JOHNSON CONTROLS SALE OF AIR DISTRIBUTION TECHNOLOGIES BUSINESS TO TRUELINK CAPITAL

The transaction reinforces Johnson Controls’ commitment to simplifying and standardizing its portfolio as a provider of comprehensive commercial building solutions.

MILWAUKEE, June 18, 2024 /PRNewswire/ — Johnson Controls (NYSE: JCI), a global leader in smart, healthy and sustainable buildings, today announced that it has reached a definitive agreement to sell its Air Distribution Technologies business to Truelink Capital, a mid-sized private equity firm based in Los Angeles.

“The sale of our Aerial Distribution Technologies business is the next step as we continue to simplify our portfolio and advance our transformation into a provider of comprehensive solutions for commercial buildings,” said Johnson Controls President and CEO George Oliver. “This transaction is consistent with our strategy of focusing our resources on our most attractive value creation opportunities. I would like to thank our talented employees at Air Distribution Technologies for their hard work and dedication over the years. We are confident that the business and the team will be well positioned for future success under Truelink’s ownership.”

Included in the sale are market-leading air movement and distribution brands Koch Filter, Titus, Ruskin, Kreuger, PennBarry and Tuttle & Bailey and their product lines of grilles, registers and diffusers, terminal units, fire and smoke dampers, shutters, filters and fans. Air Distribution Technologies’ products are manufactured in the United States, Mexico, India, Thailand and the United Arab Emirates in facilities that will be transferred to Truelink as part of the transaction. The Johnson Controls and Enviro-Tec brands are not included in the transaction.

“Air Distribution Technologies has been a leader in the commercial HVAC industry for over 75 years and has consistently provided innovative, high-quality products to its customers, demonstrating a strong track record of excellence,” said Truelink Co-Founder and Managing Partner . Todd Golditch. “Our goal will be to grow the business by partnering with management in driving substantial business and operational improvements to strengthen Air Distribution Technology’s market leadership position and better serve its customers. I want to thank Johnson Controls for being a great partner of transactions and for trusting Truelink Capital with the Air Distribution Technologies business.”

The transaction is expected to close in the second half of calendar year 2024, subject to customary closing conditions. Baird served as exclusive financial advisor and Cleary Gottlieb Steen & Hamilton LLP served as legal advisor to Johnson Controls on the transaction.

About Johnson Controls:
At Johnson Controls (NYSE:JCI), we transform the environments where people live, work, learn and have fun. As a global leader in smart, healthy and sustainable buildings, our mission is to reimagine building performance to serve people, places and the planet.

Building on a proud history of nearly 140 years of innovation, we deliver the design of the future for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and more through OpenBlue, our comprehensive digital offering.

Today, with a global team of 100,000 experts in more than 150 countries, Johnson Controls offers the world’s largest portfolio of construction technology and software, as well as service solutions from some of the most trusted names in the industry.

Visit www.johnsoncontrols.com for more information and follow @Johnson Controls on social platforms.

About Truelink Capital:
Truelink Capital is a mid-sized private equity firm based in Los Angeles. Truelink combines deep industry experience in the technology-enabled industrial and services sectors with a commitment to building partnerships that generate long-term value through an operationally focused strategy. Truelink partners with managers, corporate vendors and founders to accelerate growth through the execution of strategic initiatives and transformative add-on acquisitions.

SOURCE Johnson Controls International plc

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