Nortek Sells Broan, NuTone for $3.6 Billion
Melrose Industries sells Nortek Air subsidiary with Broan and NuTone brands to Madison Industries for $3.6B. Nortek Control not part of sale.
Madison Industries has acquired the Broan-NuTone brands from Melrose Industries, owners of Nortek.
Nortek Air, a sister company to Nortek Control within Melrose Industries and makers of leading brands such as Broan and NuTone, has been sold to Madison Industries, a large Chicago-based privately held company, for $3.625 billion. The deal does not include Nortek Control or Nortek’s Ergotron divisions. The transaction is expected to close this summer.
Nortek Global HVAC and Air Quality & Home Solutions, which has been owned by Melrose for five years, makes critical air management, thermal and HVAC solutions and in addition to Broan and NuTone, includes the brands Reznor, StatePoint, Zephyr, Huntair and many others. Madison already has a robust portfolio of indoor air quality solutions. NuTone is the No. 5 brand for central vacuum systems according to the CE Pro 100 Brand Analysis with 8% marketshare.
“The global pandemic has put a spotlight on the importance of indoor air quality,” says 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 PLC, represents a range of world class products spanning custom and commercial air solutions for high-performance environments, residential and commercial HVAC and fresh air ventilation systems for homes. Its 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 not only delivers improved air quality for indoor spaces, but also increases energy efficiency, reduces operating costs, maximizes performance, lowers noise pollution and ensures system reliability.
The addition of Nortek Air positions Madison Industries 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.
