SCOTT SPRINGFIELD MANUFACTURING HAS BEEN ACQUIRED BY MODINE MANUFACTURING COMPANY (NYSE: MOD)
Birmingham, Michigan – March 13, 2024 – Angle Advisors is pleased to announce that Modine Manufacturing Company (NYSE: MOD) has acquired Scott Springfield Manufacturing. Angle Advisors acted as the exclusive investment banking advisor to Scott Springfield Manufacturing and its shareholders in completing the transaction.
Based in Calgary, Alberta, Canada, Scott Springfield Manufacturing is a leading manufacturer of large-scale air handling units (AHU). With this transaction, Modine will gain immediate access to a highly complementary product portfolio and a blue-chip customer base in several strategic end markets, including hyperscale and colocation data centers, telecommunications, healthcare, and aerospace.
Scott Springfield Manufacturing is known for premier design and engineering expertise in the manufacture of AHUs for a broad range of commercial and industrial HVAC applications. The company employs approximately 500 people at two manufacturing facilities in Calgary that serve different end markets. The facility producing AHUs for blue-chip hyperscale and colocation data center customers is equipped with automated manufacturing equipment and is optimized for higher volume production. The other facility manufactures custom-built AHUs chiefly for the healthcare sector. Specially engineered AHUs are imperative in meeting the stringent HVAC, indoor air quality and energy efficiency requirements of hospitals, clean rooms, and laboratories.
“I acknowledge the work of Angle Advisors in making this transaction work and exceed our expectations,” said Mike Mahannah, President and Chief Executive Officer of Scott Springfield Manufacturing. “They provided a high degree of professionalism, expertise, passion, and a willingness to support our company in this process by having the ‘challenging’ conversations that were critical to success. This was a first-time experience for me in selling a business of this size and they provided excellent guidance through all the stages of the process to ensure a great outcome. I wholeheartedly recommend Angle Advisors for anyone wanting to sell their business.”
“We are excited to welcome the Scott Springfield team to the Modine family and continue to advance our complete suite of products in the data center area, as well as expand our indoor air quality offerings,” said Neil Brinker, President and Chief Executive Officer of Modine. “The acquisition is right in line with our transformation and will bring Modine a product line and customer base in high-growth markets that fully complement and expand our current reach, including to hyperscale data center operators. Further, the addition of custom air handling unit capabilities demonstrates our continued commitment to focus on innovative, engineered solutions that help us achieve our long-term growth targets.”
Scott Springfield Manufacturing is a leading manufacturer of air handling units for hyperscale data centers and custom applications in healthcare, institutional, and industrial buildings. For more information about Scott Springfield, visit www.scottspringfield.com.
Modine Manufacturing Company (NYSE: MOD) is a diversified global leader in innovative thermal management and ventilation solutions. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe and Asia. For more information about Modine, visit www.modine.com.
Angle Advisors, with offices in the United States, Germany, and China, specializes in mergers and acquisitions and capital raising. The firm’s professionals have completed 296 transactions since 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.