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November 20, 2004
Apollo to buy Goodman Global
New York-based investment firm Apollo Management LP announced on Friday that it has agreed to acquire Houston-based Goodman Global Holdings Inc. for $1.43 billion. Goodman Global is a maker of air conditioners and heating equipment and one of Houston's largest privately-owned businesses.
Goodman Global manufactures brands such as Amana, Janitrol, GmC and QuietFlex, and it has factories in Houston, Fayetteville, Tennessee and Dayton, Tennessee. It employs about 4,000 employees, of which about 2,500 are in Houston.
Apollo has received debt commitments from J.P. Morgan Securities Inc., UBS Securities LLC and Credit Suisse First Boston to finance the deal, which will leave in place the senior management of Goodman Global. Moreover, the Goodman family will retain an unspecified "significant" investment in the company. Goodman Global President and Chief Executive Charles A. Carroll will retain his positions, and Goodman Global principal John B. Goodman will remain chairman.
The deal is expected to close the deal in the first quarter, subject to customary regulatory approvals.
Posted by Tom at November 20, 2004 7:19 AM |
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