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 

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SOURCE AirX Climate Solutions, Inc.