M&A Deal Summary

Johnson Controls Acquires Air Distribution Technologies

On April 16, 2014, Johnson Controls acquired engineering company Air Distribution Technologies from Onex Partners, American Capital and CPP Investments for 1.6B USD

Acquisition Highlights
  • This is Johnson Controls’ 3rd transaction in the Engineering sector.
  • This is Johnson Controls’ 2nd largest (disclosed) transaction.
  • This is Johnson Controls’ 11th transaction in the United States.
  • This is Johnson Controls’ 1st transaction in Texas.

M&A Deal Summary

Date 2014-04-16
Target Air Distribution Technologies
Sector Engineering
Buyer(s) Johnson Controls
Sellers(s) Onex Partners
American Capital
CPP Investments
Deal Type Add-on Acquisition
Deal Value 1.6B USD

Target

Air Distribution Technologies

Richardson, Texas, United States
website
Air Distribution Technologies is a provider of air-distribution and ventilation products for residential and industrial buildings in North America, with brands such as Ruskin, Titus, Hart & Cooley and Krueger.

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Buyer(S) 1

Buyer

Johnson Controls

Cork, Ireland

website


Category Company
Founded 1885
Sector Diversified
Employees102,000
Revenue 25.3B USD (2022)
DESCRIPTION
Johnson Controls' operational headquarters in Milwaukee, Wisconsin.
Johnson Controls' operational headquarters in Milwaukee, Wisconsin.

Johnson Controls is a diversified technology and industrial company. The Company creates products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and seating and interior systems for automobiles. Johnson Controls was founded in 1885 and is based in Cork, Ireland.


DEAL STATS #
Overall 18 of 32
Sector (Engineering) 3 of 4
Type (Add-on Acquisition) 14 of 27
State (Texas) 1 of 1
Country (United States) 11 of 20
Year (2014) 1 of 1
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-13 Johnson Controls - Electronics Business

United States

Johnson Controls’ electronics business employs 4,800 people at seven r&d centers in Europe, North America and Asia.

Sell $265M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-01 Johnson Controls - Global WorkPlace Solutions

Wisconsin, United States

Johnson Controls, Inc. - Global WorkPlace Solutions is a provider of Integrated Facilities Management solutions for major occupiers of commercial real estate and has significant operations around the world.

Sell $1.5B

Seller(S) 3

SELLER

Onex Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1984
PE ASSETS 23.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Onex Partners is the private equity investment arm of Onex Corp., a Canadian based public investment and asset management firm that also invests in real estate and credit securities. Onex Partners targets investments in large companies, and ONCAP which invests in smaller middle-market companies. Both groups consider North American businesses in a wide range of industries with a special interest in aerospace, healthcare, and industrial companies. Prospective transaction situations include corporate carve-outs where the firm can leverage restructuring capabilities. Onex Corp. was established in 1984 and is based in Toronto with an additional office in New York City.


DEAL STATS #
Overall 15 of 36
Sector (Engineering) 2 of 2
Type (Add-on Acquisition) 2 of 6
State (Texas) 1 of 1
Country (United States) 12 of 28
Year (2014) 1 of 3
Size (of disclosed) 3 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-23 Tomkins

London, United Kingdom

Tomkins is a global engineering and manufacturing leading group. This American company manufactures a variety of products for the industrial, automotive and building products market focusing on energy-efficiency and green products.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-03 Gates Industrial

Denver, Colorado, United States

Gates Industrial is a manufacturer of power transmission belts and a premier global manufacturer of fluid power products. Gates Industrial was founded in 1911 and is based in Denver, Colorado.

Sell $5.4B
SELLER

American Capital

website


Category Private Equity Firm
Founded 1997
PE ASSETS 22.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

American Capital was a publicly traded buyout and mezzanine investment firm. American Capital invested in buyouts, growth capital financings, acquistion financings, and recapitalizations. The Firm looked to finance businesses with at least $4 million in EBITDA and valued between $20 and $500 million. American Capital ws a generalist firm with broad interest in traditional industries such as manufacturing, distribution, and services. American Capital's European investment affiliate is European Capital. European Capital looked to invest $10 to $600 million of equity, mezzanine, and/or senior debt in similar opportunities across Europe. American Capital was formed in 1997 and in January 2017, merged with Ares Capital Management.


DEAL STATS #
Overall 154 of 194
Sector (Engineering) 5 of 6
Type (Add-on Acquisition) 75 of 87
State (Texas) 14 of 15
Country (United States) 150 of 186
Year (2014) 4 of 13
Size (of disclosed) 1 of 56
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-03 Specialty Brands of America

Westbury, New York, United States

Specialty Brands is a packaged foods company with a portfolio of strong and differentiated brands. Specialty Brands’ largest brand is Bear Creek Country Kitchens. Bear Creek is the leading brand of hearty dry soups in the United States. Bear Creek also offers a line of savory pasta dishes and hearty rice dishes. Specialty Brands also offers Spring Tree, Cary’s and MacDonald’s pure maple syrups and pancake syrups, New York Flatbreads and Canoleo margarine.

Sell $155M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-17 Scientific Protein Laboratories

Waunakee, Wisconsin, United States

Scientific Protein Laboratories LLC is a global independent manufacturer and supplier of biologic active pharmaceutical ingredients (APIs). The company has an established bio pharmaceutical companies around the world.

Sell $338M
DESCRIPTION

CPP Investments is a Canadian pension fund focused on a variety of investing strategies, including public equities, debt, and alternative investments. The Firm's private equity arm looks to acquire direct stakes in private companies, as well as make fund investments and acquire secondary positions. For direct stakes in companies, CPP looks to invest across North American and Europe and seeks to commit a minimum of $150 million per transaction. CPP has no industry preferences however the Firm will not invest in real assets. CPP Investments was established in 1997 and is based in Toronto, Ontario.


DEAL STATS #
Overall 1 of 12
Sector (Engineering) 1 of 1
Type (Add-on Acquisition) 1 of 7
State (Texas) 1 of 4
Country (United States) 1 of 7
Year (2014) 1 of 3
Size (of disclosed) 6 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-03-21 Wilton Re Holdings

Norwalk, Connecticut, United States

Wilton Re Holdings Limited provides traditional life reinsurance and insurance Run Off Solutions through its wholly owned operating subsidiaries, Wilton Reassurance Company, Wilton Reinsurance Bermuda Limited, and Wilton Reassurance Life Company of New York.

Buy $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-03 Gates Industrial

Denver, Colorado, United States

Gates Industrial is a manufacturer of power transmission belts and a premier global manufacturer of fluid power products. Gates Industrial was founded in 1911 and is based in Denver, Colorado.

Sell $5.4B