DALLAS, Texas — February 4, 2026
Executive Summary
Averon Group has announced its formal launch as a national HVAC distribution platform and disclosed its investment in Fenco Supply, marking the platform’s second partner company following its June 2025 investment in Blackhawk Supply. Backed by Trinity Hunt Partners, Averon Group is building a nationwide network of independent HVAC distributors serving mechanical contractors and facility managers through both branch-based and digital service channels. According to the company, the addition of Fenco Supply expands Averon Group’s service footprint into the Southeastern United States and strengthens its presence in a key regional HVAC market. Fenco Supply will continue operating under its existing brand and leadership, with Michael Fennell remaining President. The launch reflects Averon Group’s strategy to address structural challenges within the $65 billion HVAC distribution industry by partnering with established independent distributors while preserving local expertise, culture, and customer relationships.
Announcement Overview
Averon Group announced its launch as a national HVAC distribution platform alongside its investment in Fenco Supply, a multi-generation, family-owned HVAC distributor based in Eastern Tennessee. The investment represents the platform’s second partnership, following its initial investment in Blackhawk Supply in mid-2025, and signals Averon Group’s intent to build a broad, regionally diversified network of independent distributors across the United States.
According to the company, Averon Group partners with independent HVAC distributors to create a unified platform focused on product availability, delivery performance, and customer service. The platform provides operational resources, capital support, and shared infrastructure to partner companies while allowing each business to retain its brand identity, leadership teams, and local market expertise.
The company stated that the addition of Fenco Supply expands its operational reach into the Southeast and complements its existing Midwest presence. Fenco Supply will continue to operate independently under its established name, with its existing management team remaining in place to ensure continuity for customers, employees, and vendor partners.
Key Announcement Details
- Announcement type: Platform launch and strategic investment
- Platform name: Averon Group
- Partner company announced: Fenco Supply
- Prior platform investment: Blackhawk Supply (June 2025)
- Financial sponsor: Trinity Hunt Partners
- Industry focus: HVAC distribution
- Target customers: Mechanical contractors and facility managers
- Geographic scope: Midwest and Southeast United States, with national expansion planned
- Operating model: Branch-based and e-commerce service channels
- Brand continuity: Partner companies retain local brands and leadership
Strategic Context
According to Averon Group, the HVAC distribution industry represents a significant and fragmented market estimated at approximately $65 billion in annual value. Independent distributors play a central role in serving local contractors and facility managers but often face structural constraints that limit their ability to compete at scale. These constraints include limited access to capital, difficulty attracting specialized talent, challenges implementing modern systems, and the absence of formal succession planning.
Averon Group stated that its platform model is designed to address these challenges by providing shared resources and operational support while preserving the strengths of independent distributors. The company emphasized that its approach prioritizes maintaining local market relationships and service standards rather than consolidating brands or centralizing customer engagement.
The company also noted that demand for HVAC equipment, parts, and related services continues to be driven by infrastructure investment, commercial construction, facility maintenance requirements, and long-term replacement cycles across residential, commercial, and industrial markets. According to Averon Group, these dynamics create sustained opportunity for distributors that can deliver consistent product availability, logistics reliability, and technical expertise.
Platform Strategy and Operating Model
Averon Group stated that it partners with independent HVAC distributors that have established market positions, experienced leadership teams, and long-standing customer relationships. The platform supports partner companies through access to capital, operational best practices, systems implementation, and shared strategic resources.
According to the company, partner distributors benefit from scale advantages while maintaining autonomy in day-to-day operations. Averon Group’s operating model is designed to enable growth through a combination of organic expansion and strategic acquisitions, with a focus on operational excellence and service consistency.
The platform serves customers through a hybrid service model that includes traditional branch-based distribution and digital ordering capabilities. Averon Group stated that this approach allows partner companies to meet evolving customer expectations while continuing to support relationship-driven sales and technical service.
Investment in Fenco Supply
Averon Group’s investment in Fenco Supply represents a key milestone in the platform’s national expansion strategy. Fenco Supply is a multi-generation, family-owned distributor of HVAC equipment, parts, and supplies serving contractors and facility managers throughout Eastern Tennessee.
According to the company, Fenco Supply has built a strong market reputation through decades of service and maintains extensive customer relationships supported by a highly tenured workforce. The average tenure of Fenco Supply’s team exceeds 30 years, reflecting long-term employee retention and deep technical expertise.
Fenco Supply will continue to operate under its established brand following the investment, and Michael Fennell will remain President. Averon Group stated that maintaining leadership continuity was a priority in the transaction to ensure stability for customers, employees, and vendor partners.
Leadership Perspective
Troy Vellinga, Chief Executive Officer of Averon Group, stated that the platform is focused on bringing together established independent distributors that share common values around customer service, operational discipline, and employee support.
