Daily News: November 25, 2014

GE Antares, Citizens Lead One Rock’s Airxcel Investment

Yukon Partners announced its subordinated debt and equity investment in Airxcel. One Rock Capital Partners sponsored the transaction. Subordinated debt financing was provided by Yukon, Freedom 3 Capital and Babson Capital Management. Senior financing for the transaction was led by GE Antares Capital and Citizens Financial Group. The specific terms of the transaction were not disclosed.

Management will own a meaningful interest in Airxcel and will continue to operate the business on a day-to-day basis. One Rock will complement the Airxcel management team’s vision with strategic guidance and financial expertise to accelerate growth while continuing to leverage the company’s entrenched partnerships with its blue-chip customer base.

One Rock Managing Partner Scott Spielvogel commented, “Yukon has a strong record of partnering with private equity firms and management teams to support their efforts to drive growth and create value. The One Rock organization looks forward to strengthening our relationship with Yukon through our investment in Airxcel.”

Mike Hall, managing partner of Yukon, added, “We are excited to partner with management and One Rock to support the acquisition of Airxcel. The Company has established itself as a key manufacturer of climate control and other similar products for the broad array of industries it serves. Yukon is fortunate to provide capital to and partner with Airxcel as the Company continues to execute its growth strategy. We also look forward to benefiting from One Rock’s investment stewardship.”

Wichita, KS-headquartered Airxcel manufactures a variety of specialty air conditioning, heating, ventilating and related appliances for recreation vehicles, telecommunications enclosures, school classrooms, modular structures, assisted living, multi-family housing and other industrial commercial applications.