Johnson Controls reported June 18 that it’s agreed to sell its Air Distribution Technologies business to Truelink Capital, a middle-market, private-equity firm. The purchase is subject to customary closing conditions, and is expected to close in the second half of 2024. Johnson Controls and Enviro-Tec brands are not included in the transaction.
"Selling our Air Distribution Technologies business is the next step as we continue to simplify our portfolio and advance our transformation into a comprehensive solutions provider for commercial buildings," says George Oliver, chair and CEO at Johnson Controls. "This transaction is consistent with our strategy to focus our resources on our most attractive opportunities for value creation. I’d like to thank our talented Air Distribution Technologies employees for their hard work and dedication over the years. We’re confident the business and the team will be well positioned for future success under Truelink's ownership."
Included in the sale are air distribution and movement brands, such as Koch Filter, Titus, Ruskin, Krueger, PennBarry and Tuttle & Bailey, along with their product lines, including grilles, registers and diffusers, terminal units, fire and smoke dampers, louvers, filters and fans. These products are manufactured in the U.S., Mexico, India, Thailand and the United Arab Emirates in facilities that will transfer to Truelink as part of the transaction.
"Air Distribution Technologies has been a leading player in the commercial HVAC space for more than 75 years, and has consistently delivered innovative, high-quality products to its customers, demonstrating a strong track record of excellence," says Todd Golditch, Truelink's co-founder and managing partner. "Our objective will be to expand the business through partnership with management in driving substantial commercial and operational improvements to strengthen Air Distribution Technology's market-leading position and better serve their customers. I wish to thank Johnson Controls for being a great transaction partner and for entrusting Truelink Capital with the Air Distribution Technologies business."
