Airxcel Acquires Custom Air Products & Services (CAPS)

Gryphon Investors Acquires AirX Climate Solutions from L Catterton

September 27, 2023

Industrial Services

Gryphon Investors has agreed to acquire AirX Climate Solutions (ACS), a specialty HVAC designer, manufacturer, distributor, and servicer headquartered in Oklahoma City, from private equity firm L Catterton. Gryphon will partner with ACS management, who are reinvesting, to expand geographic footprint, grow aftermarket and service offerings, and pursue add-on acquisitions; the deal is expected to close in Q4 2023 and financial terms were not disclosed.

THOR Industries Acquires Airxcel RV Group from L Catterton-Backed Airxcel

September 1, 2021

Manufacturing

L Catterton-backed Airxcel sold its RV Group to THOR Industries for an all-cash purchase price of $750 million. The transaction separates Airxcel's RV business (transferred to THOR) from its specialty HVAC business, which will remain supported by L Catterton as AirX Climate Solutions.

AirX Climate Solutions Acquires AboveAir Technologies

July 8, 2024

HVAC & Mechanical

AirX Climate Solutions, a Gryphon Investors-backed platform, has acquired AboveAir Technologies, a Frederick, Maryland-based OEM of precision cooling solutions for data centers. AboveAir will operate as a new division of ACS with founder Matt Miller named President of the AboveAir division and becoming a shareholder; ACS will invest in manufacturing capacity at AboveAir's 100,000-square-foot facility and expand its Mid-Atlantic footprint.

AirX Climate Solutions Acquires Powrmatic USA

December 4, 2024

HVAC & Mechanical

AirX Climate Solutions (ACS), a Gryphon Investors-backed specialty HVAC platform, has acquired Powrmatic USA, a Finksburg, Maryland-based manufacturer of commercial and industrial heating, cooling and air turnover systems. Powrmatic, with ~30 employees, was divested by Stamm International Corporation and will operate under ACS to expand its specialty HVAC capabilities and mid‑Atlantic footprint.

Custom Air Conditioning Acquires Power Plus Electric Ltd. and I.C.R. Air Inc.

December 2, 2024

HVAC & Mechanical

CAI Capital Partners’ portfolio company Custom Air Conditioning Ltd. has acquired Power Plus Electric Ltd. (Maple Ridge, BC) and certain assets of I.C.R. Air Inc. (Kamloops, BC). The deals expand CustomAir’s electrical capabilities and strengthen its regional HVAC footprint in the Thompson region, positioning the company to capture demand from decarbonization and electrification initiatives across Western Canada.

Altus Capital Partners Acquires Air Innovations, LLC

December 4, 2024

Manufacturing

Altus Capital Partners, a private equity firm focused on middle-market manufacturing, has acquired Air Innovations, LLC, a North Syracuse, New York-based designer and manufacturer of custom environmental control units (ECUs) serving wine, aerospace, semiconductor, homeland security, and healthcare markets. Financial terms were not disclosed; Air Innovations' management will remain in place and Altus said it will support the company’s growth and end-market diversification.