Milestone acquires Da-Lite1 April 2011
Mount company Milestone AV Technologies is to acquire Da-Lite Screen Company for $202.5 million. Together the two companies, which are US-based, have nearly 1,000 employees and eight major operating locations around the globe.
Milestone manufactures Chief, Sanus and Raxxess mounts and racks, while Da-Lite Screen makes Da-Lite, Projecta and Procolor brand projection screens. The merged company will create a strong presence in mounting solutions, AV furniture, and projection screens across both commercial and consumer AV markets.
The transaction is being funded by the creation of a new credit facility to take on $92.4 million of Da-Lite debt. Da-Lite will continue to be based in Warsaw, Indiana as an operating subsidiary of Milestone, under its current president Richard Lundin.
"We are pleased to announce the combination of these two great companies," said Scott Gill, CEO of Milestone AV Technologies. "Through the strength of this combination, we will be able to offer a more comprehensive product line to our joint customers, open up new sales channels for our brands, and provide growth opportunities for our employees. We look forward to expanding our reputation for innovative products and market-leading customer service."
"Da-Lite has a 100-year heritage of product innovation in the AV market," added Lundin. "Combining Da-Lite and Milestone allows us to continue our commitment to innovation while bringing the benefits and enhanced opportunities of increased global scale to our customers and employees."
Milestone, based in Savage, Minnesota, was formed from the merger of Chief Manufacturing and Sanus Systems in 2004. It is owned by the Duchossis Group, which also owns AMX.
The transaction is expected to close within 30 days.