LOS ANGELES and PLANO, Texas — Truelink Capital announced Tuesday 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 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.
