Shearman & Sterling has advised Spheros GmbH on the US acquisition of all shares in Automotive Climate Control Inc. (ACC) as well as on the financing under German law – including a securities package in seven jurisdictions. The transaction was closed at the end of January. The parties have agreed not to disclose the purchase price.
ACC, headquartered in Elkhart, Indiana, is the market leader for mobile heating, ventilation and climate control technology. The company develops, manufactures and installs climate control systems for busses, ambulances and special-purpose vehicles. ACC has 140 employees in total (headquarters and branch offices in North Carolina and Georgia included).
Spheros is one of the global market leaders in the development and manufacture of air conditioning systems for buses, engine-independent heating systems, water pumps and roof hatches for buses. The company is headquartered in Gilching near Munich and has 21 development, manufacturing and sales locations worldwide. For Spheros, the acquisition of ACC is a decisive step in strengthening its presence in North America. The number of employees rises to more than 1,100.
The Shearman & Sterling team was led by Frankfurt partner Esther Jansen (Finance) and included partners Thomas König (Frankfurt-Mergers & Acquisitions) and Larry Crouch (Palo Alto-Tax); counsel Sean Skiffington (Toronto-Mergers and Acquisitions), Gabrielle Wong (London-Finance), and Jordan Altman (New York-Intellectual Property Transactions); and associates Odilo Wallner, Maria Iorno (both Frankfurt-Finance), Heather Pals (New York-Corporate), Akofa Tsiagbe (London-Finance) and Ryan Bray (Palo Alto-Tax).