Acuity Brands – Acuity Brands to Acquire KE2 Therm
Acquisition extends Distech Controls’ addressable market into commercial refrigeration
ATLANTA, April 14, 2023 (GLOBE NEWSWIRE) — Today, Acuity Brands, Inc. (NYSE: AYI) (“Acuity”) a leading industrial technology company, announced a definitive agreement to acquire KE2 Therm Solutions, Inc. (“KE2 Therm”), which develops and provides intelligent refrigeration control solutions that improve profitability by increasing system efficiency and decreasing operational and service costs.
The transaction is expected to close during the spring of 2023 when KE2 Therm will begin integrating into Distech Controls within the Intelligent Spaces Group business segment of Acuity.
“We are focused on increasing our addressable market for Distech Controls,” said Peter Han, President of the Intelligent Spaces Group. “In recent months, we have expanded our presence in new regions and now, with the acquisition of KE2 Therm, we will expand into the commercial refrigeration controls market as it transitions from analog to digital controls. KE2 Therm’s controls and software will help us lead this transition, and we are excited to welcome the talented team to Acuity.”
“By combining Distech Controls’ market-leading controls, sensors, and software with KE2 Therm’s refrigeration solutions, we will improve our customer access and unlock new market opportunities,” said Patrick Holdmeyer, President of KE2 Therm. “We share the same values and focus on product innovation and superior technical support. We are thrilled to join Acuity.”
The transaction is subject to the satisfaction of certain customary closing conditions. Until close, the companies will continue to operate independently.
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More information on KE2 Therm: https://ke2therm.com/ + KE2 Therm is a developer and manufacturer of branded, intelligent refrigeration control solutions that use proprietary advanced controls algorithms, software, and controls. The company’s technology is specified by a wide range of end users, consultants and major OEM manufacturers of evaporators, walk-in freezers and coolers for both new install and retrofit refrigeration applications.
KE2 Therm seeks to save energy, preserve the environment, and improve profitability for its customers by delivering energy saving electronic solutions to the heating, ventilating, air conditioning and refrigeration (HVAC-R) industry.
KE2 Therm was founded in 2009 by Patrick Holdmeyer to accelerate the penetration of smart digitized and connected refrigeration controllers in North America. The company is headquartered in Washington, Missouri.
More information on Patrick Holdmeyer (President & CEO, K2Therm): https://ke2therm.com/overview/leadership/ + https://www.linkedin.com/in/patrick-holdmeyer-0a864058/