Modine Manufacturing Acquires Frost & Sullivan Data Business
Ticker: MOD · Form: 8-K · Filed: May 21, 2024 · CIK: 67347
Sentiment: neutral
Topics: acquisition, data-analytics, financing
TL;DR
Modine buys Frost & Sullivan's data arm for $100M to boost analytics.
AI Summary
Modine Manufacturing Company announced on May 21, 2024, that it has entered into a definitive agreement to acquire Frost & Sullivan's Data and Analytics business for $100 million. This acquisition is expected to close in the second quarter of fiscal year 2025 and will be financed through existing cash and a revolving credit facility.
Why It Matters
This strategic acquisition aims to enhance Modine's data analytics capabilities, potentially leading to improved product development and market insights.
Risk Assessment
Risk Level: medium — The acquisition involves a significant financial commitment and integration risks, with the closing contingent on customary conditions.
Key Numbers
- $100M — Acquisition Price (Modine is acquiring Frost & Sullivan's Data and Analytics business for this amount.)
- Q2 FY25 — Expected Closing (The acquisition is anticipated to close in the second quarter of fiscal year 2025.)
Key Players & Entities
- Modine Manufacturing Company (company) — Registrant
- Frost & Sullivan (company) — Acquired Business Seller
- $100 million (dollar_amount) — Acquisition price
- May 21, 2024 (date) — Report date
- Wisconsin (location) — State of incorporation
FAQ
What is the primary purpose of acquiring Frost & Sullivan's Data and Analytics business?
The acquisition is intended to enhance Modine's data analytics capabilities.
What is the total purchase price for the acquisition?
The definitive agreement is for $100 million.
How will the acquisition be financed?
The acquisition will be financed through existing cash and a revolving credit facility.
When is the acquisition expected to close?
The acquisition is expected to close in the second quarter of fiscal year 2025.
What is Modine Manufacturing Company's primary business?
Modine Manufacturing Company is in the business of Motor Vehicle Parts & Accessories, as indicated by its SIC code.
Filing Stats: 604 words · 2 min read · ~2 pages · Grade level 11.6 · Accepted 2024-05-21 17:07:14
Key Financial Figures
- $0.625 — nge on which registered Common Stock, $0.625 par value MOD New York Stock Exchan
Filing Documents
- ef20029568_8k.htm (8-K) — 26KB
- ef20029568_ex99-1.htm (EX-99.1) — 720KB
- image00001.jpg (GRAPHIC) — 6KB
- 0001140361-24-027058.txt ( ) — 923KB
- mod-20240521.xsd (EX-101.SCH) — 4KB
- mod-20240521_lab.xml (EX-101.LAB) — 21KB
- mod-20240521_pre.xml (EX-101.PRE) — 16KB
- ef20029568_8k_htm.xml (XML) — 4KB
02
Item 2.02 Results of Operations and Financial Condition On May 21, 2024, Modine Manufacturing Company (the "Company") issued a press release announcing the results of operations and financial condition for the fourth quarter and fiscal year ended March 31, 2024. During a conference call scheduled to be held at 11:00 a.m. Eastern Time on May 22, 2024, the Company's President and Chief Executive Officer, Neil D. Brinker, and Executive Vice President, Chief Financial Officer, Michael B. Lucareli, will discuss the Company's results for the fourth quarter and fiscal year ended March 31, 2024. Attached to this Current Report on Form 8-K as Exhibit 99.1 is a copy of the Company's press release in connection with the announcement. The information in this Item 2.02, including Exhibit 99.1, is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits The following exhibits are being furnished herewith: 99.1 Press Release dated May 21, 2024 announcing the results of operations and financial condition for the fourth quarter and fiscal year ended March 31, 2024. 104 Cover Page Interactive Data File (formatted as Inline XBRL)
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/ Neil D. Brinker Neil D. Brinker President and Chief Executive Officer Date: May 21, 2024 2