NEW YORK - KPS Capital Partners LP announced that it has acquired the assets of Bristol Compressors Inc. from Johnson Controls Inc., and has created a newly formed affiliate, Bristol Compressors International Inc. Financial terms of the transaction were not disclosed.
Bristol is a leading global manufacturer of compressors used in residential and commercial air conditioning and heat pump applications. The company supplies many of the world's leading HVAC manufacturers as well as wholesale distributors. Based in Bristol, Va., the firm’s products are marketed and sold on six continents and more than 50 countries around the world.
According to KPS, Bristol's senior management team will implement a business plan developed in partnership with KPS focused on improving manufacturing operations, productivity, and supply chain management. The KPS investment will also provide the company with access to substantial capital to continue new product development.
David Shapiro, a managing partner of KPS, said "We are excited to be the catalyst that transforms Bristol into a thriving competitor in the rapidly changing HVAC industry. Bristol successfully developed market-leading products in its Benchmark line that will enable the company to prosper as the North American HVAC industry undergoes significant regulatory and technological changes. The company's established franchise, highly regarded brands, and commitment to customer service form a terrific base from which to grow the business both domestically and internationally."
Rick Izor, chief executive officer of Bristol, commented, "This transaction marks the beginning of a new era for Bristol, with a new owner that has a track record of elevating good companies to achieve world-class operating performance. KPS's manufacturing expertise and capital resources will advance Bristol's position as a leading manufacturer and distributor of compressors. I would like to thank our customers, vendors, and employees for their continued support."