LOS
ANGELES and PLANO, Texas, June 18,
2024 /PRNewswire/ -- Truelink Capital today announced
that it has entered into a definitive agreement to acquire Air
Distribution Technologies, a market leader in the air management
and filtration solutions space, from Johnson Controls. Financial
terms were not disclosed. The transaction is expected to close the
second half of calendar year 2024 and is subject to customary
closing conditions.
With over 4,500 employees operating across more than 25
locations globally, Air Distribution Technologies is an industry
leader in the design and manufacture of a comprehensive suite of
top performing products supporting the HVAC ecosystem. Its
portfolio contains many well-recognized brands in the space,
including Koch Filter, Titus, Ruskin, Krueger, PennBarry and Tuttle
& Bailey, serving a diversified customer base. Air Distribution
Technologies was acquired by Johnson Controls in 2014 from Canada
Pension Plan Investment Board and has operated under the Global
Products business segment of Johnson Controls.
"Air Distribution Technologies has been a leading player in the
commercial HVAC space for over 75 years," said Truelink's
Co-Founder and Managing Partner Todd Golditch. "The Company
consistently delivers innovative, high-quality products to its
customers, demonstrating a strong track record of excellence. We
are thrilled about this acquisition and the opportunity to partner
with this outstanding management team. Our goal is to expand the
business and partner with leadership to make substantial commercial
and operational investments to strengthen the company's leadership
position and better serve their customers. I wish to thank Johnson
Controls for being a great transaction partner and for entrusting
us with the company."
Post-transaction, Air Distribution Technologies will continue to
be led by its existing leader, Doug
Schuster, as chief executive officer.
"We are grateful for the stewardship by Johnson Controls to
build and grow Air Distribution Technologies into the business it
is today," Schuster said. "Our entire organization is incredibly
excited for what this transaction means for our business, our
employees and partners. As a standalone business, we expect the
business will be more agile and customer-centric than ever before.
We plan to accelerate our product innovation and enhance our
capabilities to continue delivering high-quality products that help
our customers meet their ongoing demands. In addition, we couldn't
be more excited to partner with Truelink Capital to drive
commercial excellence, operational enhancements, M&A
initiatives, and overall long-term growth in our business. I am
confident this is a great opportunity for all of Air Distribution
Technologies' stakeholders including our employees, customers, and
suppliers."
This transaction marks the fifth acquisition for Truelink
Capital, which was launched in 2022 by Todd
Golditch and Luke Myers to target companies in the
industrials and tech-enabled services sectors. The firm's senior
team maintains an extensive history of creating value together and
brings decades of experience and well-established strategies to
improve processes, fuel growth and enhance earnings for their
portfolio companies.
ABOUT TRUELINK CAPITAL
Truelink Capital is a middle-market private equity firm based
in Los Angeles. Truelink pairs deep industry experience in the
industrials and technology-enabled services 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.
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.
Media Contact:
Truelink Capital
Peter Schultz
pschultz@truelinkcap.com
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SOURCE Truelink Capital