AirX Climate Solutions Acquires Powrmatic USA

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Dec 04, 2024, 10:30 ET

OKLAHOMA CITY, Dec. 4, 2024 /PRNewswire/ -- AirX Climate Solutions, Inc. ("ACS"), a leading full-service specialty HVAC solutions provider, announced today that it has acquired Powrmatic USA ("Powrmatic"), a leading specialty HVAC designer and manufacturer providing cooling and heating air turnover products and solutions.

Powrmatic, located in Finksburg, MD with approximately 30 employees, is a value-added manufacturer of commercial and industrial heating and cooling systems and OEM heat exchangers. Powrmatic has helped define and shape the industrial and commercial air turnover market for over 70 years by producing solutions that provide customers upwards of 50% savings at a lower capital cost vs. alternative systems.

"Powrmatic is highly complementary to the overall ACS portfolio," noted Rick Aldridge, CEO, ACS. "Powrmatic's legacy, brand, and technical solutions speak for themselves in the market and we believe when combined with ACS' robust commercial presence in the specialty HVAC landscape, together we will be able to unlock significant growth opportunities. Further, its strong presence in the mid-Atlantic/Eastern region of the U.S. is additive to ACS' growing footprint." Bob Ramsay, President of Powrmatic who will continue to lead the business, stated, "today's transaction represents yet another milestone for Powrmatic and presents an exceptional opportunity for me and the entire Powrmatic team to lean into the massive growth opportunity we see in front of ourselves."

The Powrmatic acquisition follows ACS' July 2024 acquisition of Frederick, MD-based AboveAir Technologies and represents ACS' 4^th transaction overall as it continues to pursue other M&A opportunities which address the specialty HVAC needs of mission-critical applications. ACS is a portfolio company of Gryphon Investors, a leading middle-market private equity firm with approximately $9 billion of assets under management. Gryphon invested in ACS in November 2023.

Today's transaction represents the final divestment by Stamm International Corporation bringing to a close an association with the HVAC sector stretching back more than ninety years. "I'm thrilled to partner with ACS, whose vision presents an exceptional opportunity for Powrmatic's employees and for the legacy of the brand in the future," stated Marilyn Skony Stamm, CEO.

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 Powrmatic
Powrmatic is a pre-eminent value-added manufacturer of commercial and industrial direct and indirect fired heating and cooling systems and OEM heat exchangers. Based in Finksburg, MD Powrmatic's legacy spans 70+ years and today serves a variety of niche markets and applications worldwide. In particular, Powrmatic specializes in heating, cooling, and ventilating large spaces (Factories, Warehouses, Distribution Centers, Sport Facilities, etc.). Its Air Turnover units have been used to heat facilities up to 250,000 ft² per unit and our cooling units up to 100,000 ft²per unit.

Contact:
Caroline Luz
Lambert by LLYC
[email protected]
203-570-6462

SOURCE Gryphon Investors