KE2 Therm Solutions Inc. is being purchased by a public company based in Atlanta. The Franklin County-based company manufactures refrigeration controls and temperature-monitoring technology.
Acuity Brands Inc., a company that specializes in industrial technology (NYSE: AYI), announced it had agreed to purchase KE2 Therm. The deal is expected to be completed this spring. The terms of the deal, announced last Thursday, were not disclosed.
According to an Acuity spokesperson, KE2 Therm is currently owned by Patrick Holdmeyer as well as a group early founders and investors. Officials said that the current owners would not be retaining a stake after the sale.
Acuity plans to keep all of the employees at KE2 Therm, which has 28 employees in total, 24 of whom are based in Washington, Missouri.
Officials said that after the completion of this deal, KE2 Therm would begin integrating with Distech Controls, a business unit within Acuity’s Intelligent Spaces Group. Distech Controls develops and manufactures HVAC automation and building control software.
Holdmeyer stated in a Business Journal statement that 'the KE2Therm integration with Distech Controls provides a complete energy-saving product for its customers. "KE2 Therm will welcome its employees into a work environment that allows the best people to perform their best."
Peter Han, President of Acuity Intelligent Spaces Group said in a release that he was focused on expanding the market addressable for Distech Controls. 'In the past few months, Acuity has expanded its presence into new regions. Now, with the acquisition by KE2 Therm we will be expanding our commercial refrigeration controls market, as it transitions to digital controls. KE2 Therm’s controls and software are going to help us in this transition. We're excited to welcome their talented team to Acuity.
Acuity Brands Inc. is a leading industrial technology company.
Acuity brands Inc., through its two business segments, Acuity Lighting and Lighting Controls and Intelligent Spaces Group, designs and manufactures a wide range of products, including building management systems and lighting controls, as well as location-aware apps.
Acuity has approximately 13,000 employees and operates in North America, Europe, and Asia. The company's fiscal year 2022, which ended on August 31, reported net income of 306 million dollars. This compares to a net profit of $306 million dollars and net sales of $3.5 billion dollars in fiscal 2021.