Partners Group to Buy HVAC Firm DiversiTech in $2.2 Billion Deal

Buyout firm Partners Group Holding AG has agreed to acquire DiversiTech Corp. from private equity firm Permira in a deal that values the air conditioning and electrical parts manufacturer at $2.2 billion, including debt.

The sale of the company is expected to close in December, with management and Permira retaining a minority stake in the company, according to statements provided to Bloomberg News.

For Partners Group, the purchase will complement its recent acquisition of Reedy Industries, also a provider of equipment for commercial heating, ventilation and air-conditioning services.

“Key value creation initiatives will include accelerating new product development, ...