AAON, INC. acquired WattMaster Controls, Inc. for $6.4 million, a transaction completed in February 2018, structured as all cash. The deal was a Asset purchase.
WattMaster Controls, Inc. operates in HVAC controls / air distribution, is based in Parkville, Missouri, USA. AAON purchased substantially all of the assets of WattMaster Controls, Inc. (WCI) — primarily intellectual property, receivables, inventory and fixed assets. WCI, based in Parkville, Missouri, had been a long-time controls supplier to AAON. AAON hired substantially all WCI employees and leased WCI's former facility to run the operation.
AAON described the deal as strategic in accelerating the development of its own electronic controllers for air distribution, bringing controls expertise in-house.
WCI was already AAON's controls supplier, so acquiring it brought proven controls IP and staff in-house with integration risk largely known. In-house controls development; vertical integration of a former supplier. Integrated into AAON's controls operations (former WCI facility leased in Parkville, Missouri).
We are very excited about this strategic addition to our business. This acquisition allows us to quickly bring in-house the expertise and knowledge needed to accelerate the development of our own controls, which we believe to be an integral part of our continued efforts to improve our products and increase our customer satisfaction.Gary Fields, President, and Norman H. Asbjornson, CEO, AAON
Advisory firms were not disclosed for this transaction.