AIR FLOW acquired by XEBEC
Context
The global Cleantech leader has successfully finalized the acquisition of 100% of the share capital of the target, marking a significant expansion of its technical service capabilities in the Southeastern United States. This strategic transaction represents a definitive move to incorporate localized compressed air expertise into the group’s broader industrial service and support division. The strategic rationale for the move centers on the acquirer’s objective to broaden its technical operational depth to support the upcoming deployment of RNG and hydrogen systems in high-potential agricultural regions. By incorporating this technical specialist, the organization reinforces its ability to offer proprietary, software-enabled maintenance solutions that drive immediate earnings accretion. The partnership is designed to leverage the target’s established regional footprint and trained technician base to provide truly local support to dairy farmers, hog farmers, and municipalities.
AIR FLOW, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, a level significantly lower than the average currently observed in the Business Services sector (11.4x).
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Target
Air Flow is a specialized technology organization dedicated to the distribution and maintenance of high-performance compressed air equipment. The entity’s business model is centered on a service-led framework, providing technical operational depth through preventative maintenance solutions, machine rentals, and comprehensive air energy system audits. Its value proposition is anchored in ensuring the operational efficiency and reliability of industrial air systems for a diverse set of agricultural, municipal, and industrial clients. Strategically, the firm focuses on the regional densification of its service footprint in North Carolina, a market with significant potential for renewable gas development. By maintaining a multidisciplinary team of service technicians, the organization ensures a mission-critical role in the lifecycle management of industrial gas compression. The entity prioritizes technical precision and energy analysis to facilitate the structural transition toward optimized industrial workflows and sustainable gas support.
Ent. Value
$0–15M
Equity Value
[members only]
Multiples
EV / Revenue
below 1.5x
EV / EBITDA
5x–12x
EV / EBIT
[members only]
Historical Financials (USD)
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Other operations with XEBEC
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 02/2023 | IVYS / ENBRIDGE | XEBEC | CANADA | Energy Services & Technology |
| 06/2021 | XEBEC | TIGER FILTRATION | UNITED KINGDOM | Valves, Pumps & Taps |
REFERENCES
Valuation range: EV $0–15M
Revenue range: $5–25M
EBITDA range: $0–5M
EV/Revenue range: below 1.5x
EV/EBITDA range: 5x - 12x
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: air flow