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Tulsa-based AAON agrees to buy BasX Solutions, an Oregon company
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Tulsa-based AAON agrees to buy BasX Solutions, an Oregon company

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AAON, a Tulsa-based maker of heating and cooling equipment, has agreed to buy an Oregon-based BasX, LLC, doing business as BasX Solutions.

BasX is a leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, custom HVAC systems and modular solutions.

The transaction terms require an upfront payment of $100 million, subject to customary adjustments. Additional payments valued at up to $80 million are subject to earn-out milestones that extend through 2023.

As a condition to closing, AAON will also sign a real estate purchase agreement with BasX Properties, LLC, an affiliate of BasX, to acquire for an additional $22 million the real property and improvements used by BasX.

AAON plans to fund the transactions through a combination of cash, borrowings under its revolving credit facility and equity.

BasX operates a manufacturing footprint of 200,000 square feet. In 2021, it is expected to realize revenue of about $70 million.

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