On Sept. 27, middle-market private equity firm Gryphon Investors announced it has agreed to acquire AirX Climate Solutions, a manufacturer and distributor of specialty products for the heating, ventilation, and air conditioning markets.

Gryphon officials said in a news release that the investment will support ACS’ growth initiatives, including:

• a broadened geographic footprint
• expanded aftermarket and service offerings
• execution of strategic acquisitions.

As part of the transaction, ACS’ CEO Rick Aldridge and other members of management will continue to manage the company. Gryphon is acquiring the company from private equity firm L Catterton, and the transaction is expected to close in the fourth quarter of 2023. Financial terms were not disclosed.

Founded in 1997 and headquartered in Oklahoma City, Oklahoma, ACS is a full-service, specialty HVAC solutions provider. The company offers design, installation, maintenance, and repair of heating, ventilation, and air conditioning systems for specialized solutions across a diverse set of end markets, including telecommunications, data centers, energy storage, rental, educational, industrial, and commercial markets. The company has a workforce of over 600 people.

The transaction marks Gryphon’s fourth investment in the HVAC value chain and follows the firm’s exit of Heritage Distribution Holdings earlier this year. It comes nine days after Gryphon announced it established  a platform for the distribution of industrial temperature management and related products, and announced the acquisition of electric process heating and temperature control products distributor Big Chief Inc.