ORZO, Italy – (BUSINESS WIRE) – Nice, a global manufacturer of smart home, security, and home and building automation solutions, today announced the acquisition of Nortek Security & Control, LLC from Melrose Industries. Nortek Security & Control is a leading developer of security, home automation, control, power, AV and entertainment, access control, health and artificial intelligence (AI) technologies for the residential and commercial markets.
With this acquisition and the addition of strategic award-winning brands – including 2GIG®, ELAN®, Linear®, MightyMule®, Proficient®, SpeakerCraft®, Gefen®, Xantech®, Panamax®, Furman®, numera® and IntelliVision® – Nice is expanding its portfolio to provide a full suite of integrated solutions for residential, commercial, industrial and government customers, from home improvement supplies to custom and professionally installed specialty products and high security applications.
The move significantly strengthens Nice’s presence in the North American market and doubles its R&D capacity to further accelerate the innovation and expansion of platform-based integrated solutions and significantly expand Nice’s customer base worldwide in a rapidly growing market. Nice and Nortek Security & Control partners will see an improvement in their current relationships with a larger organization with an even greater commitment to the channel. Nice is a global company with a regional presence to focus on its local markets and partners.
“This acquisition strengthens our strong commitment in North America and significantly expands our global presence. Nice now employs over 3,000 people on five continents from diverse backgrounds and cultures, with 16 R&D centers and manufacturing facilities serving partners and customers in over 100 countries, ”said Lauro Buoro, Chairman and Founder of Nice.
“We are very excited to join Nice. Nortek Control has earned a reputation for bringing innovative and industry-leading platforms to the market. With the addition of the Nice product lines, our consolidated organization will now offer one of the broadest and most comprehensive portfolios of disruptive products on the market, ”said Christopher Larocca, President and CEO of Nortek Security & Control.
Nortek Security & Control was founded in the 1960s as Linear Corporation and has an extensive portfolio of products, over 200 patents and 12 leading brands in security, access control, AV, 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 analysis and won several industry awards. The new panel for the Pro-Install security market offers the industry’s first secure, non-contact disarming with facial recognition. The technology of the panel was developed with edge processing and ensures that the biometric data of the homeowner remains safe by only storing it on the panel.
In North America, Nice’s brand portfolio includes Abode, Nice and HySecurity in addition to proven offerings for gates, doors, sunshades and intelligent security solutions. The acquisition immediately increases reach and scales growth across Nice’s existing sales channels and with those of Nortek Security & Control. The partners of each organization will experience optimized communication from one brand to the next and, over time, will have access to a broader portfolio of integrated solutions.
Business will be conducted as usual in 2022. The North American organization will immediately begin working with the Nortek Security & Control team to bring portfolios and operations together to be fully integrated in 2023.
The $ 285 million transaction is Nice’s largest investment to date.
Nice was advised as financial advisor by Rothschild & Co. on this transaction; PwC as Financial, Tax and Labor Due Diligence Advisor; Raines Feldman LLP as legal advisor and Bain & Co. as management 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 taken over the financing package and are acting together with Banco BPM as Bookrunner, MLA and the Original Lender . Cassa Depositi e Prestiti acted as MLA and Original Lender for the financing.
Legance Avvocati Associati acted as legal advisor to Nice and Gianni & Origoni to the lenders.
Nice was founded in the early 1990s and is a global leader in the smart home, security, and home and building automation markets with a comprehensive range of integrated solutions for gates, garage doors, sun protection, parking systems, wireless alarm systems and home security, for residential , Commercial and industrial buildings. Nice has launched a strategic plan to expand and expand its product portfolio and connected platforms. Nice continues to strive to offer the end user a wide range of customizable, user-friendly options and seeks to strengthen and expand in markets with high growth potential by improving and innovating its branding to survive in new market segments. Nice exports its products, which combine technological innovation and design, to over 100 countries. More information is available at www.niceforyou.com
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About Nortek Security & Control
Nortek Security & Control LLC is a leading global provider of smartly connected devices and systems for residential and commercial customers, serving the security, access, AI, health and wellness, control, and power / AV markets. Nortek Security & Control and its partners have deployed more than 5 million networked systems and over 25 million security and home control sensors and peripherals. Through its family of brands, the company develops solutions for national telecommunications companies, large retailers, OEM partners, service providers, distributors, technology integrators and consumers. Nortek Security & Control, headquartered in Carlsbad, California, has over 50 years of innovation and addresses the lifestyle and business needs of millions of customers every day.
For more information, visit www.nortekcontrol.com.