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Nortek expands cleanroom business with two HVAC specialist acquisitions |
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Apr 18, 2006 at 10:18 AM |
Nortek, Inc has acquired Huntair and Cleanpak International both specialist HVAC and related cleanroom systems companies in a drive to consolidate and expand globally in the sector. Commercial terms were not disclosed.
"Huntair and Cleanpak complement Nortek's existing businesses that offer a wide range of custom-designed commercial HVAC systems for the commercial equipment market," stated Richard L. Bready, Nortek's Chairman and Chief Executive Officer. "The acquisition gives Nortek additional opportunity to grow Nortek's presence in the custom-designed commercial and cleanroom equipment markets." Both HVAC specialists were privately owned. Cleanpak was acquired by Riverlake Partners, a US private equity firm in 2002 from a Japanese cleanroom company after a period of business focus upheaval and industrial action in the 1990's. Cleanpak has a joint venture company in China that specializes in serving the cleanroom market in that country. Current management of both acquired companies, are expected to remain within the larger enterprise, according to a press statement.
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