HVAC Breaking News

July 29, 2005: Airxcel Purchased By Management Team

July 29, 2005
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WICHITA, Kan. - Airxcel Inc., a designer, manufacturer, and marketer of air conditioners, furnaces, water heaters, and cooking appliances for the RV industry and HVAC equipment for the telecommunications, school, modular structure, and marine markets, announced that its parent company, Airxcel Holdings Inc., has entered into a definitive agreement to sell the company to a group of current managers of Airxcel and a newly formed company organized by Bruckmann, Rosser, Sherrill and Company Inc. (BRS), a private equity firm based in New York.

The transfer is subject to customary closing conditions and is targeted to close by the end of August 2005. All financing necessary to complete the transaction is committed, says the company.

"Management is delighted to team with BRS, a high quality financial sponsor that has a thorough knowledge of the markets Airxcel serves and places high value on customer and employee relations," said Mel Adams, Airxcel's president and CEO.

"Our focus of bringing high-quality, added-value products to markets Airxcel serves with excellent customer service support will continue to be our mission," added Adams.

Airxcel currently employs 982 people at manufacturing operations in Wichita, Kan.; Dayton, Tenn.; and Cordele, Ga.; and its warehouse and sales operation in Elkhart, Ind.

Publication date: 07/25/2005

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