(Bloomberg) -- Viessmann Group, a German manufacturer of cooling and refrigeration systems, has agreed to acquire KPS Global LLC to further the expansion of its clean and cold room business in North America.
Viessmann will acquire the company from New York-based D Cubed Group LLC, according to a statement reviewed by Bloomberg News. Terms of the transaction weren’t disclosed.
Family-owned Viessmann is investing a “significant multimillion-dollar amount” in the deal, according to Timo Tauber, investment partner at the company.
KPS Global, based in Fort Worth, Texas, designs and manufactures walk-in coolers, freezers and other insulated panel systems. The company was founded in 2015 by a merger through D Cubed’s acquisition of businesses from Dover Corp. and the Manitowoc Co. KPS Global, with five production facilities, has over 800 employees and annual revenue of more than $400 million.
With the latest acquisition, Viessmann said it is looking to significantly expand in the North American market. In July 2023, the German firm entered the market by acquiring a majority stake in BMIL Technologies, a North Carolina-based operator of refrigerated warehouse and cold storage facilities.
“The US plays a very crucial role for us on the investment side,” Tauber said. “That was of course an ideal opportunity for us to transfer our market leadership from Europe to the North American continent and then to have a global platform with KPS so that we can make further add-ons and continue to build this up on a large scale.”
Viessmann agreed last year sell its climate solutions unit to Carrier Global Corp. in a €12 billion ($13.1 billion) cash-and-stock deal.
(Adds quotes from Timo Tauber from third paragraph.)
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