Goodman Global Group Inc., a manufacturer of heating, ventilation and air conditioning or HVAC, plans to raise up to $500 million through an initial public offering of its common stock, according to a registration statement on Form S-1 filed with the regulator on Friday. Pricing terms of the offering were not disclosed.
The company plans to apply to have its common stock listed either on the New York Stock Exchange or The NASDAQ Global Market.
The company intends to use offering proceeds to repurchase debt, which may include the senior discount notes or the senior subordinated notes.
The Houston, Texas-based company, which was founded in 1975 as a manufacturer of flexible duct, expanded into the broader HVAC manufacturing market in 1982.
J.P. Morgan Securities Inc., Barclays Capital Inc., Morgan Stanley & Co. Inc. and Deutsche Bank Securities Inc. are acting as joint book-running managers of the offering and as representatives of the underwriters.
Goodman Global is controlled by investment funds affiliated with Hellman & Friedman LLC or H&F and other stockholders, including investment funds affiliated with GSO Capital Partners L.P., Farallon Capital Partners L.P., and AlpInvest Partners N.V., along with certain other investors and certain members of management. As of May 1, 2010, H&F and its affiliates owned, in the aggregate, about 87% of company's common stock.
For the first quarter ended March 31, 2010, Goodman posted net income of $3.75 million, compared to a net loss of $17.36 million last year. The company generated net sales of $388.8 million for the quarter, up from $318.24 million a year earlier.
According to the filing, four largest competitors in the HVAC market are Carrier Corp., a division of United Technologies Corp. (UTX), Trane Inc., a wholly-owned subsidiary of Ingersoll-Rand Company Ltd. (IR), Lennox International, Inc.(LII) and Rheem Manufacturing Co.
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