April 25, 2021 – Hartford, WI – Broan-NuTone, 926 W. State Street, in Hartford has a new corporate owner.
Tom Hostad, executive director of the Hartford Area Development Corporation, confirmed the sale to Madison Industries.
He spoke with Broan-NuTone company president Frank Carroll. “He indicated Madison Industries is a very large privately-held company with 10,000 employees worldwide,” said Hostad. “Madison Industries owns about 28 companies and their specialty is indoor air quality.”
According to Hostad, Nortek Air owned Broan for probably 30-plus years and then Nortek was purchased by Melrose Industries PLC and it formed three operating groups from all the Nortek companies; the Nortek Air group included Broan-NuTone.
Nortek was acquired by Melrose Industries in July 2016.
“Broan is America’s leading brand of residential ventilation products including kitchen exhaust range hoods, bathroom ventilation fans, fresh air systems, whole-house fans and attic ventilators. NuTone holds major market positions in doorbells, central vacuum systems, kitchen exhaust range hoods, bathroom ventilation fans and mosquito repellent systems.” Courtesy Broan-NuTone
As far as how Hartford will be affected by the sale, Hostad said the community will not really notice any change.
“This is all going to be very positive. There won’t be any job loss or work moving out of Hartford,” said Hostad.
“Broan is a very, very strong company that produces a lot of profits for whomever might own them and they are experiencing a real surge in business right now due to new home construction and home remodeling.”
Broan-NuTone employs about 800 people in the City of Hartford. The company in the Hartford industrial park.
Hostad, who used to work at Broan, was not surprised by the sale. “Melrose is a private-equity firm that has a reputation for buying good-performing companies like Broan and then giving them an opportunity to grow, increase in value and then sell them. Everyone knew when Melrose bought Broan there would be a sale in Broan’s future again.”