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
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SOURCE Truelink Capital
