Nice Acquires Nortek Security & Control LLC
Nice — a global manufacturer of smart home, security and home and building automation solutions — announced it has acquired Nortek Security & Control, LLC from Melrose Industries. Nortek Security & 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.
With this acquisition and addition of strategic award-winning brands — including 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.
“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,” said Lauro Buoro, chairman and founder of Nice.
“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,” said Christopher Larocca, president and CEO of Nortek Security & Control.
In March, Nortek Security & Control released the 2GIG EDGE Security and Automation Panel with AI and edge analytics.
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. The company says the acquisition instantly increases reach and scales growth through existing Nice distribution channels and with those of Nortek Security & Control. Partners of each organization will experience streamlined communication from one brand to the next and, in time, will 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 Security & Control team on blending portfolios and operations to emerge fully integrated in 2023.
The transaction, valued at $285 million, is the largest investment to date by Nice.