Milestone, Da-Lite announce merger12 April 2011
The combination of Milestone AV Technologies (Chief, Sanus) and Da-Lite Screen Company (Da-Lite, Projecta) will yield ‘an industry leader in mounting solutions, AV furniture and projection screens.’
The merger is being funded under a new credit facility at Milestone. The total value of this facility has not been disclosed, but the consideration for Da-Lite has been confirmed as $202.5 million.
A definitive agreement has been signed, and the transaction is expected to close within the next 30 days. Once the merger is complete, the unified business will have nearly 1,000 employees and eight major operating locations worldwide to its credit.
Milestone, headquartered in Savage, Minnesota, was formed from the successful merger of Chief Manufacturing and Sanus Systems in 2004. Da-Lite will continue to be based in Warsaw, Indiana, as an operating subsidiary of Milestone, under the leadership of current Da-Lite president Richard Lundin.
“We are pleased to announce the combination of these two great companies,” said Scott Gill (pictured), 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.”
Speaking to IE Residential about the future of the Sanus brand, Gill remarked that it “remains a vital component of the Milestone portfolio, alongside Chief and now Da-Lite. We continue to look for ways to add value to Sanus through an expanded assortment of products – most recently iPad mount interfaces and ultra-thin HDMI cables.”
Richard Lundin commented: “Da-Lite has a 100-year heritage of product innovation in the AV market. 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.”