Latin America. Melrose Industries has reached an agreement to sell Nortek Control for $285 million. The buyer's name won't be publicly released until federal regulatory approvals are completed, but all indications are that the new owner is an "international manufacturer of access control equipment, custom electronics, and professional security."
Horacio Morales, Director of International, CI & Security of Nortek Control, also confirmed this novelty and assured that for the month of October we will have news and confirmation about the new owners of the company.
Nortek Control is a developer and manufacturer of security, home automation, access control, healthcare, and artificial intelligence (AI) technologies for the residential and commercial markets, primarily in North America.
The company markets more than a dozen brands in both custom electronics and security, including 2GIG, Elan, SpeakerCraft, Proficient, Panamax, Furman, Sunfire, Linear, Mighty Mule, Numera and Intellivision. In recent years, the company has aimed to consolidate some of its overlapping brands, including Niles, Xantech, Gefen and others.
Like a private equity firm, Melrose buys industrial companies and seeks to improve the way they are managed before they are sold. In 2016, the company bought Nortek for $2.8 billion. In April, the company sold Nortek Air Management, a sister company to Nortek Control that includes the Broan-NuTone brands, to Madison Industries for $3.6 billion.
Nortek Control has design centers and manufacturing plants in the U.S., Mexico, Asia and Europe, and manufactures products for millions of global customers. The company's history includes several acquisitions over the years.
