M&A Deal Summary

Madison Industries Acquires Nortek Air Solutions

On April 19, 2021, private equity firm Madison Industries acquired manufacturer Nortek Air Solutions from Melrose Industries

Acquisition Highlights
  • This is Madison Industries’ 11th transaction in the Manufacturing sector.
  • This is Madison Industries’ 35th transaction in the United States.
  • This is Madison Industries’ 2nd transaction in Oklahoma.

M&A Deal Summary

Date 2021-04-19
Target Nortek Air Solutions
Sector Manufacturing
Buyer(s) Madison Industries
Sellers(s) Melrose Industries
Deal Type Divestiture

Target

Nortek Air Solutions

Okarche, Oklahoma, United States
Nortek Air Solutions is a diversified manufacturer 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. Nortek Air was founded in 1977 and is based in Okarche, Oklahoma.

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Buyer(S) 1

Buyer

Madison Industries

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
Size Large
Type Sector Focused
DESCRIPTION

Madison Industries is a privately held investment holding firm that targets growth investments in and acquisitions of industrial manufacturing companies. Madison prefers businesses with a defensible market niche, established technology, and significant cash-flow growth potential. Madison will also consider turnaround situations. Target opportunities generally have sales between $50 million and $2 billion. Madison Industries is based in Chicago, Illinois.


DEAL STATS #
Overall 41 of 47
Sector (Manufacturing) 11 of 12
Type (Divestiture) 16 of 17
State (Oklahoma) 2 of 2
Country (United States) 35 of 39
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-18 Heatex

Malmo, Sweden

Heatex engages in the development and production of air-to-air heat exchangers for building ventilation and for cooling electronic equipment in the IT, telecom and energy industries. Heatex was founded in 1987 and is based in Malmo, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-12 UV Resources

Santa Clarita, California, United States

UV Resources helps disinfect airstreams, mitigate disease transmission, and kill microbial contaminants that impede HVAC efficiency. UV Resources was founded in 2005 and is based in Santa Clarita, California.

Buy -

Seller(S) 1

SELLER

Melrose Industries

London, United Kingdom

Category Company
Founded 2003
Sector Machinery
Employees13,492
Revenue 3.0B GBP (2022)
DESCRIPTION

Melrose is a buyer good manufacturing businesses with strong fundamentals whose performance can be improved. Melrose finances its acquisitions using a low level of leverage, improves the businesses by a mixture of investment and changed management focus, sells them and returns the proceeds to shareholders. Melrose Industries was founded in 2003 and is based in London, the United Kingdom.


DEAL STATS #
Overall 10 of 12
Sector (Manufacturing) 3 of 3
Type (Divestiture) 10 of 12
State (Oklahoma) 2 of 2
Country (United States) 6 of 8
Year (2021) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-29 GKN

Redditch, United Kingdom

GKN is a global engineering company. Known for its expertise in advanced manufacturing, GKN specializes in designing, manufacturing, and supplying innovative components and systems for the automotive, aerospace, and industrial markets. Its extensive product portfolio includes driveline technologies, electric drivetrains, lightweight structures, aerospace systems, and power management solutions. GKN is based in Redditch, United Kingdom.

Buy £8.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-05 Nortek Control

Carlsbad, California, United States

Nortek Control is a developer of technology for security, home automation, control, power, AV and entertainment, access control, health, and artificial intelligence (AI) systems for residential and commercial markets. Nortek Control was founded in 1961 and is based in Carlsbad, California.

Sell $285M