Carrier's Magic Aire Business Purchasedby Management Group

Carrier retains small interest

MA Acquisition Co., LLC has purchased United Electric Company, manufacturer of Magic Aire branded products from Carrier Corporation. The Magic Aire brand covers a broad range of airside products suitable for residential and light commercial applications.

MA Acquisition Co. LLC is a newly formed holding company comprised of certain United Electric Company management members and investors. The company will be headquartered with continuing operations in Wichita Falls, TX.

The MBO reflects the optimism that the management team has for the company’s future. In the last few years the Magic Aire brand has become widely known for value, quality, short lead time and 99.9% on time performance. Management also anticipates a concentration of company engineering resources consistent with its role in light commercial HVAC and Educational HVAC markets.

United Electric Company is a U.S.-based manufacturer of HVACR products for comfort conditioning and specialty applications. The products are distributed throughout North America for use in homes, schools, hospitals, and other residential and light commercial settings. Magic Aire, employs more than 100 people. It manufactures fan coils and air handlers for commercial applications. It operates out of a headquarters and a 225,000 square foot manufacturing facility in Wichita Falls, TX.

Carrier has agreed to retain a small minority equity interest in the company.

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