Nortek Control, manufacturer of security, access control, home automation and AI technologies in the residential and commercial markets, is being sold by Melrose Industries, the company in charge of its holdings, for $285 million.
The sale was announced in Melrose Industries’ half-year results announcement.
“We … have recently agreed the sale of Nortek Control for $285 million,” wrote Justin Dowley, chairman of Melrose Industries, in the announcement. “These mark successful outcomes for shareholders, with the businesses going to good new homes in which their development can be continued.”
Nortek Controls’ brands include 2GIG, Elan, Linear and IntelliVision. Melrose Industries specializes in buying companies, improving their business performance and reselling them later for a profit.
Further details — including the identity of the purchaser — have not been announced, according to a spokesperson for Melrose Industries. Nortek Control did not reply to a request for comment as of publication.
SDM will update this story as it develops.