Racine-based
Modine Manufacturing Co., a manufacturer of thermal management and ventilation solutions, has acquired Longview, Texas-based
Napps Technology for an undisclosed price.
Napps Technology makes air and water-cooled chillers, condensing units and heat pumps for schools. The acquisition is part of Modine’s strategy to provide new technologies that help customers address “real world concerns,” according to a Thursday announcement. Napps Technology’s products help improve the air quality within school buildings.
"Since announcing our transformation initiatives last year, we have said that acquisitions would be a key part of our growth strategy," said
Neil Brinker, president and chief executive officer of Modine. "Acquiring Napps Technology is in line with our transformation to focus on innovative, engineered solutions that expand our technology portfolio, and furthers our purpose of engineering a cleaner, healthier world."
Modine currently manufactures large chillers that are targeted toward data centers. The company said its acquisition of Napps Technology allows it to bolster its offerings to the K-12 school market while also serving a broader range of customers and end markets. Modine expects to generate between $6 million to $8 million in revenue this year from the acquisition and forecasts doubling that within two years.
"Technologies that improve indoor air quality are more important than ever, especially in schools," said
Jake Feldman, vice president and general manager of Modine's Indoor Air Quality business. "Napps Technology's modular, heat pump chillers perfectly complement our existing portfolio of indoor air quality technologies and equip us to meet a broader range of customer needs in the K-12 school market and beyond."
Modine will continue manufacturing operations in Longview, Texas. Following the acquisition,
Sam Neale, president of Napps Technology, will join Modine.
