Pending federal regulatory approvals, Nortek Control has been sold to an unnamed international manufacturer of professional security, access control and custom electronics equipment.
CE Pro has confirmed that U.K.-based Melrose Industries has reached an agreement to divest Nortek Control for $285 million. The name of the purchaser cannot be publicly revealed until federal regulatory approvals are completed, but the new owner is an “international manufacturer of professional security, custom electronics and access control” equipment.
Nortek Control is a leading developer and manufacturer of security, home automation, access control, health and artificial intelligence (AI) technologies for the residential and commercial markets, principally in North America. The company markets more than a dozen brands both in custom electronics and security, including 2GIG, Elan, SpeakerCraft, Proficient, Panamax, Furman, Sunfire, Linear, Mighty Mule, Numera and Intellivision. In recent years, the company has aimed to consolidate some of its overlapping brands, including Niles, Xantech, Gefen and others.
Similar to a private equity firm, Melrose buys industrial companies and seeks to improve the way they are run before selling them. In 2016, the company purchased Nortek for $2.8 billion. In April, the firm sold Nortek Air Management, a sister company to Nortek Control that includes the Broan-NuTone brands, to Madison Industries for $3.6 billion.
Nortek Control, which rebranded in September 2020, made a splash in March with the release of the 2GIG EDGE Security and Automation Panel with AI and edge analytics. The product won several industry awards. The new panel for the pro-install security market is said to deliver the industry’s first secure face recognition touchless disarm. Engineered using edge analytics and with technology built into the panel ensures homeowner’s biometric data stays secure by saving it only on the panel.
That major launch was followed in August with Nortek Control and Alarm.com announcing the 2GIG New Home Program, a collaboration that combines the family of 2GIG security and home automation products with the smart home platform from Alarm.com. Along with a complete ecosystem of smart home products, the new program supports builders with a wide range of tools such as community management, design center collaboration, and sales and marketing assets.
Nortek Control has design centers and manufacturing plants throughout the U.S., Mexico, Asia and Europe, and produces products for millions of global customers. The history of the company includes several acquisitions over the years.
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September 06, 2021 at 11:06PM
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Melrose to Divest Nortek Control for $285M - CEPro
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