ODERZO, Italy — Nice, a global manufacturer of Smart Home, Security and Home & Building Automation solutions, today announced the acquisition of Nortek Security & Control, LLC from Melrose Industries. The deal, valued at $ 285 million, is Nice’s biggest investment to date.
“This acquisition reinforces our strong commitment to North America and significantly expands our global footprint. Nice now employs more than 3,000 people on five continents, encompassing the most diverse origins and cultures with 16 R&D centers and manufacturing facilities serving partners and customers in more than 100 countries ”, said Lauro Buoro, president and founder of Nice.
Nortek Security & Control is a leading developer of technologies for security, home automation, control, power, audiovisual and entertainment, access control, healthcare and artificial intelligence (AI) systems for residential and commercial markets.
With this acquisition and the addition of award-winning strategic brands – including 2GIG, ELAN, Linear, MightyMule, Proficient, SpeakerCraft, Gefen, Xantech, Panamax, Furman, numera and IntelliVision – Nice expands its portfolio to provide a comprehensive suite of solutions for residential, commercial, industrial and government customers, from consumer DIY to custom and professionally installed specialty products and high security applications.
“We are very happy to join Nice,” said Christopher Larocca, President and CEO of Nortek Security & Control. “Nortek Control has built a reputation as a provider of innovative and market-leading platforms. With the addition of Nice’s product lines, our consolidated organization will now offer one of the broadest and most comprehensive breakthrough product portfolios on the market. “
This decision considerably strengthens Nice’s presence in the North American market and doubles its R&D capacity to further accelerate the innovation and expansion of integrated platform-based solutions, considerably expanding Nice’s customer base globally. in a rapidly growing market. Nice partners and Nortek Security & Control will experience an improvement in their current relationship through a larger organization with an even stronger commitment to the channel. Nice is a global company with a regional presence to focus on its local markets and partners.
Founded in the 1960s as Linear Corporation, Nortek Security & Control has an extensive product portfolio, over 200 patents and 12 leading brands in the areas of security, access control, audiovisual , power management, smart home, AI and personal health.
In March, Nortek Security & Control released the 2GIG EDGE security and automation panel with AI and edge scanning, winning several industry awards. The new panel for the professional installations security market offers the industry’s first contactless secure disarming with facial recognition. Developed with edge processing, panel engineering ensures that owner’s biometric data remains secure by saving it only to the panel.
In North America, the portfolio of brands under Nice includes Abode, Nice and HySecurity, in addition to well-established offerings of gates, doors, sunshades and smart security. The acquisition instantly increases reach and increases growth through existing Nice distribution channels and with those of Nortek Security & Control. Partners in each organization will benefit from streamlined brand-to-brand communication and ultimately gain access to a broader portfolio of integrated solutions.
Business will run as usual throughout 2022. The North American organization will immediately begin working with Nortek’s security and control team to merge portfolios and operations to become fully integrated in 2023.
For this transaction, Nice was advised by Rothschild & Co. as financial advisor; PwC as an advisor on financial, tax and social due diligence; Raines Feldman LLP as legal advisor and Bain & Co. as business advisor.
UniCredit SpA Sole Global Coordinator, BNP Paribas Italian branch, Crédit Agricole Corporate and Investment Bank (Milan branch), Crédit Agricole FriulAdria SpA and Natixis SA Milan branch have fully subscribed to the financial package, acting jointly with Banco BPM, as Bookrunner , MLA and the Original Lender. Cassa Depositi e Prestiti acted as MLA and initial lender for the funding.
Legance Avvocati Associati acted as legal counsel for Nice and Gianni & Origoni for the lenders.
For more information visit www.niceforyou.com