Complementary Acquisition Expands Kewaunee’s Product Offerings and Market Reach
NEW YORK – November 1, 2024 – Carl Marks Securities, an affiliate of middle market investment bank Carl Marks Advisors, today announced that it has successfully advised Kewaunee Scientific Corporation (“Kewaunee”), a global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products, on its acquisition of Nu Aire, a Minneapolis-based manufacturer of equipment for a diverse range of laboratory and pharmacy environments.
Founded in 1906 and headquartered in Statesville, North Carolina, Kewaunee designs and manufactures laboratory, healthcare, and technical furniture products for both domestic and international markets out of facilities in Statesville and Bangalore, India. Kewaunee’s products include steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks.
The acquisition of Nu Aire will provide Kewaunee with a more robust, diversified distribution network to meet global laboratory needs. Nu Aire is a recognized market leader whose product portfolio and well-developed channel strategy complements Kewaunee’s existing offerings.
“The acquisition marks a transformative moment for both companies,” said Chris Parisi, Partner at Carl Marks Advisors. “The combined organization, which is poised to capitalize on secular tailwinds and ongoing global investments in the life sciences, healthcare, and education sectors, will benefit from expanded product offerings and market reach.”
“We have maintained an advisory relationship with Kewaunee for many years and are proud to have played a role in the successful strategic acquisition of Nu Aire by Kewaunee,” added Evan Tomaskovic, Managing Partner at Carl Marks Advisors. “It is gratifying to assist a 100-year-old business complete a key acquisition of a more than 50-year-old family-owned business, fortifying the legacies of both world-class organizations.”
“We are extremely appreciative of Carl Marks Securities’ leadership and guidance throughout the transaction process,” said Thomas D. Hull III, President and Chief Executive Officer at Kewaunee. “Their team played an important role in formalizing our preexisting partnership with Nu Aire, providing us with insights we might not have considered and effective ways to align our businesses to meet the diverse needs of end-users in laboratory furnishings.”
“The acquisition of Nu Aire is a strategic move that will significantly enhance our position in the industry,” added Don Gardner, Chief Financial Officer at Kewaunee. “This achievement would not have been possible without the technical expertise and analytical rigor provided by Carl Marks Securities. Their dedication and in-depth understanding of the complexities of this deal were instrumental in guiding us through every step of the process.”
About Carl Marks Securities
Carl Marks Securities LLC, the broker-dealer affiliate of Carl Marks Advisory Group LLC (Carl Marks Advisors), provides financial advisory services to middle market companies, including advice related to mergers, acquisitions, company sales, private placement of debt and equity capital and financial restructurings. Carl Marks Securities LLC is a member of FINRA and SIPC. Additional information about Carl Marks Securities LLC can be found at www.carlmarkssecurities.com.
About Kewaunee Scientific
Founded in 1906, Kewaunee Scientific Corporation is a recognized global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture products. The Company’s products include steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks.
The Company’s corporate headquarters are located in Statesville, North Carolina. Sales offices are located in the United States, India, Saudi Arabia, and Singapore. Three manufacturing facilities are located in Statesville serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India serving the local, Asian, and African markets. Kewaunee Scientific’s website is located at http://www.kewaunee.com.
About Nu Aire
Founded in 1971 and based in Minneapolis, the Company is a leading manufacturer of equipment for a diverse range of laboratory and pharmacy environments. Nu Aire is the North American market share leader in biological safety cabinets and other airflow products and also offers a complete line of CO2 incubators, ultralow freezers, animal handling equipment, pharmacy compounding isolators, and parts and accessories. Nu Aire’s equipment is required for safety and quality in every type of laboratory: life sciences research, clinical / hospital, biotech and pharmaceutical R&D, academia, food & beverage, industrial and more. Nu Aire’s website is located at https://www.nuaire.com/
