Alantra advises Aspen Pumps Group on the acquisition of Malco Tools, a U.S.-based tools manufacturer for the HVAC and building construction industries

Oct 2024

Buy-side Advisory

London – Alantra has advised Inflexion-backed Aspen Pumps Group (Aspen), a global leader in the heating, ventilation, air conditioning, and refrigeration (HVAC/R) industry, on the acquisition of Malco Tools, a U.S.-based HVAC and building construction tools manufacturer.

Aspen was founded by three air conditioning engineers in 1992 and now sells to over 100 countries worldwide. The United Kingdom-headquartered company has expanded globally to become an award-winning leader in the HVAC/R industry, including condensate removal pumps, tools, cleaning chemicals, support systems, and accessories.

With deep experience and capabilities in the HVAC/R aftermarket, Aspen has a strong portfolio of products and brands that strategically align with Malco, which will allow both brands to continue to grow and serve new markets. Malco Tools will continue to operate from its headquarters in Annandale, Minn., and will become the North American headquarters for Aspen, bringing on new tools and product lines that will serve a larger HVAC/R market.

As part of this strategic expansion, Malco Tools President and CEO Rich Benninghoff will take on the new role of CEO of Aspen Pumps Group North America, effective immediately

Andy Currie, Partner at Alantra Investment Banking, said: “It has been a pleasure supporting Aspen Pumps, a long-time client of ours, on their investment in Malco Tools. The deal will be transformational in developing Aspen’s presence in the U.S. market, and we look forward to watching both companies grow and expand as a result of the new partnership.”

This transaction further reinforces Alantra’s continued momentum in the Industrials sector, where the team has recently advised on a variety of deals such as the sale of EthosEnergy, formerly owned by John Wood Group PLC and Siemens Energy AG, to One Equity Partners, and the sale of ISS’s Inspection Services division to Element Material Technology.