The Sale of the World Leader in Thermal Energy Storage Technology, CALMAC® Corporation, to Trane U.S., Inc., a subsidiary of Ingersoll-Rand Plc
Rochelle Park, NJ – CALMAC ® is to thermal energy, what Elon Musk is to solar storage; with 70 years’ experience and more than 4,000 businesses and institutions in 60 countries that rely on CALMAC’s thermal energy storage to cool their buildings.
A family business founded by Cal MacCracken in 1947, CALMAC developed its’ premiere IceBank product, a patented technology and energy efficient, air-conditioning solution that makes ice at night to cool buildings during the day. It is used in such notable buildings as Rockefeller Plaza and the Credit Suisse Building in New York City.
The DAK Group, a leading investment bank specializing in mergers, acquisitions and sales of middle-market businesses worldwide, announces the sale of its client CALMAC Corporation, headquartered in Fair Lawn, NJ to Trane, US, Inc., a world leader in air conditioning systems, services and solutions and a subsidiary of Ingersoll- Rand Plc. The DAK Group served as the exclusive investment banker and financial advisor to CALMAC managing the divestiture process.
“With this transaction CALMAC’s owners have been able to monetize the exceptional business that they have built, while providing Trane with the ability to offer customers even greater choices for reducing energy and operating costs and capitalizing on the multi-billion-dollar energy services market opportunity.” stated Alan Scharfstein, President of The DAK Group.
The transaction capitalizes on CALMAC’s outstanding reputation as the largest manufacturer of cool thermal energy storage equipment in the world.
Mark MacCracken, former CEO of CALMAC states “CALMAC is pleased to be part of Trane. We know that with the support and investments from Trane and its parent, Ingersoll Rand, CALMAC can expand the availability and distribution of our products, serving new and existing customers with the energy storage and ice solutions they demand.” Mark will continue as the President of CALMAC.
About CALMAC Corp. – www.calmac.com
Since 1947, CALMAC Corp has been a leading U.S. manufacturer of cool energy related technologies. CALMAC is most known for its IceBank energy storage systems which strengthens the smart grid by storing critical energy sources – including renewables like wind power – for later use. IceBank energy storage tanks are installed at over 4,000 locations in 60 countries and last over 40 years.
About Ingersoll Rand – www.ingersollrand.com
Ingersoll Rand (NYSE: IR) advances the quality of life by creating comfortable, sustainable and efficient environments. Its people and family of brands work together to enhance the quality and comfort of air in homes and buildings; transport and protect food and perishables’ and increase productivity and efficiency. It is a global business committed to a world of sustainable progress and enduring results.
About The DAK Group – www.dakgroup.com
The DAK Group is a leading investment bank serving mid-market privately held businesses in the areas of mergers and acquisitions, business sale, financial restructuring, bankruptcy, capital advisory, valuations and fairness opinions. Since 1984, The DAK Group has executed hundreds of transactions across a wide range of industries. The DAK Value Accelerator is the propriety process that allows clients to maximize the value of their business. The DAK Group is headquartered in Rochelle Park, NJ with offices in Philadelphia.