HVACR
ADH Makes WI Acquisition for 3rd HVAC Distributor on Platform
The addition of Badger Metals brings Advantage Distribution Holdings to 17 locations across seven states, joining CTC Supply and cfm Distributors on a platform that combines local leadership, employee equity participation and proprietary technology.
Miami-based HVAC distribution platform Advantage Distribution Holdings announced Oct. 12 that it acquired Badger Metals, adding its third distributor and expanding into Wisconsin. Financial terms were not disclosed.
Founded in 1913, Appleton, WI-based Badger distributes HVAC equipment, parts and supplies through branches in Appleton, Fond du Lac, Madison and Rhinelander. The acquisition expands ADH’s network to 17 locations across seven states.
Father-and-son leaders Joe and Josh Welch will continue running Badger and become ADH shareholders. All Badger employees will receive equity participation in the broader platform. ADH will retain Badger’s brand and local leadership while providing capital, technology, procurement resources and operating support.
“I came to understand that joining ADH did not have to feel like selling. It could be an opportunity to become a founder again,” Badger President Joe Welch said.
Badger also operates as BMI HVAC Supply, serving contractors throughout Wisconsin and Michigan’s Upper Peninsula.
Formed in April 2024 by Miami-based investment firm Tigertail Capital Partners, ADH was established to build a technology-enabled HVAC distribution platform. Tigertail publicly announced the platform that August. Its founders — Alex Gatof, Andrew Och and Zach Katz — outlined a strategy of combining regional distributors with the scale and technology to compete with larger platforms.
ADH announced its first acquisition, CTC Supply, in March 2025. Founded in 2000 and based in Fayetteville, NC, CTC supplies HVAC equipment, parts and supplies primarily for single-family and multifamily residential applications. The transaction also brought former VAD HVAC Distributors President Clay Holder aboard as ADH’s CEO.
In May 2026, ADH added Kansas City, MO-based cfm Distributors. Founded in 1969 and led by President and CEO Lauren Roberts, cfm serves residential and commercial customers across Missouri, Kansas, Iowa and Nebraska through six locations and a distribution center.
Supporting those businesses is AdvantageOS, ADH’s proprietary AI-powered technology suite introduced in April 2026. Developed alongside CTC’s team, it includes a custom customer relationship management system, an eCommerce rewards program, a business intelligence chat interface and a consignment application.
ADH said the tools address HVAC distribution workflows and are designed to integrate with any enterprise resource planning system, allowing deployment across its portfolio companies.
