Nice, a global manufacturer of smart home, security, and home and building automation services, 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 systems for residential and commercial markets.
“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.”
“We are very excited to join Nice. Nortek Control has built a reputation for delivering innovative and industry-leading platforms to the market,” said Christopher Larocca, president and CEO of Nortek Security & Control. “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.”
The transaction, valued at $285 million, is the largest investment to date by Nice.
For this transaction, Nice was advised by Rothschild & Co. as financial advisor; PwC as financial, tax and labor due diligence advisor; Raines Feldman LLP as legal advisor and Bain & Co. as business advisor. UniCredit S.p.A. Sole Global Coordinator, BNP Paribas Italian branch, Crédit Agricole Corporate & Investment Bank (Milan branch), Crédit Agricole FriulAdria S.p.A. and Natixis S.A. Milan branch have fully underwritten the financing package, acting together with Banco BPM, as bookrunner, MLA, and the original lender. Cassa Depositi e Prestiti acted as MLA and original lender for the financing. Legance Avvocati Associati acted as legal advisor for Nice and Gianni & Origoni for the lenders.