Monomoy Capital Partners, the New York-based private equity firm, will acquire the assets belonging to Heat Transfer Products Group, formerly an asset belonging to Carrier Corp.

Mayank Singh, vice president at Monomoy, said the private equity firm “will be opportunistic” looking at future targets to build upon its latest asset and that M&A will likely be a part of its strategy.

Terms of the deal were not disclosed; Singh declined to offer specifics on the transaction.
Starboard Capital Partners, an independent sponsor and strategic partner for private equity, will maintain a minority ownership stake in the new business alongside Monomoy.

For Monomoy, the deal wraps up its investment campaign for its first $280 million debut fund.

Kevin Morris and Dustin Nygard of Kirkland & Ellis represented Monomoy in the transaction. Ernst and Young provided accounting advice. Rob Whitney of Seale & Associates advised Carrier Corp.

Plays in the refrigeration space have been few and far between; Aurora Capital Group’s Anthony International acquired Trausch Industries in February that had the California-based company reaching into Iowa to make new inroads to businesses.

Monomoy, for its part, has made multiple deals in recent months, and at a time when many other PE firms were reluctant to spend.

In February, it bought Casual Living, a women’s retailer, and planned to integrate it into Boston Apparel. In 2009, in three different investments, it bought plastics companies in the US and Mexico.

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