Worthington Acquires HVAC Leader Elgen for $93M
Slice of Manufacturing Team
06/23/2025
Key highlights
- Worthington Enterprises acquires Elgen for $93 million in cash
- Elgen brings $114.9M in sales and $13.3M EBITDA
- Strengthens Worthington’s Building Products segment in HVAC
- 250 Elgen employees to join Worthington’s people-first culture
- Leadership team at Elgen will remain in place
Source: Globe Newswire
Notable Quotes
“ The addition of Elgen aligns closely with our strategy to build and acquire businesses with leadership positions in niche markets. ”
Joe Hayek, President and CEO at Worthington Enterprises
“ Elgen’s HVAC componentry and recurring revenue through maintenance, repair and remodel are a natural fit with our products for the building envelope. ”
Jimmy Bowes, President, Building Products at Worthington Enterprises
“ This is a milestone in our rich history and one that we believe accelerates our ability to serve our customers and retain and attract a top workforce. ”
David Young, CEO at Elgen Manufacturing
Why This Matters
This acquisition marks a strategic expansion for Worthington Enterprises into the HVAC market, particularly the high-demand segments of maintenance, repair, and remodel in commercial construction. By integrating Elgen’s product expertise, customer relationships, and operational strengths, Worthington solidifies its leadership in building systems and enhances long-term growth through recurring revenue opportunities.
