Kewaunee Acquires NuAire For $55 Million

By Kevin Ellis, Business North Carolina 

Statesville-based Kewaunee Scientific acquired Minneapolis-based NuAire for $55 million in a deal officials say complements its existing business in producing laboratory, healthcare, furniture and infrastructure products.

NuAire makes a variety of products mainly for the biomedical and healthcare industies, including biological safety cabinets, airflow products, CO2 incubators, freezers and pharmacy compounding isolators.

The private company was founded in 1971 and employs about 300 workers in Minnesota and has 60 sales reps. It sells its products in 150 countries.

NuAire adds distribution partners in regions where Kewaunee does not have a presence, according to a release.

“Nu Aire’s 50-plus-year history is a testament to the world-class organization built by the Peters family, founded by Max Peters with contributions by his sons James, Gerald, Richard and Bill,” says Kewaunee CEO Thomas D. Hull III in a release.

Bill Peters will remain president of NuAire and will join Kewaunee as a vice president.

Kewaunee was founded in 1906 and became a public company in 1968. As of April 30, it had 556 U.S. employees and 450 international employees. Sales for the fiscal year ending April 30 were $203.8 million, compared with $219.5 million a year earlier. One-third of sales were made outside the U.S., according to its annual report.

Kewaunee was trading early Friday or about $32, up 27 cents. Shares have traded between $16.51 and $55.62 in the past year. Shares have gained more than 70% over the past year. It has a market capitalization of $91 million.

K&L Gates served as legal advisor to Kewaunee, while Carl Marks Securities acted as the lead financial adviser. PNC Bank provided the financing for the transaction.