Nortek Strikes $3.6B Deal to Sell Indoor Air Quality Businesses to Madison Industries
The deal adds Nortek brands such as Broan, NuTone, Reznor and others to Madison’s portfolio of indoor air quality solutions.
CHICAGO — Nortek Air, a sister company to Nortek Control, is being acquired by privately held Madison Industries for $3.63 billion.
The deal adds Nortek brands such as Broan, NuTone, Reznor, StatePoint, Zephyr, Huntair and others to Madison’s large portfolio of indoor air quality solutions. Nortek’s Ergotron and Nortek Control businesses are not part of the deal.
“The global pandemic has put a spotlight on the importance of indoor air quality,” states Madison Founder Larry Gies. “The Nortek Air businesses perfectly complement our portfolio of companies that provide solutions to improve the quality of indoor air. Our mission is to make the world safer, healthier and more productive and the addition of Nortek Air with its 6,000 passionate employees allows us to deliver even more of that mission. The Madison team is committed to improving indoor air quality and delivering solutions that provide healthy air for its customers.”
Nortek Air, currently a subsidiary of Melrose Industries, represents a range of products spanning custom and commercial air solutions for high-performance environments, residential and commercial HVAC and fresh air ventilation systems for homes.
Nortek’s extensive family of brands represents a combined total of more than 390 years of experience providing solutions for a variety of markets including healthcare, education, data center, pharmaceutical, industrial, residential, office and clean room. Its technology is said to not only deliver improved air quality for indoor spaces, but also increase energy efficiency, reduce operating costs, maximize performance, lower noise pollution and ensure system reliability, according to the announcement.
The addition of Nortek Air positions Madison Industries, based here, to better serve its customers by providing a full suite of air hygiene solutions to improve indoor air quality for the health and longevity of building occupants.
The transaction is expected to close in the second or third quarter of 2021.
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