Modine acquires Scott Springfield Manufacturing for ~$191M to expand data center and IAQ offerings

MODINE MANUFACTURING CO

Enterprise value ~$191M (USD) cash-free debt-free; expected close by April 1, 2024.
Scott Springfield FY2023 revenue >$100M; acquisition immediately accretive to earnings.
Adds air handling unit (AHU) capabilities for hyperscale/colocation data centers and IAQ.
Financed via cash on hand and existing credit facility; no regulatory review required.
Seller provides 5-year non-competition and non-solicitation agreements.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MODINE MANUFACTURING CO entered into Share Purchase Agreement with Olympic International Agencies Ltd. valued at $257.0 million (CDN), or approximately $191 million (US) (effective 2024-02-23).

Action: entry
Agreement: asset purchase
Counterparty: Olympic International Agencies Ltd.
Value: $257.0 million (CDN), or approximately $191 million (US)
Effective: 2024-02-23

Exact text from the filing

On February 23, 2024, Modine Manufacturing (Canada) Ltd. (the “Purchaser”), a wholly-owned subsidiary of Modine Manufacturing Company (“Modine”), entered into a Share Purchase Agreement (the “SPA”), by and among the Purchaser, Olympic International Agencies Ltd. (the “Seller Parent”), and Modine, pursuant to which the Purchaser agreed to purchase (the “Transaction”) from the Seller Parent of all the issued and outstanding shares in the capital of Scott Springfield MFG Inc.

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MODINE MANUFACTURING CO filing history →

Source: SEC EDGAR

accession 0001140361-24-009373

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