CSW Industrials Completes Acquisition of Aspen Manufacturing for $313.5 Million

Deal News | May 01, 2025 | Globenewswire

CSW Industrials Completes Acquisition of Aspen Manufacturing for $313.5 Million

CSW Industrials, a diversified industrial growth company, has successfully completed the acquisition of Aspen Manufacturing for $313.5 million. This move significantly enhances CSW's HVAC/R offering by integrating Aspen's market-leading evaporator coils and air handlers. The deal was financed through cash on hand and borrowings from an existing credit facility, maintaining robust financial stability. The acquisition price represents an approximate 11x multiple of Aspen's projected 2024 EBITDA. With the addition of Aspen’s comprehensive suite of HVAC/R products, CSW aims to secure customer and market share gains while delivering superior service offerings. The leaders of CSW view this acquisition as a means to promote growth in their profitable product portfolio and provide long-term shareholder value. Aspen manufactures its products in the USA and caters to various housing markets. The acquisition is strategic, strengthening CSW's presence in the HVAC/R industry.

Sectors

  • HVAC/R
  • Industrial Manufacturing

Geography

  • United States – Both CSW Industrials and Aspen Manufacturing are based in the USA, and Aspen’s products are designed, engineered, and assembled within the country.

Industry

  • HVAC/R – This classification pertains to Heating, Ventilation, Air Conditioning, and Refrigeration industries, as the acquisition expands CSW Industrials' HVAC/R product offerings.
  • Industrial Manufacturing – This sector is relevant because both CSW Industrials and Aspen Manufacturing are involved in manufacturing industrial components and solutions.

Financials

  • $313.5 million – The purchase price paid by CSW Industrials to acquire Aspen Manufacturing.
  • 11x EBITDA – The acquisition price represents an approximate 11 times multiple of Aspen Manufacturing's 2024 projected adjusted EBITDA.
  • $28.5 million – Aspen Manufacturing's projected adjusted EBITDA for 2024.

Participants

NameRoleTypeDescription
CSW Industrials, Inc.AcquirerCompanyA diversified industrial growth company, operating in multiple industrial segments and providing niche, value-added products.
Aspen ManufacturingTarget CompanyCompanyA leading manufacturer of evaporator coils and air handling units, catering to residential and light commercial markets.
Joseph B. ArmesChairman, President, and CEO of CSW IndustrialsPersonJoseph B. Armes heads CSW Industrials and has commented positively on the strategic acquisition of Aspen Manufacturing.