Nortek acquired by Italy-based Nice for US$285M
Nice, a manufacturer of smart home, security and building automation solutions, Tuesday announced the acquisition of Nortek Security & Control from Melrose Industries. The deal is valued at US$285 million and is Nice’s largest investment to date.
Nice is based in Italy, with global operations including the U.S. and Canada. The acquisition is expected to significantly expand Nice’s presence in the North American market and double its R&D capacity. Nortek brands include 2GIG, ELAN, Linear, MightyMule, Proficient, SpeakerCraft, Gefen, Xantech, Panamax, Furman, numera, and IntelliVision.
In March, Nortek released the 2GIG EDGE security and automation panel.
“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 centres and manufacturing facilities servicing partners and customers in over 100 countries,” said Lauro Buoro, chairman and founder of Nice, in a statement.
“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,” added Christopher Larocca, president and CEO, Nortek Security & Control.
Nice’s current portfolio of North American brands include Abode, Nice and HySecurity. The Nice in Canada door and screen division is based in Dorval, Que. According to Nice, partners across Nice and Nortek will eventually have access to a broader portfolio of integrated solutions.
Nice said that business will be conducted as usual throughout 2022; the Nice North American organization will immediately begin collaborating with Nortek to blend portfolios and operations with a plan for full integration some time in 2023.