Acuity Brands Acquires Refrigeration Solutions Provider KE2 Therm For Undisclosed Sum

Industrial tech company Acuity Brands Inc AYI has agreed to acquire refrigeration solutions provider KE2 Therm Solutions Inc. The financial terms of the transaction were not disclosed.
KE2 Therm 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.
Acuity will integrate KE2 Therm into Distech Controls within its Intelligent Spaces Group business segment.
"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," said Peter Han, President of the Intelligent Spaces Group.
Acuity held $339 million in cash and equivalents as of Feb. 28, 2023.
Price Action: AYI shares are trading higher by 1.79% at $161.71 on the last check Friday.