US Monomoy Capital Partners takes over HTPG from Carrier Corp.
Monomoy Capital Partners, an USD280m (EUR223m) private equity fund, said on Monday it had bought Heat Transfer Products Group (HTPG) from Carrier Corporation for an undisclosed sum.
California-based HTPG manufactures and distributes refrigeration condensing units, evaporator coils and air cooled condensers for sectors including food service and food retail. It employs 500 and generates annual revenues of USD90m.
Monomoy plans to further boost HTPG's manufacturing, sale and research and development activities.
Monomoy's partner and sponsor Starboard Capital Partners will hold a minority in HTPG.
The transaction is Monomoy's second acquisition this year.
Kirkland & Ellis advised Monomoy on the deal, while Ernst and Young LLP and Seale & Associates Inc acted as advisors to Carrier Corp.
Country: ; USA
Sector: Wholesale/Retail; Consumer Products
Target: Heat Transfer Products Group (HTPG)
Buyer: Monomoy Capital Partners LP
Vendor: Carrier Corporation
Type: Corporate acquisition
Buyer advisor: Kirkland & Ellis LLP
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|Publication:||M & A Navigator|
|Date:||Jul 12, 2010|
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