Corinthian Capital Acquires Friedrich Air Conditioning
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Corinthian Capital Acquires Friedrich Air Conditioning

Corinthian Capital Group has acquired Friedrich Air Conditioning, a manufacturer of room air conditioners.

“We are excited about this new partnership with Corinthian Capital,” said Chuck Campbell, Chief Executive Officer of Friedrich. “Working together with the Corinthian team, I believe we can strengthen our competitive advantage and achieve robust growth.”

Friedrich Air Conditioning is a manufacturer of room air conditioners.  The company was founded in 1883 and is headquartered in San Antonio with a manufacturing facility in Monterrey, Mexico (www.friedrich.com).

“Corinthian is pleased to partner with Friedrich and its impressive management team to help launch the company into its next stage of strategic growth and development,” said Peter Van Raalte, Senior Managing Director of Corinthian Capital.

Financing for the transaction was provided by Regions Business Capital and Kayne Anderson Mezzanine Partners.  Affiliates of Kayne Anderson Mezzanine Partners and senior management of Friedrich Air Conditioning made a minority equity investment in the company.  McGladrey provided accounting advice to Corinthian Capital in the transaction.  Friedrich Air Conditioning was advised by Capstone Partners.

Corinthian Capital invests in niche manufacturing, distribution, and service businesses with EBITDAs between $5 million and $30 million located primarily in North America. Corinthian Capital is based in New York with offices located in Chicago and Boston (www.corinthiancap.com).

© 2012 PEPD • Private Equity’s Leading News Magazine • 11-30-12

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