Nice,Take Over After Aquiring Speakercraft & Elan
Nice, a global manufacturer of smart home, security, and home & building automation gear is taking over Nortek Security & Control.
Tipped by ChannelNews Nortek also manufacturers Speakercraft, Elan 2GIG, Linear, MightyMule, Proficient, Gefen, Xantech, Panamax, Furman, numera, and IntelliVision products which in the past were distributed by Qualifi that is now owned by Sound United.
Blustream manufacture and supply OEM products for Nortek under their ELAN and Xantech brand names.
The deal valued at $285 million, is the largest investment to date by Nice who are looking to expand their presence into markets such as Australia.
Blustream appointed RTI (Remote Technologies Inc) as of 1st Jan 2021 to be their exclusive US distributor, and they are making “very good inroads into the US market according to Blustream executives.
“This acquisition reinforces our strong commitment and significantly expands our global footprint,” says Lauro Buoro, chairman and founder of Nice.
Nice already has an Australian office based in North Sydney.
“Nice now employs over 3000 people across five continents, encompassing the most diverse backgrounds and cultures with 16 R&D centres and manufacturing facilities servicing partners and customers in over 100 countries.”
The move doubles Nice’s R&D capacity to further accelerate innovation and expansion of platform-based integrated solutions, considerably enlarging the Nice customer base globally a move that could lead to significant expansion in Australia claim observers.
The portfolio of brands that Nice have includes Abode, Nice, and HySecurity, in addition to gate, door, sunshade, and smart security offerings.
Company executives claim that the acquisition instantly increases reach and scales growth through existing Nice distribution channels and with those of Nortek Security & Control. Partners of each organization will experience streamlined communication from one brand to the next and, in time, will have access to a broader portfolio of integrated solutions.
Business will be conducted as usual throughout 2022.
Nice do not expect the two organisations emerge fully integrated in 2023.
Nice was advised by Rothschild & Co. as financial advisor; PwC as Financial, Tax and Labor Due Diligence advisor; Raines Feldman LLP as legal advisor and Bain & Co. as business advisor.