USA: Monomoy Capital Partners has completed the sale of Friedrich Air Conditioning to US HVAC equipment manufacturer Rheem.
Monomoy acquired Friedrich in 2017 from Corinthian Capital Group and Kayne Anderson Capital Advisors.
The proposed sale to Rheem was first revealed last month but the terms of the transaction have not been disclosed.
Founded in 1883, Friedrich is a well-known manufacturer of room air conditioning, dehumidification and air purification products for residential and commercial applications. It is a recognised industry leader in high-end air conditioning solutions designed for single-room use in hotels and multi-family buildings. The company is based in San Antonio with manufacturing in Monterrey, Mexico, and distribution centres in Texas and New Jersey.
Rheem has previously stated that Friedrich will continue as a stand-alone business within its Global Air Division, with the same leadership team and operations.