Airxcel Sale Spins Off Specialty HVAC Division

A picture of Airxcel Specialty HVAC President Rick Aldridge

L Catterton, the largest global consumer-focused private equity firm, sold its portfolio company Airxcel has sold its RV Group to Thor Industries but retained Airxcel’s specialty HVAC division.

Airxcel’s retained segment will become AirX Climate Solutions, Inc. (ACS), a pure-play leader, designer, manufacturer, and distributor of the most functionally critical products for specialty HVAC markets, L Catterton stated.

“We are excited to support the ongoing success of the HVAC business as a standalone company,” said Marc Magliacano, a managing partner in L Catterton’s Flagship Fund.

ACS will have a portfolio of premier brands such as Marvair, Industrial Climate Engineering (ICE), Suburban AP, Eubank, and Custom Air Products & Services (CAPS). With the continued support of L Catterton, ACS will continue to extend its leadership as a committed and preferred partner to a broad range of specialty HVAC clients.

ACS will be led by Rick Aldridge, currently president of the Specialty HVAC Group at Airxcel.

“With this transaction, we are positioning ACS as a leader – and consolidator – in a highly fragmented space,” said Matt Lischick, partner at L Catterton. “We see tremendous market expansion opportunities within specialty HVAC given continued focus on air quality and purification, as well as accelerated investment in ACS’ end customer segments, such as telecom infrastructure and energy storage. We look forward to continuing to invest in the business and extending our partnership with Rick and the talented ACS team to drive innovation and value creation.”

Over the last several years,” Aldridge said, “we have successfully extended our reach and offerings both organically and through acquisitions, most recently adding valuable new end customer segments and expanding our service capabilities through our acquisition of CAPS. With a premier brand lineup and the support of L Catterton, ACS will have a strong platform and foundation from which to accelerate our growth.”

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