Transaction reinforces Johnson Controls
commitment to simplifying and standardizing portfolio as a
comprehensive solutions provider for commercial buildings
MILWAUKEE, June 18,
2024 /PRNewswire/ -- Johnson
Controls (NYSE: JCI), a global leader for smart, healthy and
sustainable buildings, today announced it has reached a definitive
agreement to sell its Air Distribution Technologies business to
Truelink Capital, a middle-market private equity firm based in
Los Angeles.
"The sale of 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," said Johnson Controls Chairman and CEO
George Oliver. "This transaction is
consistent with our strategy to focus our resources on our most
attractive opportunities for value creation. I would like to thank
our talented Air Distribution Technologies employees for their hard
work and dedication over the years. We are confident the business
and the team will be well positioned for future success under
Truelink's ownership."
Included in the sale are market-leading air distribution and
movement brands Koch Filter, Titus, Ruskin, Kreuger,
PennBarry and Tuttle & Bailey and their product lines of
grilles, registers and diffusers, terminal units, fire and smoke
dampers, louvers, filters and fans. Air Distribution Technologies
products are manufactured in the United
States, Mexico,
India, Thailand and the United Arab Emirates in facilities that will
transfer to Truelink as part of the transaction. The Johnson
Controls and Enviro-Tec brands are not included in the
transaction.
"Air Distribution Technologies has been a leading player in the
commercial HVAC space for over 75 years, and has consistently
delivered innovative, high-quality products to its customers,
demonstrating a strong track record of excellence," said Truelink's
Co-Founder and Managing Partner Todd Golditch. "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."
The transaction is expected to close the second half of the
calendar year 2024, subject to customary closing conditions. Baird
served as exclusive financial advisor and Cleary Gottlieb Steen & Hamilton LLP served
as legal advisor to Johnson Controls on the transaction.
About Johnson Controls:
At Johnson Controls
(NYSE:JCI), we transform the environments where people
live, work, learn and play. As the global leader in smart, healthy
and sustainable buildings, our mission is to reimagine
the performance of buildings to serve people, places and the
planet.
Building on a proud history of nearly 140 years of innovation,
we deliver the blueprint of the future for industries such as
healthcare, schools, data centers, airports, stadiums,
manufacturing and beyond through OpenBlue, our comprehensive
digital offering.
Today, with a global team of 100,000 experts in more than 150
countries, Johnson Controls offers the world`s largest portfolio of
building technology and software as well as service solutions from
some of the most trusted names in the industry.
Visit www.johnsoncontrols.com for more information and follow
@Johnson Controls on social platforms.
About Truelink Capital:
Truelink Capital is a middle-market private equity firm based in
Los Angeles. Truelink pairs deep
industry experience in the technology-enabled services and
industrials sectors with a commitment to building partnerships that
drive long-term value through an operationally focused strategy.
Truelink partners with management, corporate sellers, and founders
to accelerate growth through the execution of strategic
initiatives, and transformative add-on acquisitions.
INVESTOR
CONTACTS:
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MEDIA
CONTACT:
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Jim Lucas
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Kari B.
Pfisterer
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Direct:
1-651-391-3182
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Direct:
1-414-217-1488
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Email: jim.lucas@jci.com
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Email: kari.b.pfisterer@jci.com
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Michael Gates
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Direct:
1-414-875-7608
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Email:
michael.j.gates@jci.com
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SOURCE Johnson Controls International plc