Truelink Capital 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 but the transaction is expected to close in the second half of calendar year 2024.
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.
Truelink's co-founder and managing partner Todd Golditch said Air Distribution Technologies has been a leading player in the commercial HVAC space for over 75 years.
“The company consistently delivers innovative, high-quality products to its customers, demonstrating a strong track record of excellence,” he said.
“We are thrilled about this acquisition and the opportunity to partner with this outstanding management team.
“Our goal is to expand the business and make substantial commercial and operational investments to strengthen the company's leadership position and better serve their customers.”
Post-transaction, Air Distribution Technologies will continue to be led by its existing leader, Doug Schuster, as chief executive officer.
Schuster said that as a standalone business, Air Distribution Technologies will be more agile and customer-centric.
“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,” he said.
By partnering with Truelink Capital, Schuster said the company will drive commercial excellence, operational enhancements, M&A initiatives, and overall long-term growth in the business.
“I am confident this is a great opportunity for all of Air Distribution Technologies' stakeholders including our employees, customers, and suppliers,” he said.
This transaction marks the fifth acquisition for Truelink Capital, which was launched in 2022 to target companies in the industrials and tech-enabled services sectors.