In a move that promises to reshape the HVAC and building construction industries, Malco Tools, Inc. has been acquired by Aspen Pumps Group. The acquisition brings together two respected manufacturers, setting the stage for expanded product offerings and deeper market penetration in North America and beyond.
Malco Tools, a 75-year veteran of the U.S. tool manufacturing scene, has built a reputation for high-quality, specialty hand tools. From its Minnesota headquarters, the company has established itself as a leader in the HVAC and construction trades. Rich Benninghoff, Malco’s President and CEO, will now take the helm as CEO of Aspen Pumps Group North America.
“This agreement will allow us to grow in ways that will make us a successful, trusted brand for the next 75 years,” Benninghoff said. “Aspen Pumps Group is a strong partner from a business, opportunity, mission, and values standpoint. They focus on people first, which is important to what we do and will continue to do at Malco.”
Aspen Pumps Group, headquartered in the United Kingdom, has grown from a three-person startup in 1992 to a global force in the HVAC/R industry. The company’s portfolio includes award-winning condensate removal pumps, tools, cleaning chemicals, support systems, and accessories. Aspen’s products are sold in over 100 countries worldwide.
“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 with a strong reputation among the HVAC and roofing/siding trades. We look forward to working with their talented team as we continue to grow the business and serve even more markets in the future.”
The acquisition positions Malco Tools as Aspen’s North American headquarters, paving the way for new product lines and an expanded footprint in the HVAC/R market. Both companies emphasize a shared commitment to quality, innovation, and customer service.
Aspen Pumps Group is backed by Inflexion, a mid-market private equity firm with over £11bn in assets under management. The financial support further solidifies the company’s capacity for strategic growth and expansion.
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