Crispaire

Crispaire is a leading manufacturer and marketer of specialty heating, air-conditioning and water-heating products primarily for industrial and commercial uses. It entered the telecommunication industry and became the dominant player for cooling units.

Engagement Goals

Brookwood advised the shareholders of Crispaire on the sale of the Company to Recreational Vehicle Products, a strategic buyer.

Engagement Process and Outcomes

Client Goals – Management desired to explore strategic alternatives for achieving liquidity for all or a portion of the market value of their investment.

Thorough Marketing Process – Brookwood managed a competitive process that included strategic and financial buyers; the process yielded indications of interest from more than 15 parties.

Satisfactory Outcome – Brookwood identified Recreational Vehicle Products, a strategic buyer that was partially owned by Citicorp Venture Capital and was ultimately the successful bidder. The engagement team utilized high-yield bonds to recapitalize Recreational Vehicle Products and to finance the acquisition of Crispaire. The Crispaire management team received attractive three-year management agreements.