Rheem, a manufacturer of HVAC equipment, has acquired Friedrich Air Conditioning from Monomoy Capital Partners, a middle-market private investment firm.

Founded in 1883, Friedrich manufactures room air conditioning, dehumidification and air purification products for residential and commercial applications. The company is based in San Antonio, Texas with manufacturing operations in Monterrey, Mexico and distribution centers in Texas and New Jersey.

Monomoy acquired Friedrich in February of 2017 with the goal of investing in new product development, upgrading and professionalizing the company’s systems and talent, and diversifying the business into the fast-growing commercial, lodging and multi-family sectors.

The sale of Friedrich is the latest in a string of exits for Monomoy, which sold its majority stake in West Marine Inc. to consumer product sponsor L Catterton in June.

Lazard Middle Market LLC served as financial advisor to Friedrich with respect to the transaction. KeyBanc Capital Markets Inc. advised the board of managers of Friedrich. Baker & McKenzie LLP served as legal counsel to the company. Alvarez & Marsal Transaction Advisory Group LLC served as accounting advisor of the company.