Worthington Enterprises Acquires Elgen Manufacturing
COLUMBUS, Ohio — Worthington Enterprises announced its acquisition of Elgen Manufacturing (Elgen) of Closter, New Jersey. Elgen is a designer and manufacturer of HVAC parts and components, ductwork, and structural framing primarily used in commercial buildings throughout North America. Recurring demand for maintenance, repair and remodel of existing HVAC installations is a key driver of volume and customer spend in these markets.
Joe Hayek, president and chief executive officer, Worthington Enterprises, said, “The addition of Elgen aligns closely with our strategy to build and acquire businesses with leadership positions in niche markets. Elgen’s manufacturing processes, go-to-market strategies and end markets mirror ours, creating meaningful opportunities for synergies and growth. We are excited to welcome the Elgen team to Worthington Enterprises and look forward to growing together as their 250 employees become part of our people-first, performance-based culture.”
Elgen will become part of the Building Products segment at Worthington Enterprises that includes a portfolio of critical building systems and components for heating, cooling, construction and water applications, as well as architectural and acoustical grid ceilings and metal framing and accessories. Elgen’s steel-based products are used by contractors to renovate, repair and build the HVAC infrastructure within commercial buildings. Its sales strategy features direct sales to contractors and strategic distributor partnerships that broaden reach into niche markets. The company’s distribution model allows for superior customer service and flexibility in best-in-class lead times for specialty (non-standard) products that are frequently needed by contractors installing on tight timelines.
Jimmy Bowes, president, Building Products, Worthington Enterprises, added, “Elgen’s HVAC componentry and recurring revenue through maintenance, repair and remodel are a natural fit with our products for the building envelope. We believe we can create new value for Elgen’s customers and generate operational efficiencies for the business by leveraging Worthington’s domestic footprint, manufacturing expertise and purchasing power.”
“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,” said David Young, CEO, Elgen Manufacturing. "We look forward to supporting the continued growth of Worthington Enterprises and remain committed to delivering innovative products and excellent service to our customers.”
Young and other members of the Elgen leadership team will remain with the business and maintain similar roles and responsibilities.
Worthington Enterprises acquired Elgen Manufacturing for approximately $93 million funded with cash on hand. For the trailing 12 months ended April 30, 2025, Elgen generated net sales of $114.9 million and EBITDA of $13.3 million.
A presentation with more information on the transaction can be found on the investor relations section of the Company’s website.