Nook Industries Sells Family Business to Altra Industrial Motion Corp.
Nook Industries, Inc. has announced that it has sold the family-owned business to Braintree, Massachusetts based Altra Industrial Motion Corp. The Nook business, which will be integrated into Altra’s Thomson operating company in its Automation & Specialty (“A&S”) segment, expands the breadth of Altra’s linear products offering. Altra was deemed an excellent strategic fit as the Nook family evaluated potential suitors to acquire the 52-year-old business founded by Joseph H. Nook Jr. in 1969.
“The Nook family is pleased to have found a strong strategic buyer with a history of not only preserving, but also building upon the products, brand equity and core competencies of their acquisitions. We are excited about the tremendous opportunities created by joining Altra’s industry leading suite of motion control products and brands. It was important for us to find a buyer that would build upon my father’s legacy” said Joseph H. Nook III, Nook’s chief executive officer and president. “We also want to thank the Nook employees, past and present, that helped build my father’s dream into the Company it is today. Our family will be forever grateful to the dedicated and hard-working employees of Nook Industries.”
KeyBanc Capital Markets, Inc. acted as financial advisor to Nook and Calfee, Halter & Griswold LLP served as legal advisor.
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