“We’re moving into North America with this bundle concept because Malco really resonates with people here,” Benninghoff said. “We want to offer a one-stop shop for HVAC technicians — tools, pumps, lighting, chemicals — all under a brand that stands for quality.”

The approach was on full display at the 2025 AHR Expo in Orlando, where Malco’s expanded footprint showcased new product lines: vacuum recovery pumps, condensate management solutions, worksite lighting, and more.

“We think of it in three main categories: tools, pumps and chemicals,” Benninghoff explained, noting they are in acquisition mode. “But every acquisition has to fit culturally and deliver solutions that technicians actually need.”

Growth by acquisition, especially under private equity ownership, can make some HVAC industry veterans nervous. When asked about the perception that private equity sometimes sacrifices quality for short-term gains, Benninghoff doesn’t dodge.

“There’s no shortage of opinions out there about different ownership models,” he said. “I’ve worked for public companies, private companies, ESOPs, and now private equity. They all have strengths and weaknesses. But here, the group is doubling down on investment. The last thing you want to do is asset-strip a respected brand like Malco. That would be completely counterintuitive.” Benninghoff added that, “overall research has proven that private equity-owned businesses tend to outperform their rivals, and Aspen understands that investing in the Malco brand is essential for long-term success.” 

Under Aspen Pumps Group’s private equity ownership, Malco’s headquarters in Minnesota remains the hub.

“We’re not trying to be the lowest-cost provider,” Benninghoff said. “We’re focused on innovation, durability, and robust product lines. That takes real investment, and we’ve seen the commitments matched by action.”

75 YEARS: The Malco Group CFO Mike Hemmesch, Wright County Commissioner Tina Diedrick, Annandale Mayor Shelly Jonas, The Malco Group CEO Rich Benninghoff, members of the founding Keymer family: Gerry, Dave and Paul Keymer, former Malco executive Don Schmidt, and The Malco Group director of engineering Greg Guse. (Courtesy of Malco Group)

He points to Aspen’s recent launch of innovative mini pump technology, as well as Malco’s steady stream of new tools.

“The ‘say-do’ ratio is high here,” he says. “They do what they say they’ll do. That’s how you beat competitors — by moving fast, investing in quality, and getting to market first.”

The consolidation of brands under The Malco Group also brings new efficiencies.

“We’re streamlining sales reps and distribution, making it easier for customers to get everything they need from one place,” Benninghoff explained. “It’s a living thing — a bundle that keeps growing and evolving with the market.”

As for what’s next? “There’s more coming,” Benninghoff concluded. “This is just the beginning.”

With private equity often under the microscope, Malco’s story — a legacy brand embracing new ownership, expansion, and innovation — offers a timely blueprint.