M&A Deal Summary

Rheem Manufacturing Acquires Heat Transfer Products Group

On December 4, 2013, Rheem Manufacturing acquired machinery company Heat Transfer Products Group from Monomoy Capital Partners and Starboard Capital Partners

Acquisition Highlights
  • This is Rheem Manufacturing’s 1st transaction in the Machinery sector.
  • This is Rheem Manufacturing’s 1st transaction in the United States.
  • This is Rheem Manufacturing’s 1st transaction in Alabama.

M&A Deal Summary

Date 2013-12-04
Target Heat Transfer Products Group
Sector Machinery
Buyer(s) Rheem Manufacturing
Sellers(s) Monomoy Capital Partners
Starboard Capital Partners
Deal Type Add-on Acquisition

Target

Heat Transfer Products Group

Scottsboro, Alabama, United States
Heat Transfer Products Group, LLC engages in design, manufacture and market refrigeration components and equipment used by food retailers and restaurants, sports arenas and warehouses, blood banks and pharmaceutical companies.

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Buyer(S) 1

Buyer

Rheem Manufacturing

Atlanta, Georgia, United States

Category Company
Founded 1925
Sector Manufacturing
DESCRIPTION
Rheem air conditioner on display at a Home Depot store.
Rheem air conditioner on display at a Home Depot store.

Rheem manufactures a full-line of eco-friendly, technologically advanced residential and commercial heating and cooling systems; tank, tankless, solar and hybrid heat pump water heaters; whole-home standby generators, controls, swimming pool and spa heaters; indoor air-purification products; and commercial boilers throughout North America and world markets. The company’s premium brands, including Rheem, Raypak, Ruud and Richmond have been recognized with countless industry and consumer awards for reliability, innovative design and high quality.


DEAL STATS #
Overall 1 of 6
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 1 of 6
State (Alabama) 1 of 1
Country (United States) 1 of 3
Year (2013) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-30 CEM S.A.

Santiago, Chile

CEM S.A. manufactures and distributes tankless, solar and tank water heating products. CEM S.A. sells its products under the Splendid brand name throughout South America.

Buy -

Seller(S) 2

SELLER

Monomoy Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 2.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Monomoy Capital Partners is a private equity firm that invests in mid to large-sized companies valued up to $1 billion. Monomoy prefers cash flow positive companies with $20 to $100 million of EBITDA. Sectors of interest include automotive, industrial, distribution, consumer products, packaging, and transportation. Monomoy Capital Partners was formed in 2005 and is headquartered in New York City.


DEAL STATS #
Overall 8 of 20
Sector (Machinery) 2 of 2
Type (Add-on Acquisition) 1 of 7
State (Alabama) 1 of 1
Country (United States) 8 of 20
Year (2013) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-24 Holley

Bowling Green, Kentucky, United States

Holley is a designer, marketer, and manufacturer of high-performance products for car and truck enthusiasts. Holley offers the largest portfolio of iconic brands that deliver innovation and inspiration to a large and diverse community of millions of avid automotive enthusiasts who are passionate about the performance and personalization of their classic and modern cars. Holley was founded in 1903 and is based in Bowling Green, Kentucky.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-06 Consolidated Hospitality Supplies

Vernon Hills, Illinois, United States

Consolidated Hospitality Supplies is a multi-brand, shared-services hotel distribution company and a leading provider of OS&E. The Company has a diverse product portfolio, offering over 3,600 different SKUs within categories that include bed and bath linens, guest care amenities, housekeeping supplies, in-room accessories, electronics and appliances, and foodservice supplies. CHS offers unified distribution through two brands, American Hotel Register and Amtex.

Buy -
SELLER

Starboard Capital Partners

Southport, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 700M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Starboard Capital Partners LLC is an unsponsored investment group that works with private equity investors and management in acquiring mid-sized businesses valued between $25 and $100 million. In addition to investing, Starboard earns equity for initiating transactions and for ongoing advisory services. Sectors of interest include automotive, consumer products, building materials, construction, distribution, e-commerce, franchising, manufacturing, healthcare, and real estate. Starboard Capital was formed in 2004 and is based in Southport, Connecticut.


DEAL STATS #
Overall 5 of 10
Sector (Machinery) 1 of 1
Type (Add-on Acquisition) 3 of 7
State (Alabama) 1 of 1
Country (United States) 5 of 10
Year (2013) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-15 Morgan Contracting

Knoxville, Tennessee, United States

Morgan Contracting is a construction contractor for water and wastewater infrastructure. MCI’s services include pipeline installation, design/build of wastewater treatment plants and pump stations, and tunneling for local municipalities and water authorities across the United States. Morgan Contracting was established in 1989 and is based in Knoxville, Tennessee.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-14 Lakeshore TolTest

Detroit, Michigan, United States

Lakeshore TolTest Corp., Inc. is a worldwide construction company that manages major military and other government agency infrastructure projects, as well as major water and sewer projects for municipalities. Lakeshore TolTest was established in 2010 and is based in Detroit, Michigan.

Sell -