Odyssey Investment Partners Sells NSI Industries
New York, Nov. 18, 2024 - Odyssey Investment Partners, LLC (“Odyssey”), a growth-oriented middle-market private equity firm, today announced that it has sold NSI Industries, LLC (“NSI” or the “Company”), a leading provider of branded electrical and HVAC products, to Sentinel Capital Partners. Financial terms of the transaction were not disclosed.
Founded in 1975 and headquartered in Huntersville, North Carolina, NSI provides branded replenishment components for the electrical and HVAC markets across the U.S. and Canada. The Company goes to market through a network of national, regional and local distributors that supply NSI’s mission-critical products to professional contractor installers. NSI’s products are used across a wide variety of job types, end markets, and contractors. Its portfolio of market-leading brands (including Bridgeport, Polaris, TORK, and Duro Dyne) are highly sought after by electrical and HVAC contractors for their reliability, innovation, and quality. Furthermore, the Company counts most of the largest electrical and HVAC distributors in North America as key customers and is consistently recognized in the industry as a world-class service partner for its distributor customers.
Since Odyssey’s initial investment in 2020, NSI has undergone transformational growth. The Company, in partnership with Odyssey, significantly strengthened its operations, including through investments in global sourcing, distribution excellence, manufacturing capabilities, and enhanced management talent. Furthermore, NSI deepened its relationships with core distributor customers while nearly doubling its customer base, delivering strong revenue growth throughout Odyssey’s ownership. Through nine strategic acquisitions under Odyssey’s ownership, NSI diversified its product portfolio with key electrical brands and entered the HVAC market.
“We are proud of what we have accomplished in partnership with the NSI management team,” said Craig Staub, Senior Managing Principal at Odyssey Investment Partners. “The successful outcome of our investment reflects our experience in helping middle-market businesses navigate growth inflection points. At the time we acquired NSI, the Company was a leading supplier in its markets, but with a narrower addressable opportunity and more limited manufacturing and distribution capabilities. Over the past several years, we worked with the NSI management team to expand the Company’s product suite, end market exposure, and operational capabilities, ultimately creating a leading platform in the highly attractive electrical and HVAC markets. Moreover, NSI represents another successful investment for Odyssey in the electrical products and services sector, and the Company is well positioned to further capitalize on continued electrification tailwinds. We wish the entire NSI team continued success in their new partnership with Sentinel Capital Partners.”
“Odyssey has been an invaluable partner to NSI over the past several years, supporting our shared vision for growth and innovation,” said G.R. Schrotenboer, CEO of NSI Industries. “Their commitment and deep sector knowledge enabled us to build out a strong, skilled team, enhance our product portfolio with market-leading brands and become a best-in-class partner of scale to the distribution channel. We are excited for the next chapter as we continue our journey to deliver exceptional solutions and service for our customers.”
Harris Williams LLC served as financial advisor and Latham & Watkins LLP served as legal counsel to Odyssey.
About Odyssey Investment Partners
Odyssey Investment Partners is a leading private equity investment firm with more than a 25-year history of partnering with skilled managers to transform middle-market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes majority-controlled investments in industries with a long-term positive outlook and favorable secular trends. For further information about Odyssey, please visit odysseyinvestment.com.