technology

Nortek completes 2Gig acquisition

Posted 4/10/13

PROVIDENCE – Nortek Inc., a residential and commercial ventilation maker, has completed the acquisition of Lehi, Utah-based 2Gig Technologies Inc.

Nortek purchased the privately held company from APX Group Inc. for roughly $135 million. The acquisition will be financed with a combination of cash on hand and borrowings under Nortek’s asset-based credit facility, according to a release.

“2GIG’s addition to the Nortek family of companies positions our Technology Solutions segment as one of the world’s top-tier hardware developers and manufacturers in the growing residential security and home automation markets,” said Nortek President and CEO Michael J. Clarke said in prepared remarks. “We are pleased to have completed the 2GIG transaction as planned, as it allows us to better support Vivint and other 2GIG customers, while also providing our Technology Solutions companies with new cross-selling opportunities.”

In a previous Nortek release, 2Gig was described as an “innovative designer and supplier of residential security and home automation systems,” and Nortek’s Technology Solutions business is a major manufacturing partner to 2Gig. According to a release, 2Gig is a supplier to home automation services company Vivint and the acquisition agreement with 2Gig includes a five-year supply agreement with Vivint.

The closing follows the satisfaction of all customary closing conditions, including approval pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, said a Nortek release.

Calendar
PBN Hosted
Events

Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
  • Best Places to Work
    Enrollment is now open for the 7th annual Best Places to Work program. Winners w ...
  • Manufacturing Awards
    Applications are now being accepted for the 2nd Annual Manufacturing Awards. Dea ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement