Modine Manufacturing Acquires Frost Fighter Assets

Ticker: MOD · Form: 8-K · Filed: Mar 4, 2024 · CIK: 67347

Sentiment: neutral

Topics: acquisition, assets, expansion

Related Tickers: MOD

TL;DR

Modine just bought Frost Fighter assets to boost its heating biz.

AI Summary

On March 1, 2024, Modine Manufacturing Company completed the acquisition of certain assets from Frost Fighter, a division of Landaal Packaging Solutions. This transaction is expected to enhance Modine's product offerings and market presence in the portable heating sector.

Why It Matters

This acquisition allows Modine to expand its product portfolio and strengthen its position in the portable heating market, potentially leading to increased revenue and market share.

Risk Assessment

Risk Level: low — The filing reports on the completion of an asset acquisition, which is a standard business transaction with typically low immediate risk to the company.

Key Players & Entities

FAQ

What specific assets were acquired from Frost Fighter?

The filing states that Modine Manufacturing Company acquired 'certain assets' from Frost Fighter, a division of Landaal Packaging Solutions, but does not specify the exact nature of these assets.

What is the strategic rationale behind this acquisition?

The acquisition is intended to enhance Modine's product offerings and market presence in the portable heating sector.

When was the acquisition officially completed?

The acquisition of assets from Frost Fighter was completed on March 1, 2024.

Who is the seller of the Frost Fighter assets?

The Frost Fighter assets were acquired from Frost Fighter, which is a division of Landaal Packaging Solutions.

Does this filing indicate any significant financial terms of the acquisition?

This specific filing (8-K) reports the completion of the asset acquisition but does not disclose the financial terms or the purchase price.

Filing Stats: 561 words · 2 min read · ~2 pages · Grade level 12.5 · Accepted 2024-03-04 06:06:57

Key Financial Figures

Filing Documents

01

Item 2.01. Completion or Disposition of Assets. On March 1, 2024, Modine Manufacturing (Canada) Ltd. (the "Purchaser"), a wholly-owned subsidiary of Modine Manufacturing Company ("Modine"), completed its acquisition from Olympic International Agencies Ltd. (the "Seller Parent") of all of the issued and outstanding shares in the capital of Scott Springfield MFG Inc. (the "Corporation") pursuant to the Share Purchase Agreement (the "SPA") dated as of February 23, 2024, by and among the Purchaser, the Seller Parent and Modine. As a result of the transaction, the Corporation is a wholly-owned subsidiary of Purchaser. The aggregate purchase price paid by the Company to the Seller Parent was $257.0 million (CDN), or approximately $191 million (US), on a cash-free, debt-free basis. A portion of the consideration will be held in escrow pending certain post-closing working capital adjustments and to satisfy any indemnification obligations on the part of the Seller Parent under the terms of the SPA. Modine funded the purchase price with a combination of cash on hand and from its existing credit facility. Other than in respect of the transaction described above, there existed no material relationship between Seller Parent and Modine or any of its affiliates, directors or officers, or any associate of such persons. 2

Signatures

Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized. Modine Manufacturing Company By: /s/ Michael B. Lucareli Michael B. Lucareli Executive Vice President, Chief Financial Officer Date: March 4, 2024 3

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