Written on: July 27, 2021 by ICM
Rheem has announced its intent to acquire Friedrich Air Conditioning, a 138-year-old manufacturer of premium air conditioning products, from Monomoy Capital Partners. Terms of the deal were not disclosed.
Friedrich is a manufacturer of room air conditioning, dehumidification and air purification products for residential and commercial applications. It offers high-end air conditioning solutions designed for single-room use in hotels and multi-family buildings.
Founded in 1883, the company is based in San Antonio, TX, with manufacturing in Monterrey, Mexico and distribution centers in Texas and New Jersey.
“Friedrich has steadily innovated its residential and commercial offerings and grown its market share,” said Mike Branson, President, Global Air at Rheem. “They will bring a unique air conditioning product portfolio along with specialized products to the Rheem family of brands. Friedrich’s product offerings, company history and industry expertise make this acquisition a perfect fit for Rheem. Together, we will harness the power of our talented workforce and enhance our ability to deliver reliable and energy-efficient products that our customers and contracting partners expect.”
Upon the close of the acquisition—which is subject to additional regulatory approval—Friedrich will be a standalone business unit within the Rheem Global Air business.