Daikin to acquire Goodman Global for $3.7 billion
Japanese HVAC company sees strategic advantages to acquisition of Houston-based company.
Source: Daikin Industries, Ltd.
Daikin Industries, Ltd. has agreed to acquire Goodman Global Group, Inc. from affiliates of Hellman and Friedman LLC for $3.7 billion.
Officials from both companies said the move would combine Daikin’s global, environmental, technological and commercial expertise with Goodman’s logistical, residential and light commercial expertise.
“Goodman is the best North American partner for Daikin as we aim to reinforce our position as the leading global HVAC manufacturer,” said Noriyuki Inoue, chairman and CEO of Daikin Industries, Ltd. “Goodman’s market leading ducted product offering and extensive distribution network in the largest HVAC market in the world is complementary to Daikin’s existing products and distribution channels.”
“The combination of the Daikin Group and Goodman is the next step in becoming the definitive leader in the global HVAC marketplace,” said David Swift, CEO of Goodman Global, Inc. “I am enthusiastic about our companies coming together to further satisfy the needs of our customers now and in the future. Because of the different complementary products and markets that our separate organizations serve, we do not expect any immediate organizational changes.”
Goodman has a significant presence in the ducted-style residential unitary HVAC segment in North America, a segment where Daikin has little offerings. Goodman generates strong financial performance through its low-cost U.S. manufacturing operations and extensive network of over 900 distribution points, of which 192 are company operated.