Melrose Industries announced it has entered into an agreement to sell its Ergotron business to funds managed by The Sterling Group for a total consideration of approximately US$650 million.
Ergotron, a designer, manufacturer and distributor of ergonomic products, is the last of the businesses remaining from the Nortek Inc. acquisition of 2016. Melrose sold the Nortek Air Management and Nortek Control businesses in 2021. The latter was acquired by Italy-based Nice for US$285M.
“The sale of Ergotron is the final step in our Nortek ownership cycle, capping what has been a very successful acquisition for Melrose shareholders,” said Simon Peckham, CEO, Melrose, in a statement. “We will have more than doubled shareholders’ equity investment in Nortek and have transformed the businesses themselves. Our attention now remains firmly on achieving the same result for the current Group.”
The Ergotron deal is expected to be completed during the third quarter of 2022, conditional upon U.S. antitrust approvals.
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