NEW YORK, August 31, 2005 – Bruckmann, Rosser, Sherrill & Co. (“BRS”) announced today the completion of the acquisition of Airxcel Holdings, Inc. (“Airxcel”). The Airxcel management team also participated in the transaction. Airxcel is a leading designer, manufacturer and marketer of air conditioners, heat pumps, furnaces, water heaters, and cooking appliances for the recreational vehicle (“RV”) industry. Airxcel’s products are used in all types of RVs, from top-of-the-line Class A motorhomes to lower priced towable travel trailers. The Company, through its Marvair operating division, is also a leading designer and producer of wall-mounted air conditioners for telecommunications shelters and self-contained school classrooms.
Mel Adams, Airxcel’s president and CEO, says the transaction should be transparent from an employee and customer standpoint. “Strategy, direction of the company, will not be changing,” he says. “With the recapitalization, the financing is very strong and we should be able to maneuver and do the kind of things we need to do to remain aggressive in the marketplaces that we’re serving.”
BRS is a New York based private equity investment firm with approximately $1.2 billion under management. BRS was founded in 1995 and has since invested in over 25 companies in the following industries: restaurants, consumer goods, specialty retail, recreation/leisure, apparel, home furnishings, industrial and commercial services, commercial equipment manufacturing, wholesale distribution and healthcare services. BRS makes leveraged buyout, recapitalization and growth capital investments in companies with superior management, predictable cash flow, strong market share and growth potential. All management teams of BRS companies are equity investors in their businesses.