Daikin Applied Acquires DDC Solutions from Thompson Street Capital Partners

Thompson Street Capital Partners and Cequel III Acquire Controlling Interest in DDC Cabinet Technology

January 31, 2024

Manufacturing

Thompson Street Capital Partners and Cequel III have taken a controlling interest in DDC Cabinet Technology, a San Diego–based designer and manufacturer of high-density data center cabinets and cooling solutions. The investment provides growth capital to scale DDC's hybrid air-water cooling and proprietary management software for AI/HPC and other high‑density compute environments; co‑founders Chris Orlando and Mark Ortenzi remain minority investors and Keith Markley was named CEO.

Daikin Applied Acquires Alliance Air Products

March 2, 2023

Manufacturing

Daikin Applied has acquired Alliance Air Products, a San Diego–based manufacturer of custom air-handling equipment. The acquisition expands Daikin’s portfolio and engineering capabilities—strengthening its data-center cooling and custom HVAC offerings while enabling faster delivery and broader end-to-end solutions for mission-critical applications.

Daikin Applied Acquires Dynamic Controls Inc.

October 11, 2021

HVAC & Mechanical

Daikin Applied, a division of Daikin Industries, has acquired Dynamic Controls, Inc., a St. Louis–based building systems integrator with offices across the Midwest and Rocky Mountains. The acquisition adds building-integration and controls expertise to Daikin Applied's commercial and industrial HVAC offerings to enable more connected, energy-efficient and sustainable building solutions.

Daikin Applied Americas Acquires Chilldyne

November 6, 2025

Manufacturing

Daikin Applied Americas has acquired Chilldyne, a developer of negative-pressure direct-to-chip liquid cooling systems for high-performance and AI data centers. The deal expands Daikin Applied's data center cooling portfolio with Chilldyne's leak-resistant liquid-cooling technology and brings Chilldyne's leadership team into Daikin Applied; CapM Advisors acted as exclusive financial advisor to Chilldyne.

DeepCoolAI and MAS HVAC Merge to Form Unified Data Center Thermal Management Provider

November 19, 2025

Engineering Services

DeepCoolAI and MAS HVAC have merged to create a single thermal management company combining DeepCoolAI’s liquid-cooling technology with MAS HVAC’s mission-critical air-cooling and HVAC engineering capabilities (including MAS HVAC’s Daedex subsidiary). The combined organization aims to offer comprehensive air, liquid and hybrid cooling solutions for data centers, enabling faster deployment, simplified vendor management and improved scalability for high-density AI and HPC workloads.

Thermal Technology Distribution Solutions (Gryphon Investors) Acquires Applied Thermal Systems

December 11, 2024

Industrial Services

Thermal Technology Distribution Solutions (TTDS), a Gryphon Investors–backed distribution platform, has acquired Applied Thermal Systems, a Minneapolis-area value-added distributor of electric heaters, controls, thermocouples and related engineering services. The add-on expands TTDS's footprint in the Upper Midwest and strengthens its product and technical capabilities; terms were not disclosed.