Bristol Compressors was recently purchased by KPS Capital Partners, a New York-based investment firm, saving about 1,000 jobs. The KPS transaction will provide access to substantial capital to be invested in the further development of Bristol Compressors International, the company’s new name under KPS ownership.
The Virginia Tobacco Indemnification and Revitalization Commission and Washington County committed a combined $1 million to assist KPS with the transaction.
“KPS will work to get the cost structure of the company in a position to successfully compete in the marketplace, and I am pleased the state was able to move quickly with local and regional officials to help close this deal,” said Virginia Gov. Timothy Kaine.
Bristol Compressors manufactures compressors used in air conditioning units and heat pumps. The company’s products are used for original manufacturer applications and wholesale distribution in more than 50 countries around the world.
“We are excited to be the catalyst that transforms Bristol into a thriving competitor in its industry,” said David Shapiro, a managing partner of KPS. “Bristol successfully developed market-leading products that will enable it to prosper under our ownership and continue as Washington County's largest employer. The Company’s established franchise, highly regarded brands and commitment to customer service form a terrific base from which to grow the business.”
KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with more than $600 million of committed capital focused on constructive investing in restructurings, turnarounds and other special situations.
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