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KPS Capital Partners, LP said that a newly formed affiliate, Bristol Compressors International, Inc., has acquired the assets of Bristol Compressors, Inc. from Johnson Controls, Inc. Financial terms of the transaction were not disclosed.
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.
Bristol is a leading global manufacturer and designer of compression technology 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. The company is based in Bristol, Virginia and its products are marketed and sold on six continents and more than fifty countries around the world.
KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with over U.S. $600 million of committed capital focused on constructive investing in restructurings, turnarounds and other special situations. KPS has created new companies to purchase operating assets out of bankruptcy, established stand-alone entities to operate divested assets and recapitalized highly leveraged public and private companies.
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