PROVIDENCE – Building products distributor Nortek Inc. has agreed to buy Ergotron Inc., a privately held company based in St. Paul, Minn., for $280 million.
Ergotron designs, manufactures and markets ergonomic mounting and mobility products – such as mounts, arms, carts and workstations – for computer monitors, notebooks and flat panel displays.
Nortek expects to close the deal by Dec. 31, pending regulatory approval, which was unanimously approved by the board of directors at both companies, Nortek said in a news release on Dec. 3, noting that it intends to finance the transaction with proceeds from its recent offering of senior unsecured notes, borrowings under its asset-based credit facility and cash on hand.
Nortek said it plans to include Ergotron as part of its Home Technology Products segment.
“[Ergotron] provides Nortek with an additional platform for growth and profitability while diversifying its exposure to the commercial, health care and education markets,” said Richard L. Bready, Nortek chairman and CEO.
