A Salt Lake City manufacturer and marketer of smart home products, Control4, is being acquired by SnapAV, a Charlotte, North Carolina-based manufacturer of audio/visual, surveillance, networking and remote management products. SnapAV will acquire Control4 in an all-cash transaction for $23.91 per share, representing an aggregate value of approximately $680 million.
“We believe today’s announced transaction delivers compelling and immediate value to Control4 shareholders in the form of a significant share price premium and we are excited to have the opportunity to join with the SnapAV team,” said Martin Plaehn, chairman and chief executive officer of Control4. “Together with SnapAV, we will be able to invest even more in innovation, bring together and build upon the very best of our combined capabilities, and do so with improved reliability, responsiveness, security and privacy for consumers. Today’s announcement will enable us to better serve the expanding smart home market, making the lives of integrators easier and their businesses more effective and efficient.”
“We have pursued the mission of making our integrators’ lives easier since SnapAV was founded,” said John Heyman, chief executive officer of SnapAV.
“Over the past several years, we have accomplished a number of goals we felt were critical to the success of integrators and the continued growth of SnapAV, including offering local delivery and pick-up through the acquisition of distribution sites around the country and expanding the suite of products available to support integrators. Merging with Control4 and its outstanding team will help us execute on our third critical goal: delivering the industry’s leading automation platform that integrates with the numerous technologies and products required to create customized smart home experiences that homeowners desire We are especially excited by the fact that both of our companies have similarly strong “customer first” corporate cultures centered on quality, service and innovation, and we look forward to creating new and exciting opportunities for the teams at both Control4 and SnapAV.”
More than 1,200 employees of the combined company will be led by Heyman and an executive team made up of leaders from both SnapAV and Control4. Plaehn will join the board of directors of the combined company, helping to ensure a smooth integration of the businesses. The company will share joint headquarters in Charlotte and Salt Lake City, with offices and local facilities around the globe.