“Fenco Supply’s long operating history, experienced team, and strong customer relationships represent exactly the type of distributor we seek to partner with,” Vellinga said. He noted that the addition of Fenco Supply, alongside Blackhawk Supply, establishes a foundation for Averon Group’s national growth strategy and demonstrates early momentum for the platform.
Vellinga added that Averon Group is focused on building a differentiated HVAC distribution network by combining local expertise with shared operational capabilities and long-term investment support.
Fenco Supply Leadership Perspective
Michael Fennell, President of Fenco Supply, stated that the partnership with Averon Group represents a new chapter for the company while preserving its established service model.
Fennell noted that the HVAC distribution industry remains highly fragmented and that aligning with a platform partner provides access to additional resources and capabilities. According to Fennell, the partnership enables Fenco Supply to expand its operational capabilities, including digital service offerings, while continuing to serve customers with the same relationship-driven approach developed over more than five decades.
He emphasized that the partnership supports long-term growth while maintaining the company’s culture and commitment to employees and customers.
Regional Expansion and Market Presence
According to Averon Group, the addition of Fenco Supply strengthens its presence in the Southeastern United States, a region characterized by population growth, construction activity, and sustained demand for HVAC services. The company stated that Fenco Supply’s established customer base and vendor relationships provide a strong entry point into the region.
Fenco Supply operates multiple locations across Eastern Tennessee, allowing it to serve contractors efficiently across a geographically diverse market. Averon Group stated that this regional footprint aligns with its strategy to partner with distributors that have strong local market coverage and logistics capabilities.
The platform also indicated that it will continue to evaluate opportunities to expand into additional regions through partnerships with independent distributors and adjacent product line providers.
Growth and Partnership Strategy
Averon Group stated that it is actively pursuing partnerships with independent HVAC distributors nationwide. The platform is also evaluating opportunities involving adjacent product categories that complement HVAC distribution, including building automation, electrical, and plumbing products.
According to the company, its partnership strategy is centered on long-term alignment rather than short-term integration. Partner companies retain operational independence while benefiting from shared resources and strategic support.
Averon Group emphasized that its growth strategy is designed to be deliberate and selective, focusing on distributors with strong cultural alignment, operational discipline, and customer service standards.
About Fenco Supply
Fenco Supply was founded more than 50 years ago as a family-owned HVAC distribution business serving contractors and facility managers in Eastern Tennessee. Over multiple generations, the company has expanded its product offerings to include HVAC equipment, replacement parts, and related supplies, positioning itself as a comprehensive resource for professional contractors.
The company operates branch locations in Knoxville, Sevierville, Morristown, and Gray, Tennessee. Fenco Supply serves a broad customer base that includes mechanical contractors, service providers, and facility managers across residential, commercial, and light industrial markets.
Fenco Supply’s workforce is characterized by long employee tenure, with an average experience level exceeding three decades. The company maintains long-standing relationships with key manufacturers and vendors, enabling reliable product availability and technical support for customers.
As of 2026, Fenco Supply continues to operate as an independent distributor under its established brand, with Michael Fennell serving as President and leading day-to-day operations.
About Averon Group
Averon Group was established as a national HVAC distribution platform to serve mechanical contractors and facility managers through a growing network of independent distributors. The company was formed with the backing of Trinity Hunt Partners and began building its platform in 2025.
Averon Group provides HVAC equipment, parts, and supplies, along with adjacent products in building automation, electrical, and plumbing categories. The platform operates through both branch-based distribution and digital service channels, supporting customers with product availability, logistics coordination, and technical service.
As of early 2026, Averon Group operates through partner companies in the Midwest and Southeast United States, with additional regional expansion planned. The company’s strategy focuses on partnering with established distributors, preserving local brands and leadership teams, and providing operational and financial resources to support growth.
Averon Group addresses structural challenges within the HVAC distribution industry by offering scale, capital access, systems support, and succession planning solutions to independent distributors while maintaining customer-centric service models.
About Trinity Hunt Partners
Trinity Hunt Partners is a growth-oriented private equity firm founded in 1986 and headquartered in Dallas, Texas. The firm focuses on building leading B2B and B2C services companies through long-term partnerships with management teams.
Trinity Hunt Partners manages more than $2 billion in assets under management and invests across a range of service-oriented industries. The firm provides portfolio companies with strategic, operational, and financial resources to support sustainable growth.
In 2024, Trinity Hunt Partners was ranked tenth globally on the HEC-Dow Jones Top Small-Cap Buyout Firms list, which evaluates private equity firms based on investor performance across funds raised over a ten-year period. The ranking analyzed data from hundreds of private equity firms worldwide.
Media Contact
Jan Morris
MiddleM Creative (on behalf of Averon Group)
Phone: 904-210-3302
Source Attribution
Source: Company announcement