Expands ACS's Product Offering to Address
Cooling Demands of the Data Center Market
OKLAHOMA
CITY, July 8, 2024 /PRNewswire/ -- AirX Climate
Solutions, Inc. ("ACS"), announced today that it has acquired
AboveAir Technologies ("AboveAir"), a leading specialty HVAC player
focused on the data center market.
AboveAir will become a new division within ACS, adding another
respected brand to the leading independent platform for commercial
and industrial HVAC solutions. AboveAir significantly expands ACS's
product offering into the data center market, and bolsters ACS's
leadership position as a national full-service HVAC provider for
specialty and mission-critical applications. With the acquisition,
ACS expands its footprint into the Mid-Atlantic region, where ACS
will invest in manufacturing capacity at AboveAir's new
100,000-square-foot facility. With the addition of AboveAir, ACS
will have over 700 team members across five manufacturing
facilities in the United
States.
For more than 20 years, Frederick,
MD-based AboveAir has been a leader in the design and
manufacturing of indoor precision cooling solutions for today's
mission-critical applications, with a focus on addressing the heat
management requirements of data centers and other settings
experiencing the explosion in computing power demand. Going
forward, AboveAir founder Matt
Miller will help lead ACS's data center growth strategy as
President of the AboveAir division, reporting to ACS's CEO
Rick Aldridge. Mr. Miller will also
become a shareholder in ACS, alongside other members of the
management team and Gryphon Investors, a leading middle-market
private equity firm with approximately $9
billion of assets under management, which invested in ACS in
November 2023.
AboveAir is the third acquisition by ACS, and it continues to
pursue other M&A opportunities which address the specialty HVAC
needs of mission-critical applications.
ACS's CEO, Rick Aldridge,
commented, "We're excited to welcome AboveAir President
Matt Miller and his team to ACS. We
look forward to partnering with them to further enhance the strong
business they have developed. We will build upon AboveAir's
strategic and market strengths in data centers while leveraging
ACS's expertise and resources to accelerate growth, as we have with
our other HVAC specialty brands. Adding AboveAir to our portfolio
of companies will make us all stronger as we continue to focus on
delivering cooling solutions for mission-critical equipment."
Matt Miller, President of
AboveAir, added, "AboveAir Technologies has provided innovative
HVAC product solutions for commercial and industrial applications
since 2003. We're thrilled to join the ACS team as our strategies
and culture complement each other well, and together our combined
capabilities will enable us to accelerate growth within AboveAir's
core data center market while broadening the ACS combined regional
footprint to fuel faster growth."
Baird served as financial advisor to ACS and Kirkland &
Ellis served as legal advisor. Bengur Bryan served as financial
advisor to AboveAir and Miles & Stockbridge served as legal
advisor. Financial terms of the transaction were not disclosed.
About AirX Climate Solutions
Founded in 1997 and
headquartered in Oklahoma City,
OK, ACS is a leading full-service, specialty HVAC solutions
provider. ACS products are highly engineered to operate in
mission-critical and harsh environments. The Company offers design,
manufacturing, startup, commissioning, repair and maintenance of
heating, ventilation, and air conditioning systems for specialized
solutions across a diverse set of end markets, including data
centers, energy storage, telecommunications, rental, educational,
industrial, and commercial markets. ACS prides itself on delivering
best-in-class service through its highly trained team and
engineering capabilities.
About AboveAir
Founded in 2003 and headquartered in
Frederick, MD, AboveAir is a
leading original equipment manufacturer (OEM) of computer room air
conditioners. AboveAir products are designed to provide 7x24x365
precision space temperature and humidity control for today's most
critical Tenant, Enterprise and Hyperscale/Colocation applications
serving industries including financial institutions, US government
agencies, and other commercial markets. AboveAir offers the widest
range of unit sizes, configurations and cooling methods in the
industry. With its highly skilled factory workforce and engineering
talent, AboveAir will design and manufacture to exact customer
specifications when needed. The Company markets its products
through its exclusive network of independent Manufacturer's
Representatives throughout North and Latin America.
Contact:
Lambert
Caroline Luz
203-570-6462
cluz@lambert.com
or
Jennifer Hurson
845-507-0571
jhurson@lambert.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/airx-climate-solutions-inc-acquires-aboveair-technologies-302190412.html
SOURCE AirX Climate Solutions, Inc.