ATLANTA – JULY 22, 2021 – Rheem has announced its intention to acquire Friedrich Air Conditioning, a 138-year-old manufacturer of premium air conditioning products, from Monomoy Capital Partners.
Friedrich is a manufacturer of air conditioning, dehumidification and air purification products for rooms for residential and commercial applications. It is a recognized market leader in high-performance air conditioning solutions designed for single-room use in hotels and multi-family buildings.
RheemFounded in 1883, the company is headquartered in San Antonio with manufacturing in Monterrey, Mexico and distribution centers in Texas and New Jersey.
“Friedrich has steadily innovated its residential and commercial offerings and increased its market share,” said Mike Branson, President, Global Air at Rheem. “They will add a unique air conditioning product portfolio along with specialty products to the Rheem family of brands. Friedrich’s product offering, company history and industry expertise make this acquisition a perfect fit for Rheem. Together, we will leverage the strength of our talented workforce and increase our ability to deliver reliable and energy-efficient products that our customers and contract partners expect.”
Upon completion of the acquisition – which is subject to additional regulatory approval – Friedrich will be a standalone business unit within the Rheem Global Air business.