BREAKING NEWS
Nortek, Inc. announced today that it has acquired 2GIG Technologies, Inc. from APX Group, Inc. 2GIG is a designer and supplier of residential security and home automation systems. A privately held company, 2GIG will expand Nortek’s portfolio of installed home systems products.
See what 2GIG brings to the table and how much Nortek paid to add the brand to its portfolio…
Nortek bought the brand from APX for $135 million acquiring all outstanding shares of the stock. Nortek says they are getting the line on a cash- and debt-free basis and will finance the deal with a combination of cash on hand and borrowings under Nortek’s existing asset-based credit facility. The deal is expected to close sometime during the first half of 2013.
Nortek’s Linear division had worked with 2GIG to help it develop a touch-screen panel for use in its GotControl line. GotControl is a self-contained all-in-one home security and automation control panel. Nortek says GotControl is “industry leading.”
Looking for more security…
According to the Nortek release, 2GIG also offers wireless home security services along with other peripheral hardware devices and systems components. Nortek is a manufacturing partner to 2GIG…so they’ve been dating for awhile.
2GIG is a major said to be a major supplier to Vivint, a large home automation services provider in the U.S. Nortek says it has secured a 5-year supply agreement with Vivint as part of this acquisition.
“Acquiring 2GIG will position our Technology Solutions business as one of the world’s top-tier hardware developers and manufacturers in the rapidly growing residential security and home automation markets,” Michael J. Clarke, Nortek’s Chief Executive Officer said in a prepared statement. “The transaction allows us to better provide long-term support to Vivint and other 2GIG customers. We look forward to welcoming 2GIG’s talented employee team into the Nortek family of companies.”
For more information, visit: www.nortek-inc.com.
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