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It's called a pressure balanced regulator. It is the valve inside the wall that mixes the hot and cold water. It has a manually set stop to essentially prevent someone from being scalded if a toilet is flushed. At least that is the idea. It also works in general to resolve pressure issues.
I just replaced one on a shower in my basement. Your contractor buddy should be able to get one for about 40 bucks, but I bought before I asked mine and it cost me 80 bucks at the plumbing supply house. Home Depot or Lowes would also be able to point you in the right direction.
Open up the wall first to make sure you get all the copper you need. 45 and 90 Elbows, unions, and likely no more then 5ft of copper in the size you need.
And then go and get your sweat on. Do you know how to sweat solder? You might be able to get away with compression joints but they are less then ideal.
Good Luck,
-bear
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