BALTIMORE, July 25, 2024 -- 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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