Modine Purchases Napps Technology to Grow K-12 Market
Celebrating Modine's purchase of Napps Technology are, from left: Eric McGinnis, president of Modine’s climate solutions segment; Sam Neale, president of Napps Technology; and Jake Feldman, vice president and general manager of indoor air quality for Modine. PHOTO COURTESY OF PRNEWSWIRE
Modine Manufacturing Co. has acquired Napps Technology, a manufacturer of air- and water-cooled chillers, condensing units and heat pumps for the K-12 school market and other similar applications. Modine currently serves the North American chiller market with large chillers targeting the data center market. The acquisition of Napps Technology allows Modine to enhance its offerings to the K-12 school market, while also enabling Modine to serve a broader range of customers and end markets seeking small tonnage chillers and chillers with heat pumps.
Modine expects to generate between $6 million to $8 million in revenue this year from the acquisition and forecasts doubling that within two years. Modine will continue to manufacture in Longview, Texas, and that Sam Neale, current president of Napps Technology, will join Modine
"Since announcing our transformation initiatives last year, we have said that acquisitions would be a key part of our growth strategy," said Modine CEO Neil Brinker. "Acquiring Napps Technology is in line with our transformation to focus on innovative, engineered solutions that expand our technology portfolio, and furthers our purpose of engineering a cleaner, healthier world. We are excited to demonstrate that Modine is doing what we committed: investing in markets with strong tailwinds that advance our product and technology strategies and help us achieve our long-term margin targets."
Modine executives are comparing this latest acquisition to the company’s purchase of Airedale in 2005. That move also expanded Modine’s HVACR offerings for the education market. The Jetson product portfolio includes modular air-cooled chillers and heat pumps, modular water-cooled chillers, packaged air-cooled chillers and heat pumps, water-cooled condensing units, air-cooled condensing units and split-system air-cooled chillers.
"By introducing the Jetson product line into our vast Airedale distribution network, we will be empowering facility owners and managers to install premium quality HVAC products by offering a variety of proven solutions," said Jake Feldman, vice president and general manager of indoor air quality for Modine. "This will not only be a benefit to K-12 schools, but it will also positively impact other high-end markets such as healthcare, light commercial, secondary education and hospitality."
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