Capstone Partners advised Henry Group Industries—a global manufacturer of components for commercial refrigeration and air conditioning systems and a portfolio company of Marsh Global Holdings—on its sale to Aspen Pumps Limited, a portfolio company of Inflexion Private Equity. The transaction closed in September 2026, and terms of the deal were not disclosed.
Established in 1914, Henry is a global manufacturer of high-quality components for commercial refrigeration and air conditioning systems. Its product portfolio includes automatic controls, fan motors, filters and driers, flow controls, line components, pressure vessels, safety devices, and system indicators for natural and synthetic refrigerants. Headquartered in Hong Kong, Henry has operations in Australia, China, Singapore, the United Kingdom, and the United States. For more information about Henry, visit here.
Capstone was very hands-on from beginning to end. The team provided step-by-step guidance and support for the sale process. As a result of their experience and understanding of the HVACR industry and who would be the likely strategic and financial buyers, we were able to achieve the best price for the sale of the Henry Group. We look forward to working with the Capstone team again for future deals.
Marsh Global Holdings is a holding company that entrusts CEO Michael Wong and CFO Allen Mak with leading growth and value creation across businesses focused on operational enhancements and improved profitability. Marsh Global Holdings continues to scale business models that benefit from durable, sustainable tailwinds across the ecosystem, unlocking additional shareholder value through its ownership and management. To learn more about Marsh Global Holdings, visit here.
Henry is positioned to benefit from long-term industry trends, including the shift from synthetic to natural refrigerants and the continued expansion of global data center infrastructure. Aspen Pumps’ international presence and complementary HVACR portfolio provide a strong platform to support Henry’s next phase of growth.
Ted Polk, Managing Director and Co-Head of Capstone’s Industrials Group, commented, “Capstone Partners was honored to work alongside Marsh Global Holdings and Henry Group Industries on a successful transaction to Aspen Pumps, a portfolio of Inflexion Private Equity. Under Marsh Global Holdings’ ownership and Henry Group Industries’ leadership, they have built a premier, quality-first platform with a differentiated product portfolio, global scale and presence, and a name brand reputation in the marketplace across HVACR applications in broader infrastructure end markets such as data centers, commercial, and industrial. Aspen Pumps represents an excellent strategic partner for Henry Group that is able to capitalize on the global brand, and we are confident the combination will position the business for continued growth and success. The partnership stands to gain from the continued momentum in HVACR with strong tailwinds around increased demand and aging infrastructure in an ever evolving regulatory environment. We look forward to partnering with Marsh again, and wish the Henry Group management team continued success.”
Aspen Pumps Group is a global designer, manufacturer, and distributor of specialist HVACR products, including condensate removal pumps, tools, installation accessories, and chemicals for air conditioning and refrigeration applications. The acquisition adds Henry’s complementary refrigeration components to Aspen Pumps’ portfolio, expanding its capabilities in commercial and industrial refrigeration across key international markets. For more information about Aspen Pumps Group, view here.
The investment banking professionals on Capstone Partners’ dedicated Industrials Team work with leading middle market companies operating in the HVACR market to advise with their strategic decision-making in order to maximize financial outcomes at every stage of the business lifecycle. Our firm has developed a full suite of corporate finance solutions, including M&A advisory, debt advisory, financial advisory, and equity capital financing to help privately owned businesses and private equity firms address any need, ranging from growth and financial or operational advisement to an ultimate exit transaction. To learn more about this transaction, or about the benefits of starting a relationship with our Industrials Banking Team, contact us here.
