Air Treatment Corporation
Opus Bank’s Commercial Banking division provides financing to facilitate an employee stock ownership plan transaction as well as to provide working capital to support future growth
Overview of Transaction
- Air Treatment Corporation (“Air Treatment”) was founded in 1982 and is a provider of a wide spectrum of solutions, including HVAC new system solutions, retrofit repair, service/startup, and aftermarket parts.
- Air Treatment is not just an HVAC equipment distributor; the company also has the design capability to bring its clients’ projects from concept to completion.
Significance of Transaction
- Air Treatment’s owners wanted to sell the company to an employee stock ownership plan (“ESOP”) trust to reward the employees who have been instrumental in helping them achieve their objectives over the past 30-plus years.
- As a testament to their faith in the employees and the future of the company, the owners financed the 100% ESOP with a significant seller note.
Opus Bank's Role
- Opus Bank (“Opus”) took the time to understand the transaction and appreciated the fact that the owners had a great deal of faith in the company’s future success, as evidenced by their willingness to take back a significant seller’s note.