Jeffrey Gates’ Gates Capital Management filed SEC 13G on November 25th for its 12% passive stake in Nortek Inc (NTK). This is a brand-new position in Gates Capital Management. Now Gates Capital Management has 1.83 million shares in NTK. NTK started to trade on NASDAQ Global Market on November 15th after the company reported $1.4 million profit in the third quarter. Now the stock is priced at $21.
According to the firm’s official profile, Gates Capital Management is “a leading alternative asset manager providing investment advice to institutional clients and high net worth individuals globally. The firm currently manages investment partnerships with a staff of ten. Gates Capital was founded in 1996, is headquartered in New York, and is an SEC registered investment adviser.”
Nortek Inc. is a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and technology products. The company primarily operates Residential Ventilation Products segment, Technology Products segment, Residential Air Conditioning and Heating Products segment, Commercial Air Conditioning and Heating Products segment. The company was founded in 1967 and is based in Providence, Rhode Island.