Slide 1: Acquisition of BasX Solutions
Acquisition of BasX Solutions November 18, 2021
Slide 2: Forward-Looking / Cautionary Statements
Forward-Looking / Cautionary Statements Certain statements and information set forth in this presentation, including any oral statements made regarding the contents of this presentation, contain “forward-looking statements” and “forward-looking information” within the meaning of the Private Securiti
Slide 3: Company Overview
Data Centers Cleanroom Systems Commercial HVAC AAON, Inc. - November 18, 20213 Company Overview PROFILE SALES MIX Headquarters: Redmond, OR Founded: 2012 Employees: ~260 2021E Sales: ~70M | 5‐year CAGR: 45% Manufacturing: 200,000 sq. ft. Description: BasX Solutions is an industry leader in designing
Slide 4: BasX Leadership
AAON, Inc. - November 18, 20214 BasX Leadership DAVE BENSON BasX CEO & Co‐Founder Mr. Benson has 35 years of experience in the HVAC industry as the HVAC design engineer and operations manager at Intel, past‐ President and Founder of Cleanpak and President and Founder of Huntair. He has pioneered the
Slide 5: Summary Transaction Terms
AAON, Inc. - November 18, 20215 Summary Transaction Terms Financial Benefits of the Transaction Potential Synergies Transaction Terms Financing Timing Upfront payment of $100M Additional $80M payments are subject to earn‐out milestones that extend out through 2023 Acquisition of real estate pr
Slide 6: Strategic Rationale
AAON, Inc. - November 18, 20216 Strategic Rationale Attractive End‐Markets o Provides AAON with exposure to the primary cooling data center market and the cleanroom systems market o Expands AAON’s custom air handling business High Barriers to Entry Customization Innovation Strong Leadershi
Slide 7: Strong Player In Hyperscale Data Center Cooling
AAON, Inc. - November 18, 20217 Strong Player In Hyperscale Data Center Cooling 2018 2021E BasX Data Center Sales 100% CAGR BasX Attractive Growth Opportunity The $6.5B U.S. data center cooling market is expected to grow 10%‐12% annually over the next four years The biggest bottleneck to data ce
Slide 8: Emerging Player In The Cleanroom Market
AAON, Inc. - November 18, 20218 Emerging Player In The Cleanroom Market BasX’s Compelling Market Position The $8.1B U.S. cleanroom market is expected to grow ~7% annually over the next four years There is over 3 million square feet of cleanroom projects planned in the market in the near‐term A
Slide 9: Complimentary Custom Air Handlers
Custom Air Handling Units AAON, Inc. - November 18, 20219 Complimentary Custom Air Handlers BasX’s High‐Growth Air Handling Business The $3B U.S. air handling market is expected to grow ~7% annually over the next four years Electric air‐source heat pump technology is expected to take market shar
Slide 10: Summary
AAON, Inc. - November 18, 202110 Summary Attractive Commercial End‐Markets Highly Engineered Products High Barriers to Entry Customization Innovation Strong Leadership Growth Profitability Synergies Earnings Accretive