EXHIBIT 99.1

Richard L. Bready, Chairman and CEO
Edward J. Cooney, Vice President and Treasurer
(401) 751-1600

IMMEDIATE

                  NORTEK HOLDINGS ANNOUNCES AGREEMENT TO SELL
                COMPANY TO THOMAS H. LEE PARTNERS AND MANAGEMENT

PROVIDENCE, RI, July 15, 2004--NORTEK HOLDINGS, INC. ("NORTEK HOLDINGS"), the
parent company of NORTEK, INC. ("NORTEK"), a leading international designer,
manufacturer and marketer of high-quality brand name building products, today
announced the signing of a definitive agreement under which Thomas H. Lee
Partners ("THL"), in partnership with management, will acquire NORTEK HOLDINGS
in a transaction valued at approximately $1.75 billion. NORTEK HOLDINGS is owned
by certain members of management and Kelso and Company, L.P. The transaction is
expected to close in the third quarter of 2004 and is subject to customary
closing conditions.

Richard L. Bready, Chairman and CEO, said, "We have enjoyed working with Kelso
and have made many strides during our association, including a successful
capital restructuring, sale of our Ply Gem Industries unit, and strong increases
in revenues and operating earnings. At the same time, we look forward to our
partnership with THL, which has a great record of working with management to
increase value."

                                   - M O R E -



Anthony J. DiNovi, Managing Director of Thomas H. Lee Partners, said, "This is a
company with strong brands, strong marketplace positioning and exceptionally
strong management. Management will have an ownership stake of approximately 33%
in the new company, which reflects their confidence in NORTEK'S future growth
plans. We've known Rick Bready and his management team for 17 years and we're
delighted to finally have the opportunity to partner with them."

UBS Investment Bank and Credit Suisse First Boston will provide financing for
the transaction. UBS Investment Bank, Credit Suisse First Boston and Daroth
Capital Advisors LLC served as financial advisors to NORTEK. Ropes & Gray LLP
provided legal advice for Thomas H. Lee Partners in connection with the
transaction and Skadden, Arps, Slate, Meagher & Flom LLP provided legal advice
to NORTEK HOLDINGS and Kelso in connection with the transaction.

NORTEK HOLDINGS* (the parent company of NORTEK, INC.) is a leading international
manufacturer and distributor of high-quality, competitively priced building,
remodeling and indoor environmental control products for the residential and
commercial markets. NORTEK HOLDINGS offers a broad array of products for
improving the environments where people live and work. Its products currently
include: range hoods and other spot ventilation products; heating and air
conditioning systems; indoor air quality systems; and specialty electronic
products.

                                  - P A G E 2 -



ABOUT THOMAS H. LEE PARTNERS, L.P.

Thomas H. Lee Partners, L.P. is a Boston-based private equity firm focused on
identifying and acquiring substantial ownership positions in growth companies.
Founded in 1974, Thomas H. Lee Partners currently manages approximately $14
billion of committed capital, including its most recent fund, the $6.1 billion
Thomas H. Lee Equity Fund V. Notable transactions sponsored by the firm include:
American Media, AXIS Capital Holdings Limited, Cott Corporation, Endurance
Specialty Insurance, Experian, Eye Care Centers of America, Fisher Scientific
International, Houghton Mifflin, Michael Foods, National Waterworks, Rayovac,
Simmons Company, TransWestern Publishing, United Industries, Vertis and Warner
Music Group.

*As used herein, the term "Nortek Holdings" refers to Nortek Holdings, Inc.,
together with its subsidiaries, unless the context indicates otherwise. This
term is used for convenience only and is not intended as a precise description
of any of the separate corporations, each of which manages its own affairs.

This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements are based on
Nortek Holdings' current plans and expectations and involve risks and
uncertainties that could cause actual future activities and results of
operations to be materially different from those set forth in the
forward-looking statements. Important factors impacting such forward-looking
statements include the availability and cost of raw materials and purchased
components, the level of construction and remodeling activity, changes in
general economic conditions, the rate of sales growth, and product liability
claims. Nortek Holdings undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information, future
events, or otherwise. For further information, please refer to the reports and
filings of Nortek Holdings with the Securities and Exchange Commission.

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