Baird's Investment Banking Group is pleased to announce the following transaction:

Date:
April 2021
Company:
Nortek Air Management
Description:
Sale to Madison Industries
Sector(s):
Industrial
Baird served as financial advisor to Nortek Air Management on this transaction

Nortek Air Management, a portfolio company of Melrose Industries PLC (“Melrose”), recently announced its sale to Madison Industries (“Madison”) for $3.625 billion. The transaction is expected to close in Q2 or Q3 of 2021, subject to customary conditions and regulatory approvals.

Nortek Air Management is a world leader in providing critical air management, thermal and HVAC solutions across broad commercial, residential and data center markets. Air Management’s two segments, GHVAC and AQH, represent 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. Nortek Air Management has also developed StatePoint, a highly resource-efficient, state-of-the art data center cooling technology with an impressive growth pipeline. GHVAC is headquartered in St. Louis, Missouri and AQH is headquartered in Hartford, Wisconsin.

Melrose buys 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’s shares are traded on the London Stock Exchange.

Madison Industries is one of the largest and most successful privately held companies in the world. Madison builds entrepreneurially driven, branded market leaders that are committed to making the world safer, healthier and more productive by creating innovative solutions that deliver outstanding customer value. Madison is headquartered in Chicago, Illinois.

For additional information about this transaction, please contact:

Chris McMahon +1-312-609-4983
Mike Barina +1-414-298-1885
Mike Lindemann +1-414-298-7408
John Fordham +44-7818-051-914
Nick Sealy +44-20-7667-8370