Carl Marks Securities Guides Kewaunee Scientific Corporation in $55 Million Acquisition of Nu Aire

Carl Marks Securities, an affiliate of middle market investment bank Carl Marks Advisors, has successfully advised Kewaunee Scientific Corporation (“Kewaunee”) on its acquisition of Nu Aire, a Minneapolis-based manufacturer of laboratory and pharmacy equipment. Kewaunee, a global leader in the design, manufacture, and installation of laboratory, healthcare, and technical furniture, aims to enhance its offerings through this strategic acquisition.

Founded in 1906 and headquartered in Statesville, North Carolina, Kewaunee operates manufacturing facilities in both Statesville and Bangalore, India. The company provides a range of products including steel and wood casework, fume hoods, adaptable modular systems, moveable workstations, stand-alone benches, biological safety cabinets, and epoxy resin work surfaces and sinks for both domestic and international markets.

The acquisition of Nu Aire is expected to strengthen Kewaunee’s distribution network and diversify its reach in global laboratory markets. Recognized as a market leader, Nu Aire’s product offerings and established channel strategy align well with Kewaunee’s current portfolio.

“This acquisition represents a pivotal moment for both organizations,” stated Chris Parisi, Partner at Carl Marks Advisors. “The merger positions the combined entity to take advantage of significant trends and ongoing global investments in the life sciences, healthcare, and education sectors, while expanding product offerings and market presence.”

Evan Tomaskovic, Managing Partner at Carl Marks Advisors, expressed pride in the firm’s long-standing advisory relationship with Kewaunee: “We are thrilled to have played a key role in facilitating this strategic acquisition. It’s rewarding to support a century-old business in acquiring a family-owned enterprise with over 50 years of history, reinforcing the legacies of both companies.”

Thomas D. Hull III, President and CEO of Kewaunee, praised the leadership and guidance provided by Carl Marks Securities throughout the transaction. “Their expertise was crucial in formalizing our partnership with Nu Aire, offering insights we might have overlooked and effective strategies to align our businesses with the needs of laboratory furnishings end-users.”

Don Gardner, Chief Financial Officer at Kewaunee, added, “Acquiring Nu Aire is a strategic step that significantly bolsters our industry position. This accomplishment would not have been possible without the technical expertise and analytical rigor that Carl Marks Securities brought to the table. Their commitment and deep understanding of the complexities of this deal were essential to our success at every stage of the process.”

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