NEW YORK ― Industrial conglomerate Ingersoll Rand is in late-stage discussions with private equity firm Clayton Dubilier & Rice to sell its Hussmann refrigeration business, two people familiar with the matter said.
The value was not immediately clear on Tuesday. Hussmann ― which provides supermarkets and food retailers with display cases, refrigeration systems and beverage coolers ― is likely to be valued at less than $750 million, people familiar with the business told Reuters previously.
Ingersoll Rand Chief Executive Mike Lamach said on July 21 that the company was on track to sell Hussmann by the end of the third quarter, but would not comment on a buyer nor the price it would likely fetch.
Reuters reported in March that Ingersoll Rand hired JPMorgan Chase & Co. to sell Hussmann and the auction drew interest from private equity firms.
Platinum Equity was among the buyout firms interested in Hussmann, but it is no longer involved in the process, one of the people said.
Representatives for CD&R and JPMorgan declined to comment. Ingersoll Rand and Platinum were not available for comment.