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Aspen Pumps Group Acquires Malco Tools

Malco Tools, Inc. one of the nation’s top manufacturers of high-quality tools for the HVAC and building construction industries, announced on October 29, 2024 that it has been acquired by Aspen Pumps Group.

Aspen Pumps Group (Aspen) was founded by three air conditioning engineers in 1992, and now sells to over 100 countries worldwide. The United Kingdom-headquartered company has expanded globally to become an award-winning leader in products and solutions for the heating, ventilation, air conditioning and refrigeration (HVAC/R) industry, including condensate removal pumps, tools, cleaning chemicals, support systems and accessories.
With deep experience and capabilities in the HVAC/R aftermarket, Aspen has a strong portfolio of products and brands that strategically align with Malco, which will allow both brands to continue to grow and serve new markets. Malco Tools will continue to operate from its headquarters in Annandale, Minn., and will become the North American headquarters for Aspen, bringing on new tools and product lines that will serve a larger HVAC/R market. As part of this strategic expansion, Malco Tools President and CEO Rich Benninghoff will take on the new role of CEO of Aspen Pumps Group North America, effective immediately.
“Malco has built an extremely strong, and reputable business over the past 75 years and this agreement with Aspen Pumps Group will allow us to grow our business in ways that will allow us to be a successful, trusted brand for the next 75 years,” said Benninghoff. “Aspen Pumps Group is a strong partner for us from not only a business and opportunity perspective, but also from a mission and values standpoint as well. They’ve proven to us that they do what they say and focus on people first, which is important to what we do, and will continue to do at Malco.”
“We are very excited to welcome Malco Tools to the Aspen Pumps Group family,” said Adrian Thompson, CEO of Aspen Pumps Group. “Malco is an industry leader and has built a strong reputation among the HVAC and roofing/siding trades. We are looking forward to working with their talented team as we continue to grow the business and serve even more markets in the future.”
For more information about Malco Tools, visit www.malcotools.com. For more information about Aspen Pumps Group, visit www.aspenpumps.com.
About Malco Tools, Inc.
Malco Tools, Inc., based in Annandale, Minnesota, is one of the nation’s leading solution developers and manufacturers of a variety of high-quality specialty hand tools for the HVAC and building construction trades. Backed by over 75 years of history, these specialized tools are built to last, rigorously tested and backed by a limited lifetime warranty. Malco earned a Manufacturing Excellence Award from Twin Cities Business Magazine in 2022 and was named the Medium Manufacturer of the Year in 2018 and 2024 by the Minneapolis/St. Paul Business Journal. Malco has also been recognized as a Top Workplace by Star Tribune in 2018, 2019 and 2024. For more information about Malco, visit www.malcotools.com.
About Aspen Pumps Group
Aspen Pumps Group, headquartered in the United Kingdom, is a global leader in condensate removal pumps, tools, and installation and maintenance accessories for the air conditioning and refrigeration (AC/R) aftermarket. Aspen’s innovative product offering is delivered through highly respected brands including:

Aspen Pumps, the global leader in design, manufacture and distribution of condensate removal pumps;
Beckett, a long-standing US tank pump brand with market leading products;
Javac, a leading HVAC tool supplier in the UK and Europe;
Unilite, the leading provider of premium portable LED worklights;
Aspen Xtra, Vecamco and 2Emme, providing one of the world’s largest range of HVAC installation ancillaries;
Advanced, Hydrobalance and Ace, the complete range of HVAC/R cleaning chemicals;
Big Foot Systems, the largest free-standing service support frame manufacturer in the world;
Solflex, the leading provider of acoustic solutions for the HVAC market;
Sky Refrigeration and C&D Valves, providing a full range of refrigeration components.

Aspen has strong partnerships with a global network of wholesalers who value Aspen’s service offering, continuous product innovation, and extensive product range. Aspen is backed by Inflexion, a leading mid-market private equity firm with over £11bn assets under management. For more information about Aspen, visit www.aspenpumps.com.

The post Aspen Pumps Group Acquires Malco Tools first appeared on HVAC Insider.

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