Regal Beloit Corporation announced it has entered into an agreement to acquire Nicotra Gebhardt S.p.A. (NG) for approximately €125 million ($154 million).
"This will be a strategic acquisition for Regal as we continue to expand our energy efficiency system solutions for customers. Nicotra Gebhardt will enhance our portfolio, diversify our geographic exposure and strengthen our capability to deliver energy efficient solutions," commented Chairman and CEO Mark Gliebe. "NG’s products will add to Regal’s growing lineup of energy efficient, air moving systems. NG will bring a very talented team who are experts in their light commercial air moving markets. We are excited to have NG as part of the Regal family, and we look forward to growing with them."
NG is a leader in critical, energy-efficient systems for ventilation and air quality. The business manufactures, sells and services fans and blowers under the industry leading brand of Nicotra Gebhardt. With annual revenues of approximately $150 million, NG has over 750 employees around the world. Regal management estimates that the acquisition will be accretive in 2018 excluding purchase accounting adjustments and closing costs. The business of Industrie CBI S.p.A. was not included in the scope of this transaction.
The transaction, which is subject to customary closing conditions, is expected to close by the end of the second quarter of 2018. Shareholder approvals are not required to complete the transaction.