Averon Group, a national HVAC distribution platform backed by Trinity Hunt Partners, said it has invested in Fenco Supply, extending the platform’s reach into the Southeast as it builds a network of independent distributors serving mechanical contractors and facility managers.
Fenco becomes Averon’s second partner company following a June 2025 investment in Blackhawk Supply, according to the company’s announcement. Averon said its strategy is to combine the local presence and customer relationships of branch-based distributors with shared operational support and e-commerce capabilities at the platform level.
“We are building a national leader by bringing together best-in-class independent HVAC distributors that share a strong commitment to customer service, operational excellence, and supporting their people,” Averon CEO Troy Vellinga said in the announcement. He said Fenco’s “53-year history and strong customer relationships” align with the platform’s approach.
Fenco Supply is a multi-generation, family-owned distributor of HVAC equipment, parts and supplies serving contractors across Eastern Tennessee from locations in Knoxville, Sevierville, Morristown and Gray. President Michael Fennell will continue to lead the company, which will operate under its existing brand.
“In a highly fragmented industry, we are fortunate to join forces with partners who understand our vision and will work alongside us to strengthen our market position and expand our capabilities, including serving customers digitally,” Fennell said in the announcement.
Averon said it is targeting what it described as a $65 billion HVAC distribution market where many independent distributors face succession challenges and limited access to capital, systems and specialized talent needed to scale. The company said it plans to support partner distributors with resources in operations, systems, logistics and digital commerce while preserving local brands and culture.
The platform also said it intends to include adjacent categories such as building automation, electrical and plumbing alongside core HVAC equipment and parts as it expands.
Trinity Hunt Partners, the platform’s investor, manages more than $2 billion in assets and focuses on building services businesses through operational support and acquisitions, according to its website.
Averon said it is actively pursuing additional partnerships with independent HVAC distributors and related product suppliers nationwide.
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