# Modine sells AIAC Air Conditioning South Africa to management team

Modine Manufacturing Company signed an agreement to sell its South African subsidiary AIAC Air Conditioning South Africa (Pty) Ltd to the existing management team led by Andrew Koeslag. The business, based in Johannesburg, manufactures precision air conditioning systems and had FY2017 sales of just under $3 million.

- Type: Acquisition
- Announced: 2018-06-11
- Where: Johannesburg, South Africa, South Africa
- Status: announced
- Products: precision air conditioning systems
- Sectors: [HVAC and Industrial Refrigeration](https://endata.com/sectors/hvac-refrigeration.md)

## Companies

- [Modine Manufacturing Company](https://endata.com/companies/2921.md) (partner)
- [AIAC Air Conditioning South Africa (Pty) Ltd](https://endata.com/companies/32491.md) (target)
- [AIACSA (Pty) Ltd](https://endata.com/companies/32492.md) (acquirer)

## Sources

- [investors.modine.com](https://investors.modine.com/news/news-details/2018/Modine-Signs-Agreement-to-Sell-AIAC-Air-Conditioning-South-Africa-Pty-Ltd-to-Existing-Management-Team/default.aspx), 2018-06-11: "Modine Manufacturing Company has signed an agreement to sell its South African business operation, AIAC Air Conditioning South Africa (Pty) Ltd, to the current management team."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.