Ainsworth will acquire Airtron for a purchase price of approximately $19.5 million including vehicle leases, and will be subject to certain closing adjustments including working capital. The acquisition will be funded through GDI’s existing credit facilities, $4.5 million of vehicle leases and a balance of sale. Airtron generated approximately $82 million in revenue in its fiscal year ended Dec. 31, 2015. Following the realization of cost efficiencies expected to be obtained progressively over the 12 months following the acquisition, GDI expects the acquisition to contribute approximately $5 million to Ainsworth’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) on a run rate basis. At closing, the acquisition will have a beneficial effect on GDI’s debt to EBITDA coverage ratios on a proforma basis.

“We are pleased to welcome the Airtron team to the Ainsworth family,” said Claude Bigras, president and CEO of GDI. “Airtron is a highly strategic acquisition for Ainsworth, and will allow GDI to offer energy efficiency services, real-time intelligence and remote management of a facility’s building systems, enabling us to assist our clients to maximize asset performance, reduce operating costs, increase environmental responsibility, and ensure consistent customer/employee comfort. Additionally, Airtron strengthens Ainsworth’s platform in certain regions that are key markets for GDI.”  

The acquisition is expected to close during November 2016 and is subject to customary closing conditions.

For more information, visit www.gdi.com.

Publication date: 11/16/2016

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