US company acquires Airedale

Airedale International has been acquired by Modine Manufacturing of the United Stares for around $38 million in cash. The purchase price is described by Modine as a ‘highly competitive 6.5 times Airedale’s 2004 normalised EBITDA’ [earnings before interest, taxes, depreciation and amortisation]. Airedale’s financial position is described as ‘debt-free with strong balance sheet’. The Leeds operation of Airedale, the largest privately owned designer and manufacturer of air-conditioning system in the UK, will become the European headquarters for the Modine heating and ventilation, air conditioning and refrigeration division in Europe. It will also become the worldwide design centre for building air conditioning and continue to supply the UK and Europe with high-quality products and services. Airedale employs over 450 people and had a turnover last year of £38.2 million worldwide, about 40% of which went to North America, Europe , South Africa and Asia. A statement from Modine describes the focus of Airedale as being on speciality, low-volume and value-added products and premium services for select, non-residential markets. David Rayburn, president and CEO of Modine says that the acquisition nearly doubles the size of Modine’s HVAC&R business. Modine employs 8700 people worldwide at 36 facilities and had sales of $1.2 billion last year. The company specialises in thermal-management systems and components bringing cooling technology and solutions to diversified global markets. David Rayburn says, ‘We share the belief with Airedale that the demand for energy-efficient, environmentally friendly air-conditioning systems will continue to rise. Like Modine’s other businesses, Airedale focuses on customers and applications where technology, innovation and functionality are the drivers.’