ product lines to DiversiTech

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December 9, 2020

Southport, CT

Carter Morse & Goodrich ("CMG") is pleased to announce that it served as the exclusive financial advisor to Goodway Technologies Corporation (“Goodway”) in the sale of its SpeedClean and BBJ product lines to DiversiTech Corporation (“DiversiTech”), an industrial products manufacturer and portfolio company of the global private equity firm, Permira.

SpeedClean® is the innovative manufacturer of HVAC/R coil and tankless water heater cleaning equipment. Its products include a number of innovative products for residential and light commercial HVAC/R industries including CoilJet®, CoilShot®, Mini-Split Bib®, BucketDescaler® and adds to DiversiTech’s tool platforms of hilmor®, Imperial®, Cliplight®, and SPIN® creating a full suite of high-quality tool products focused on increasing “on the job” productivity for technicians.

Similarly, BBJ Environmental produces world leading EPA registered mold, mildew and other cleaning and control products, designed for use in HVAC, remediation and restoration markets. BBJ has the only EPA registration for mold control products for use in occupied spaces.

“DiversiTech recognized the innovation the SpeedClean team has developed for the processes of cleaning HVAC/R systems. They have consistently introduced new methods to clean HVAC/R equipment and modernized the dated cleaning process of hand pump sprayers and gallon jugs with battery powered low pressure/low volume tools and dissolvable tablet cleaning solutions that deliver improved productivity and performance,” says, Bud Sjogren, CSO/CMO. “We are excited to become the steward of the great work SpeedClean has done.”

Timothy Kane, Goodway’s President & CEO commented that “DiversiTech’s global brand reach, distribution strength, and professional HVAC/R tools platform are second to none. I’m confident that we are leaving the innovative portfolio of SpeedClean products in the best hands possible to continue the partnership with contractors worldwide in enhancing HVAC/R maintenance practices. DiversiTech was the ideal long-term partner for both the SpeedClean and BBJ product lines.“

Ramsey Goodrich, Managing Partner of CMG, explained “This carveout transaction is another example of how CMG advises family-held and founder-led organizations on customized transactions that maximize value. We are proud of our relationship with the Goodway team and are thrilled to have advised them on this exciting transaction. This transaction will allow Goodway to focus on its core strengths while also finding the ideal home to take the innovative products to new levels in the market.”

Other advisors for this transaction include Gilbride, Tusa, Last & Spellane LLC who served as Goodway’s legal counsel and Dentons who served as the DiversiTech’s legal counsel.

About Goodway:

Incorporated in 1966, Goodway is second generation family business that manufactures specialized industrial maintenance products for a diverse list of markets including HVAC, Energy, Maritime, Manufacturing and Food and Beverage Production. Its innovative products have been used by facilities and plant maintenance personnel worldwide for the maintenance of HVAC systems, plant machinery, hazardous material cleanup, surface cleaning and sanitation, and other critical industrial maintenance needs.

About DiversiTech:

DiversiTech ® Corporation is North America’s largest manufacturer of equipment pads and a leading manufacturer and supplier of components and related products for multiple industries, including: HVACR, electrical, consumer hardware retail, electrical utility, automotive retail and pool and spa channel. DiversiTech’s mission for its wholesaler partners is to simplify their work. DiversiTech offers more than 200 product categories – all from a single manufacturing/supplier source – to create product availability and supply chain cost advantages for our customers in every market we serve. In 2017, Permira, the global private equity firm, in partnership with the existing management team, acquired DiversiTech. With over US$35 billion of total committed capital, Permira is a strong partner for driving sustainable growth.

About Carter Morse & Goodrich:

Located in Southport, Connecticut, Carter Morse & Goodrich is a boutique M&A advisory firm that specializes in representing founder-led and family-held businesses valued between $20 million and $200 million. CMG specializes in helping owners of leading companies in niche markets to plan, prepare, execute, and close successful transactions that maximize shareholder value. We fully understand and appreciate the unique dynamics of closely-held businesses and the importance of legacies. While CMG provides a full range of investment banking services such as business sales and divestitures, equity and debt capital raises, acquisition services and pre-transaction advisory services, our primary focus is representing sellers who are pursuing their once-in-a-lifetime M&A transactions. For more than 30 years, the combination of our hands-on approach, senior banker attention, strategic guidance, seamless transaction execution and extensive network of domestic and international resources has enabled us to become a trusted advisor to hundreds of business owners. For more information, visit us at

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