Nice, a global manufacturer of smart home, security and home & building automation solutions, announces it has acquired Nortek Control from Melrose Industries.
Nortek Control is a leading developer of technology for security, home automation, control, power, AV and entertainment, access control, health, and artificial intelligence (AI) systems for residential and commercial markets.
With this acquisition and addition of Nortek’s brands –2GIG, Elan, Linear, MightyMule, Proficient, SpeakerCraft, Gefen, Xantech, Panamax, Furman, numera and IntelliVision – Nice expands its portfolio to provide a full suite of integrated solutions for residential, commercial, industrial, and government customers, from consumer DIY to custom and professionally-installed specialized products and high-security applications.
The move substantially strengthens the presence of Nice in the North American market and doubles its R&D capacity to further accelerate innovation and expansion of platform-based integrated solutions, considerably enlarging the Nice customer base globally in a fast-growing market, according to the company.
The partners of Nice and Nortek Control will experience an enhancement of their current relationships through a larger organization with an even stronger commitment to the channel, the announcement states.
“This acquisition reinforces our strong commitment to North America and significantly expands our global footprint. Nice now employs over 3,000 people across five continents, encompassing the most diverse backgrounds and cultures with 16 R&D centers and manufacturing facilities servicing partners and customers in over 100 countries,” says Lauro Buoro, chairman and founder of Nice.
Nice is a global company with a regional presence to focus on its local markets and partners.
“We are very excited to join Nice. Nortek Control has built a reputation for delivering 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 deepest portfolio of disruptive products to the market,” says Christopher Larocca, president and CEO of Nortek Control.
Founded in the 1960s as Linear Corp., Nortek Control has a vast portfolio of products, over 200 patents, and 12 leading brands across security, access control, AV, power management, smart home, AI, and personal health.
In North America, the portfolio of brands under Nice includes Abode, Nice and HySecurity in addition to other gate, door, sunshade, and smart security offerings.
Nice says the acquisition instantly increases reach and scales growth through existing Nice distribution channels and with those of Nortek Control, as well as provide partners of each organization with streamlined communication from one brand to the next and, in time, have access to a broader portfolio of integrated solutions.
Business will be conducted as usual throughout 2022. The North American organization will immediately begin collaborating with the Nortek Control team on blending portfolios and operations to emerge fully integrated in 2023, according to the announcement.
The transaction, valued at $285 million, is said to be the largest investment to date by Nice.