Capstone Partners Advises Friedrich Air Conditioning Co. in its Sale to Corinthian Capital

Los Angeles, CA – Capstone Partners LLC, a leading national investment banking firm, announced that it has successfully advised Friedrich Air Conditioning Co., Ltd. in its sale to Corinthian Capital Group. Terms of the transaction were not disclosed.

Friedrich Air Conditioning has an impressive, 60-year history of manufacturing high-quality room air conditioners, and has built a strong brand name and reputation for product durability and quality. The company is headquartered in San Antonio, TX, with a manufacturing facility in Monterrey, Mexico. Corinthian Capital Group, LLC is a leading private equity firm specializing in investments in small and middle market companies operating niche manufacturing, distribution and service businesses. Corinthian Capital is based in New York, NY with offices in Chicago, IL and Boston, MA.

Corinthian owns several other building products companies and acquired Friedrich with the intention of expanding the company. Peter Van Raalte, Senior Managing Director of Corinthian Capital noted, “Corinthian is pleased to partner with Friedrich and its impressive management team to help launch the company into its next stage of strategic growth and development.”

Friedrich Air Conditioning expects to benefit from the acquisition. “We are excited about this new partnership with Corinthian Capital,” stated Chuck Campbell, Chief Executive Officer of Friedrich. “Working together with the Corinthian team, I believe we can strengthen our competitive advantage and achieve robust growth.”

The Capstone Partners team of David Bench, Managing Director, and Tracy Patch, Vice President, managed the transaction on behalf of Friedrich. “It was a pleasure representing Friedrich in this transaction,” said David Bench, “The market’s interest in Friedrich was robust and we received offers from strategic and financial buyers alike. In fact, we continue to field inquiries from groups who are exploring investments in the building products space, a sector with good upside potential as the construction market rebounds. The acquired company should be well positioned to benefit from improving market conditions.”

Capstone Partners LLC is a leading national investment banking firm dedicated to serving the corporate finance needs of middle market business owners, investors and creditors. The firm provides merger & acquisition, private placement, corporate restructuring, valuation and financial advisory services. Capstone maintains various industry specialties including business services, consumer products, education & training, government services, health & medical, manufacturing & industrial and technology & telecom. The firm also possesses merchant banking capabilities to actively co-invest in transactions.

Awards & Accolades

  • 2013: North America Private Equity Deal of The Year
  • 2013: Equity Financing Deal of The Year