Rheem acquires Heat Transfer Products Group
Rheem has acquired Heat Transfer ProductsGroup (HTPG) from Monomoy Capital Partners. Rheem is amanufacturer of heating, cooling, water heating and pool/spa heating products for bothresidential and commercial applications. HTPG is a manufacturer of commercialrefrigeration equipment for the foodservice, food retail and other non-consumable markets.
“The acquisition is strategic for Rheem, and HTPG’s employees and customers will benefit from the partnership,” said JR Jones, president and CEO, Rheem. “Heat transfer technology is core to every product that both companies manufacture. Rheem and HTPG have the opportunity to combine an extensive knowledge of heat transfer technology to develop innovative new products.”
One of Rheem’s immediate goals is to reinvigorate the HTPG brand with significant product development. Rheem has made a considerable investment in integrating advanced electronic controls into its products, ultimately driving more efficient and better performing systems.
The company will engage its capability of electronic controls into the development of future HTPG products.
In addition, Rheem has an international business presence in 13 countries, and distributes its products to 75 countries. “A number of Rheem customers sell heating, cooling, water heating and refrigeration products, and many of them are also HTPG’s customers,” added Jones.
HTPG will be a standalone division of Rheem, much like Rheem’s Raypak and Replacement Parts divisions, and its manufacturing operations will remain in Scottsboro, Ala.