Global buyout giant Permira has agreed a $2.2bn deal to exit heating parts supplier DiversiTech to fellow buyout house Partners Group.
DiversiTech provides heating, ventilation, air conditioning and refrigeration parts, supplies and accessories.
Permira bought into DiversiTech five years ago and had invested over $70m in manufacturing and to support digital transformation. The company has almost doubled in product offering during the time, the firm said.
John Coyle, partner and head of New York at Permira, said, “We are incredibly proud of and thankful for all that Andy and the nearly 1,250 strong DiversiTech employees have achieved, and I am excited that we will have the opportunity to continue to back them going forward.
“In its 50-year history, DiversiTech has never been stronger and better positioned to continue its track record of market leading growth, unrivalled customer experience and investment in people.”
Recent deals from Permira include a $150m investment in outdoors digital guide AllTrails and the exit of medical device maker Lyophilization Services of New England (LSNE) to PCI Pharma Services.
Permira collected $1.7bn for the final close of its debut Permira Growth Opportunities fund two years ago.
The firm was reportedly back in the fundraising market eyeing about $2.5bn for its second growth fund earlier this year.
Partners Group bought into one of the Baltics’ largest district heating platforms from Finnish energy company Fortum Corp in March.
The company, which operates across Estonia, Latvia and Lithuania, has 74 generation assets, which generate heat capacity of 881 MW and power capacity of 130 MW across 387 km of district heating networks.
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