Monomoy Capital Partners has completed the sale of its portfolio company Heat Transfer Products Group to Rheem Manufacturing Company.
Heat Transfer Products Group (HTPG) is a supplier of heat transfer components and equipment for refrigeration applications in the foodservice, food retail and other related markets. The company is headquartered in Scottsboro, AL (www.htpgusa.com).
Monomoy acquired HTPG in June of 2010 from Carrier Corporation and executed a value creation plan that included a facility consolidation, transitioning to an outsourced IT model, implementing lean manufacturing principles, improving working capital and establishing customer and product profitability analyses.
“HTPG has been a solid investment for us, and it is well-positioned for its next phase of growth,” said Justin Hillenbrand, Chairman of HTPG’s parent company American Refrigeration and Partner of Monomoy. “Rheem will be able to leverage HTPG’s portfolio of brands and products to enter new markets and grow its enterprise. This investment should generate a meaningful return for Rheem.”
Monomoy Capital Partners makes control investments in middle market businesses with $50 million to $500 million in annual sales. Sectors of interest include manufacturing, distribution, consumer product and foodservice industries. The firm has $700 million in assets under management and is headquartered in New York (www.mcpfunds.com).
“Monomoy was a great partner for us and brought a diligent, operational focus to the forefront of the company. The processes that Monomoy has helped institute have created discipline and fundamental strength across the organization,” said Daniel Cleary, t HTPG’s Chief Executive Officer.
Craig-Hallum Capital Group, an investment bank with offices in Minneapolis, Boston and Philadelphia (www.craig-hallum.com), acted as the financial advisor to HTPG.
© 2013 PEPD • Private Equity’s Leading News Magazine • 12-4-13
