Trane Technologies has entered into a definitive agreement to acquire Cancoil Thermal Corporation, a North American manufacturer of heat-transfer products. The transaction will expand Trane Technologies’ heat-transfer capabilities and strengthen its supply chain for commercial and industrial thermal management applications.
Founded in 1983 by Chander and Anju Datta, Cancoil is headquartered in Ontario, Canada. The company designs and manufactures products including fluid coolers, air-cooled condensers and custom finned-tube coils. Its products are used in data centres, food processing facilities, refrigerated warehouses, supermarkets, schools, hospitals and other commercial and industrial environments.
The acquisition will include Cancoil’s existing operations, its manufacturing facilities in Ontario and its growing US manufacturing operations in Jacksonville, Texas. More than 450 employees will become part of the business under the proposed transaction.
Cancoil already supplies products to the company for applications across its chiller and airside businesses. The acquisition will bring the supplier’s engineering expertise and manufacturing capabilities within Trane Technologies’ operations, with the companies expecting benefits in production coordination, supply chain resilience and product development. Cancoil will continue serving its customers as it does today. Trane Technologies also expects the acquisition to support the company’s continued growth and expand its ability to serve customers requiring heat-transfer products for critical applications.
Donny Simmons, Chief Operating Officer of Trane Technologies, said Cancoil would add an important capability to the company’s business. He said the manufacturer’s technical expertise, production capabilities and skilled workforce would help Trane Technologies serve customers with greater speed, quality and reliability.
The Datta family said Cancoil, Cancoil USA and Fin Aire Inc would join Trane Technologies, bringing together businesses with a shared focus on heat-transfer solutions, manufacturing and innovation. The family said it had built Cancoil over more than 40 years through investments in quality, customer relationships, employees and technical capabilities. It also expressed confidence that the transaction would provide opportunities for employees, customers, suppliers and business partners.
The acquisition is expected to be completed before the end of 2026, subject to customary closing conditions and regulatory approval. The financial terms of the transaction have not been disclosed. Lazard served as financial adviser to Cancoil. The deal is expected to strengthen Trane Technologies’ position in thermal management products as demand grows across commercial and industrial applications, including data centres and temperature-controlled facilities.
Trane Technologies is a global climate solutions company operating through its Trane and Thermo King brands. Its portfolio includes products and services for buildings, homes and transportation, with a focus on efficient climate control and refrigeration solutions.
