Ergotron, a St. Paul-centered maker of sit-to-stand desks and other ergonomic merchandise and components for function configurations, is currently being acquired by a private fairness agency in Houston for $650 million.
Ergotron’s proprietor, London-based mostly Melrose Industries, declared Monday it had entered an agreement to sell the producing business to resources managed by the Sterling Group.
Ergotron had gross property of around $773 million in 2021, with adjusted running gains of $72.7 million, according to a news launch on the sale. The firm’s solutions incorporate observe mounts, laptop carts, standing desks and workstations for many industries, which include wellbeing care, instruction and governing administration. It also can make goods for household places of work.
The transaction is expected to shut in the third quarter of this calendar year.
Melrose Industries obtained Ergotron in 2016 when it purchased its former parent corporation, Nortek Inc., for $2.8 billion.
“The sale of Ergotron is the last phase in our Nortek ownership cycle, capping what has been a incredibly thriving acquisition for Melrose shareholders,” Simon Peckham, main executive of Melrose Industries, reported in a statement.
An Ergotron spokesperson said the firm experienced no comment. Sterling Group associates did not react to a request for comment.
Ergotron had yr-over-year product sales development of 15% in 2021, driven by demand from customers for far more ergonomic items in well being care configurations and household offices as a lot more people today selected to perform from house, Melrose Industries’ 2021 once-a-year report mentioned. For 2021, Ergotron experienced revenue of about $293 million, up from $267 million in 2020.
Ergotron was launched in 1982 and employs 1,300 globally, in accordance to Pitchbook, a mergers and acquisition and financial commitment analysis business.
Sterling Team has $5.7 billion in belongings underneath management. 50 percent of the firm’s investments have been in providers carved out of larger organizations.