BALTIMORE, July 25, 2024 /PRNewswire/ -- Bengur Bryan, a
leading middle market investment banking firm, is pleased to serve
as exclusive financial advisor to AboveAir Technologies
("AboveAir") in its sale to AirX Climate Solutions ("ACS"), a
Gryphon Investors portfolio company. Financial terms of the
transaction were not disclosed.
AboveAir, a leading specialty HVAC player focused on the data
center market, 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's President and Founder Matt
Miller commented, "We are excited for AboveAir to become
part of the Gryphon & ACS family. We'd like to thank Bengur
Bryan's Scott Bass and the entire
Bengur Bryan team for their superb guidance and hard work to bring
this transaction to fruition for AboveAir and our family."
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.
About Bengur Bryan
Bengur Bryan is a leading
investment banking firm that provides merger and acquisition
services, private placements of equity and debt, and financial
advisory services, including restructuring advice, valuations, and
fairness opinions. For over 30 years, we have focused on growth
stage and middle market companies with enterprise values from
$20 million to over $150 million. We have specific industry knowledge
in the industrial & niche manufacturing, transportation &
logistics, business services, government services, consumer,
hospitality and healthcare industries. For more information, please
visit www.bengurbryan.com.
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