ACHRNEWS

June 13, 2012: Modine Agrees to Acquire Geofinity Manufacturing

June 13, 2012
RACINE, Wis. — Modine Manufacturing Co. announced that it has signed a definitive asset purchase agreement to acquire privately-held Geofinity Manufacturing of Surrey, British Columbia. Modine said this acquisition will provide it with a full line of geothermal heat pumps in both water-to-water and water-to-air models. The deal is expected to close by mid-summer, and is subject to customary closing conditions. Terms of the deal were not disclosed.

Geofinity supplies residential and commercial geothermal heat pump systems. The company won a 2012 AHR Innovation Award in the Building Automation Category for its “ORB” heat pump controller.

According to Tom Marry, Modine’s executive vice president and chief operating officer, Geofinity extends Modine’s current geothermal heat pump product range beyond school-only applications to a wider market, one that has grown at a rate of nearly 15 percent annually.

“Acquiring Geofinity helps us expand our offerings to the growing commercial HVAC business while extending our focus on the residential market,” Marry said. “We have seen — and expect more — growth from our Commercial Products Group and this acquisition will help us build further on this success.”

“The Modine brand is trusted by distributors, engineers, contractors, and end users within the commercial HVAC market,” said Matt McBurney, vice president, Commercial Products Group.

“We see Geofinity as an extension of our well-established ideals to these same customers, with an added emphasis on the residential market. As such, we will be well positioned to take advantage of the increasing shift to geothermal solutions.”

Geofinity products are used in a variety of residential, commercial, and industrial applications, including single-family homes, condominiums, and schools.

“This acquisition presents the opportunity to leverage Modine’s strength and breadth of products with Geofinity’s to offer more to our established network of distributors and applied products experts, and grow our business,” added McBurney.

For more information about Modine’s Commercial Products Group, visit www.modinehvac.com.

Publication date: 6/11/2012