BALTIMORE, July 25, 2024 ~ Bengur Bryan, a well-known middle market investment banking firm, has recently announced their role as the exclusive financial advisor to AboveAir Technologies in its sale to AirX Climate Solutions. This acquisition was made possible through Gryphon Investors, a private equity firm with approximately $9 billion of assets under management.

AboveAir, a leading player in the specialty HVAC industry with a focus on the data center market, will now become a new division within ACS. This addition will further strengthen ACS's position as a leading independent platform for commercial and industrial HVAC solutions. The financial terms of the transaction have not been disclosed.

The acquisition of AboveAir by ACS will significantly expand their product offering into the data center market and solidify their position as a national full-service HVAC provider for specialty and mission-critical applications. Additionally, this move allows ACS to expand its presence into the Mid-Atlantic region and invest in manufacturing capacity at AboveAir's new 100,000-square-foot facility.

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With this acquisition, ACS will now have over 700 team members across five manufacturing facilities in the United States. Matt Miller, founder of AboveAir, will continue to play an important role in the company as President of the AboveAir division. He will report directly to Rick Aldridge, CEO of ACS. Miller will also become a shareholder in ACS along with other members of the management team and Gryphon Investors.

In his statement regarding the acquisition, Miller expressed his excitement about joining forces with Gryphon & ACS family. He also thanked Scott Bass and the entire Bengur Bryan team for their exceptional guidance and hard work in making this transaction possible for AboveAir and its employees.

AboveAir has been a leader in designing and manufacturing indoor precision cooling solutions for mission-critical applications for over 20 years. Their focus on addressing heat management requirements for data centers has made them a respected brand in the industry. With this partnership with ACS, they are poised for even greater success in the future.

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