Latham, Skadden direct Partners Group’s buy of Permira’s HVAC biz

Signageon the exterior of the building where law firm Latham & Watkins LLP is located in Manhattan, New York City, U.S., August 17, 2020. REUTERS/Andrew Kelly

  • Deal marks Partners Group’s second HVAC acquisition in 2021
  • Skadden advises longstanding client Permira

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(Reuters) – Latham & Watkins is heading the Partners Group’s plans to purchase DiversiTech from private equity firm Permira in a transaction that values the heating, ventilation and air conditioning supplies (HVAC) company at $2.2 billion.

Partners Group and Permira said in separate statements on Wednesday that they had inked a deal, marking the Partners Group’s second acquisition in the industry in a year.

Latham did not respond with the names of its attorneys supporting the deal.

The firm previously advised the Partners Group on its acquisition of HVAC services provider Reedy Industries, according to a July press release.

Permira is working with longtime adviser Skadden, Arps, Slate, Meagher & Flom on the sale of Atlanta-based DiversiTech.

The Skadden team includes mergers and acquisitions partners Allison Schneirov and Jon Hlafter; tax partner Gavin White; banking partner Stephanie Teicher; antitrust and competition partners Frederic Depoortere and Maria Raptis; and litigation partner Patrick Rideout, the firm said in an email.

The transaction is expected to close in December.

Permira’s financial advisers are Barclays and Baird.

Read more:

Partners Group buys ventilation firm DiversiTech for $2.2 billion valuation

Sierra Jackson

Sierra Jackson reports on legal matters in major mergers and acquisitions, including deal work, litigation and regulatory changes. Reach her at sierra.jackson@thomsonreuters.com