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Monomoy acquires Carrier’s Heat Transfer Products Group

Monomoy Capital Partners, a New York private equity fund, has acquired the assets of the Heat Transfer Products Group of Carrier Corporation.

HTPG is a USD90m manufacturer of highly-engineered refrigeration condensing units, evaporator coils and air cooled condensers for the food service, food retail and other non-consumable markets.

Headquartered in Brea, California, HTPG employs more than 500 associates and operates manufacturing and distribution facilities in Scottsboro, Alabama and Yuma, Arizona.

HTPG is a new platform acquisition for Monomoy’s current fund vehicle.

“We are very excited about the acquisition of HTPG. The company is a market leading business that is the largest supplier to the majority of its customer base and maintains a portfolio of strong, reputable brands in the commercial refrigeration industry,” says Mayank Singh, a Monomoy vice president. “HTPG has performed well over the past two years despite a challenging economic environment, and we believe there is significant opportunity to improve the business through stronger manufacturing processes, strategic selling and investment in research and development.”

Starboard Capital Partners, an independent sponsor and strategic partner for private equity, will maintain a minority ownership stake in the new business alongside Monomoy.

“We look forward to our new partnership with the Monomoy and the Starboard team,” says Ken Falk, the general manager of HTPG. “Monomoy has a strong record of working with companies in the middle market and transforming corporate divisions into strong, standalone businesses. We believe they will provide us with strategic capital and operational resources to increase our market share and grow earnings.”

The HTPG transaction marks the second acquisition and first platform transaction in 2010 for Monomoy as it completes its investment campaign under its USD280m debut fund.

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