MODINE MANUFACTURING CO (MOD): M&A transaction — Modine completes acquisition of Scott Springfield MFG for $191M USD

MODINE MANUFACTURING CO

Acquisition completed on March 1, 2024 via wholly-owned subsidiary Modine Manufacturing (Canada) Ltd.
Purchase price of $257M CAD (~$191M USD) on a cash-free, debt-free basis.
Consideration partly held in escrow for post-closing adjustments and indemnification.
Funded with cash on hand and existing credit facility; no material relationship with seller.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

MODINE MANUFACTURING CO completed an acquisition involving Olympic International Agencies Ltd. for $257.0 million (CDN), or approximately $191 million (US), on a cash-free, debt-free basis (closed 2024-03-01).

Action: acquisition
Counterparty: Olympic International Agencies Ltd.
Consideration: $257.0 million (CDN), or approximately $191 million (US), on a cash-free, debt-free basis
Closing: 2024-03-01

Exact text from the filing

and Modine. As a result of the transaction, the Corporation is a wholly-owned subsidiary of Purchaser. The aggregate purchase price paid by the Company to the Seller Parent was $257.0 million (CDN), or approximately $191 million (US), on a cash-free, debt-free basis. A portion of the consideration will be held in escrow pending certain post-closing working capital

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Source: SEC EDGAR

accession 0001140361-24-010889

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