Nice, a manufacturer of smart home, security, and home and building automation solutions, announced it has acquired Nortek Control from Melrose Industries. Nortek Control is a 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.
The transaction, valued at $285 million, is the largest investment to date by Nice.
With this acquisition and addition of brands including 2GIG, ELAN, Linear, MightyMule, Proficient, SpeakerCraft, Gefen, Xantech, Panamax, Furman, numera and IntelliVision, Nice expands its portfolio to provide a 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 strengthens Nice’s presence in the North American market and doubles its R&D capacity.
“This acquisition reinforces our strong commitment to North America and significantly expands our global footprint,” said Lauro Buoro, chairman and founder of Nice. “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.”
Founded in the 1960s as Linear Corporation, Nortek Control has a large portfolio of products, over 200 patents, and 12 brands across security, access control, AV, power management, smart home, AI and personal health.
“We are very excited to join Nice,” said Christopher Larocca, president and CEO of Nortek Control. “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.”
In North America, the portfolio of brands under Nice include Abode, Nice, and HySecurity in addition to gate, door, sunshade, and smart security offerings. The acquisition increases reach and scales growth through existing Nice distribution channels and with those of Nortek Control.
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 be fully integrated in 2023.
