It has been announced that SnapAV, an audio/video distributor (for which we are a customer) has acquired Control4 in an all cash transaction. Several news outlets are reporting with more information. Here is an open letter from SnapAV CEO John Heyman:
Less than two years ago, we developed a strategic plan to guide our company over the next decade. There are three key pillars to this strategy that we have been working to put in place:
One, we understand that a local presence is important for product accessibility and personalized service. The acquisitions of leading distribution businesses such as AllNet, Volutone and MRI have given us entirely new capabilities to serve you, and we are planning more locations in the future.
Two, we understand that product choice is essential to creating the right solutions for every project. By partnering with key industry leaders, we are adding important complementary products to our award-winning portfolio.
Three, we understand that providing a true, one-stop shop for all your project needs – one place for products and support – is how we can continue to make your life easier
To accomplish this last objective, we sought to bring you a solution for an integral piece of the smart home experience: the control system. The demand for connected solutions is exploding, and we believe that making a control system better – simpler, easier to customize, and more reliable – will create more demand for your services and allow you to better serve more customers. Today, we are announcing that SnapAV has entered into a definitive agreement to acquire Control4, who we believe is the premier control company in the space. I am incredibly excited to announce this transformational merger of people, products and capabilities.
Like SnapAV, Control4 is highly regarded for their product innovation and customer support capabilities. Independently, both companies have distinguished themselves as “winners” in the industry. Together, this merger represents a combination of strength.
Our mission remains to offer you better service and better solutions to make your life easier. If you do not think we are meeting this mission, please let me know at John.Listens@snapav.com. We believe our industry deserves a provider who invests relentlessly in your success. Whether it is industry-leading solutions, world-class service or time-saving tools like remote management, we strive to be the company with the resources and staying power to help your businesses grow. Simply put, we believe that SnapAV and Control4 will be better together for you.
The closing of the transaction is subject to customary conditions, including the approval of Control4’s stockholders and certain regulatory approvals. We anticipate closing the transaction sometime in the second half of 2019. At that time upon consummation of the closing, we will work to bring the two companies together as one. For now, we will continue to operate separately, and conduct business as usual.
This is an incredibly exciting time in our industry. I thank each of you for the investments you have made in our company over the past 15 years, and for continually challenging us to be an even better company in the future.
Check out some of these sources for more info: