Airxcel Completes Acquisition of Maxxair Vent Corporation
WICHITA, KANSAS - October 3, 2012 - Airxcel, Inc., a portfolio company of Bruckmann, Rosser, Sherrill & Co. ("BRS"), today announced that it has completed the acquisition of Maxxair Vent Corporation.
Founded in 1989 by Allen Thomas, Maxxair is the leading supplier of ventilation solutions to the recreational vehicle aftermarket. The company’s flagship product, the Maxxair louvered vent cap cover, has sold over 2 million units since its introduction to the marketplace.
“Airxcel is delighted to have completed the acquisition of Maxxair. We have known Allen Thomas for a number of years and are impressed by Maxxair’s history of product innovation and commitment to exceptional customer service. We look forward to supporting the business as it continues to grow”, said Mel Adams, Airxcel President and CEO.
Greg Guinn, Vice President of Airxcel and President of its RV Group added, “We are very pleased to add the Maxxair ventilation product line to the leading brands of Coleman-Mach RV air conditioners and Suburban water heaters, furnaces and cooking appliances. Allen has done an outstanding job of developing brand leadership in the ventilation product segment.”
Airxcel, headquartered in Wichita, Kansas, is a leading designer and manufacturer of climate control solutions and complementary products. Airxcel has leading share in the North American markets for climate control equipment for recreation vehicles (RVs), telecommunication shelters and self-contained classrooms. The Company also enjoys leading market positions for complementary products including RV water heaters and cooking appliances. Outside of the RV market, Airxcel designs and manufactures climate control equipment for marine vessels, assisted living homes, residential multi-family dwellings, modular buildings and portable structures. The Company sells its products under well-known brand names including Coleman-Mach, Suburban, Marvair.
BRS is a New York based private equity firm with $1.4 billion of committed capital under management in three investment partnerships, focused on investing in middle market consumer goods and services businesses. Since 1996, BRS has purchased over 40 portfolio companies for aggregate consideration of over $6.4 billion. In addition, BRS portfolio companies have completed approximately $1.9 billion of add-on acquisitions. Prior to forming the firm, the founders of BRS were in the financial acquisition business at Citicorp Venture Capital where they closed 25 transactions with aggregate transaction values totaling $5.8 billion.
Mel Adams or Greg Guinn
Mark Semer or Ruth Pachman