Semer/Andrea Calise 212.521.4800
KPS CAPITAL PARTNERS SELLS BRISTOL COMPRESSORS
INTERNATIONAL, INC. TO GARRISON INVESTMENT GROUP LP
New York, NY (January 9,
2011) -- KPS Capital Partners, LP (“KPS”) announced today that it has
sold its portfolio company, Bristol Compressors International, Inc.
(“Bristol”), to Garrison Investment Group LP. Bristol is a leading global
manufacturer and designer of compression technology used in residential
and commercial air conditioning and heat pump applications. Financial
terms of the transaction were not disclosed.
Houlihan Lokey, Inc. acted as financial advisor and Edwards Wildman Palmer LLP served
as legal counsel to Bristol and KPS with respect to the transaction.
About Bristol Compressors International, Inc.
in Bristol, Virginia, Bristol Compressors International, Inc. is a
leading global manufacturer and designer of compression technology used
in residential and commercial air conditioning and heat pump
applications. Bristol supplies many of the world’s leading HVAC
manufacturers as well as wholesale distributors and its products are
marketed and sold on six continents and more than fifty countries around
the world. For more information please visit www.bristolcompressors.com
KPS Capital Partners, LP
Capital Partners, LP is the manager of the KPS Special Situations Funds,
a family of private equity funds with over $2.7 billion of assets under
management 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. The KPS investment strategy targets
companies with strong franchises that are experiencing operating and
financial problems. KPS invests its capital concurrently with a
turnaround plan predicated on cost reduction, capital investment and
capital availability. Typically, the KPS turnaround plan is accompanied
by a financial restructuring of the company's liabilities. The KPS
investment strategy and portfolio companies are described in detail at
the firm's website: www.kpsfund.com.