Viessmann will acquire US-based KPS Global LLC, a leading manufacturer of insulated panel systems and provider of highly customised solutions, from US-based investment firm, D Cubed Group.
The transaction remains subject to customary closing conditions and is expected to close in the next 90 days.
The acquisition is part of Viessmann’s purpose of ‘co-creating living spaces for generations to come.
KPS Global will be an important strategic expansion step for the Group’s Clean & Cold platform into the North American market.
Headquartered in Fort Worth, Texas (USA), KPS Global is an end-to-end solutions provider in custom enclosures for controlled environments, with the most extensive value chain coverage across design, engineering, self-performed installation and after-services.
Since December 2015, KPS Global has been a privately- held by D Cubed Group and other investors, and was created through D Cubed’s simultaneous acquisition of businesses from both Dover Corporation and The Manitowoc Company.
Since then, the combined, independent company has grown with leading-edge systems, business-intelligence and innovation.
The transaction marks KPS Global’s successful development and growth in its traditional food retail market and expansion into additional industries and markets, and also serves as an inflection point for its next level of growth.
Viessmann CEO, Max Viessmann, said KPS Global and Viessmann are a perfect match and a strong addition to its ecosystem.
He said the KPS business directly contributes to their vision to reduce CO2 emissions and improve the quality of life for the world’s growing population.
“Our strong European footprint in Clean & Cold offers opportunities to leverage each other’s knowledge and expertise,” Viessmann said.
“We look forward to expanding our Clean & Cold North America platform together with KPS Global’s experienced and proven management team to further grow within and beyond its core markets and drive value creation organically and inorganically in line with our purpose of co-creating living spaces for generations to come.”
KPS Global CEO, Mike Eakins, said D Cubed had been an outstanding partner in the growth and development of the business.
“We are excited about this opportunity to be a part of the Viessmann Generations Group as we believe this relationship will allow us the opportunity for significant additional growth while maintaining our commitment to our customers, employees and vendors,” Eakins said.
“The strong focus KPS Global has on transforming clean and cold solutions to increase energy efficiency and reduce food waste directly contributes to the Viessmann purpose to co-create living spaces for generations to come.
“The stability and long-term commitment a family-owned investor of responsible capital brings to the table is really exciting as it allows us to continue to innovate in the market and offer our customers leading edge sustainable solutions.”
D-Cubed managing director, Glenn Kaufman, said transferring ownership to Viessmann, a highly regarded long-term focused family enterprise, feels like a perfect capstone to a very successful investment.
KPS Global employs over 850 people and has a US-wide coast-to-coast footprint.
The company operates five production facilities with 750,000 combined square feet of manufacturing space and serves hundreds of customers each year, providing close proximity and fast fulfillment advantages.
The company offers a broad range of walk-in solutions and services for cold chain and non-refrigerated environments across the food, retail and scientific market among others. In addition, the company provides a wide variety of replacement equipment and aftermarket parts, including doors and door parts, strip curtains, batten strips, sweeps and more.
In 2023, Viessmann took its first step into the North American market through the acquisition of BMIL Technologies.
BMIL is based in Morehead City, North Carolina (USA) and operates as a leading system integrator, supplying cold rooms and refrigeration equipment for industrial and commercial refrigeration applications.