Rheem® Acquires Friedrich Air Conditioning
Rheem has acquired Friedrich Air Conditioning from Monomoy Capital Partners, effective today. Friedrich is an industry leader in high-end air conditioning solutions and will be a standalone business unit within the Rheem Global Air business.
“Growth by acquisition is part of our ongoing strategy,” said Chris Peel, President and CEO at Rheem. “The addition of Friedrich to the Rheem family of brands will complement our existing business lines, increase our commercial and residential air conditioning offerings, and expand our presence in the hospitality and multi-family segments of our market.”
Friedrich’s room air conditioning solutions are designed for use in homes, hotels, and multi-family buildings, among other applications. Headquartered in San Antonio, Fredrich’s manufacturing facilities are located in Monterrey, Mexico, with distribution centers based in Texas and New Jersey.
“Rheem’s innovation, commitment to quality and dedication to sustainability align perfectly with Friedrich,” said Chuck Campbell CEO at Friedrich. “Additionally, Rheem’s history of investing in and strongly supporting its business units gives us great promise for our future together.”
Founded in 1925, Rheem® innovates new ways to deliver precise temperatures while saving energy, water and supporting a more sustainable future. Rheem is America’s #1 water-heating brand with products available in more than 80 countries. Paloma Co., Ltd.® of Nagoya, Japan, acquired the iconic Rheem brand in 1988, and today the company’s portfolio of premium brands include Rheem®, Raypak®, Ruud®, Eemax®, Richmond®, Splendid®, Solahart® and EverHot™ as well as commercial refrigeration brands Russell®, Witt®, ColdZone® and Kramer®, which are part of the Heat Transfer Products Group (HTPG®) division.