One Rock Capital Partners is buying PE-backed Airxcel Inc. for an undisclosed amount.
Airxcel, headquartered in Wichita, Kansas, manufactures climate-control products, including air conditioners, heat pumps, cooking appliances, furnaces, powered vents and water heaters. The company's products are sold to the industrial, recreational vehicle, classroom, multi-family living and telecommunication markets. Airxcel's products are sold under the Coleman-Mach, Suburban, Maxxair and Marvair brand names.
The company was backed by Bruckmann Rosser Sherrill & Co. (BRS), which bought the company in August 2005. The target's management team, including CEO Mel Adams, COO Jeff Rutherford and DCFO Debi Jones invested alongside One Rock and will continue in their current management roles.
BRS is a New York-based private equity firm that has $1.4 billion in committed capital under management. The firm focuses on middle market consumer goods and services businesses. In April, the firm sold Isotoner Corp. to PE firms Investcorp and Freeman Spogli & Co.
Airxcel and BRS were advised by Piper Jaffray & Co. and Kirkland & Ellis LLP. Hogan Lovells LLP was One Rock's legal adviser. GE Antares Capital and Citizens Financial Grou provided financing for the deal, while Freedom 3 Capital, Babson Capital Management and Yukon Partners provided mezzanine financing for the deal.
In a similar manufacturing deal, Watts Water Technologies Inc. (NYSE: WTS) agreed to buy Aerco International Inc. from PE firm the Riverside Co. for about $265 million in November. Aerco makes commercial boilers, water heaters and other products.