AirX Acquires AboveAir, Expanding Data Center HVAC Offerings

DateJul 9, 2024

AboveAir Technologies, a specialty HVAC company with a focus on thedata centersector, has been acquired by AirX Climate Solutions. As a new division of ACS, AboveAir will bring yet another reputable brand to the top independent marketplace for commercial and industrial HVAC systems. Financial terms of this acquisition were not disclosed.

By acquiring AboveAir, ACS would strengthen its position as a leading full-service HVAC provider for specialty and mission-critical applications in the United States. It significantly increases the range of products ACS offers in the data center industry. Through the acquisition, ACS broadens its market reach into the Mid-Atlantic and plans to increase manufacturing capacity at AboveAir’s recently constructed 100,000-square-foot facility. Following AboveAir’s acquisition, ACS will employ more than 700 people at five U.S. manufacturing sites.

For over two decades, AboveAir, a Frederick, Maryland-based company, has led the design and production of indoor precision cooling solutions for today’s mission-critical applications, with a focus on satisfying the heat management requirements of data centers and other environments facing the explosion in computing power demand. In his future role as President of the AboveAir division, AboveAir founder Matt Miller will assist in spearheading ACS’s data center expansion strategy, answering to ACS CEO Rick Aldridge. In addition, Mr. Miller will join the other members of the management team as a shareholder in ACS. Gryphon Investors, a well-known middle-market private equity firm that manages about $9 billion in assets, made an investment in ACS in November 2023.

Additional M&A Opportunities

AboveAir is ACS’s third acquisition, and the company is still looking for further M&A prospects to meet the unique HVAC requirements of applications that are essential to mission-critical success.

Rick Aldridge, CEO of ACS, said, “We’re thrilled to have AboveAir President Matt Miller and his team join ACS. We are excited to collaborate with them to build upon the solid company foundation they have established. Like with our other HVAC specialty brands, we will expand on AboveAir’s market and strategic advantages in data centers while utilizing ACS’s knowledge and assets to speed up expansion. Including AboveAir in our group of businesses will strengthen us all as we keep our attention on providing mission-critical equipment with cooling solutions.”

AboveAir President Matt Miller further stated, “Since 2003, AboveAir Technologies has offered cutting-edge HVAC equipment solutions for commercial and industrial applications. We are excited to be part of the ACS team since our approaches and work cultures mesh well, and our combined skills will help us grow AboveAir’s core data center market while expanding the ACS combined regional footprint to support even quicker growth.”

Kirkland & Ellis provided legal counsel to ACS, while Baird handled its finance needs. AboveAir received legal and financial advice from Miles & Stockbridge and Bengur Bryan. The transaction’s financial terms were not made public.

Established in 1997, ACS is a provider of full-service specialty HVAC solutions, with its headquarters located in Oklahoma City, OK. The products from ACS are designed to function well under challenging and mission-critical conditions. For specialized solutions across a wide range of end markets, including data centers, energy storage, telecommunications, rental, educational, industrial, and commercial markets, the company provides design, manufacturing, startup, commissioning, repair, and maintenance of heating, ventilation, and air conditioning systems.

AboveAir is an original equipment manufacturer (OEM) of computer room air conditioners, with its headquarters located in Frederick, MD, founded in 2003. For the most important tenant, enterprise, and hyperscale/colocation applications used by financial institutions, US government agencies, and other commercial markets, AboveAir systems are made to provide precise temperature and humidity management. AboveAir sells its products all throughout North and Latin America through an exclusive network of self-employed Manufacturer’s Representatives.

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