tvONE organises management buyout from Nortek11 August 2015
tvONE, the developer and supplier of high performance video processing equipment, has announced a “friendly management buyout” of the company from previous owner Nortek, Inc. The new executive team is comprised of tvONE management– David Van Horn, David Reynaga and Andy Fliss (pictured), with continued active involvement of Frithjof Becker and Richard Mallet. The acquisition was completed on 31 July.
Andy Fliss, vice president, sales and marketing told Installation he was feeling “stoked” about the new regime. “I am so excited – it’s a fantastic opportunity in so many ways. We’re going to drive change through this whole thing and really hope to make a different impression on the marketplace.”
Flies explained that, particularly in the light of the decision to roll Gefen into Core Brands, tvONE had “ended up as an orphan, where we could not really fit with the Nortek plans to consolidate… So Nortek was fully in favour of us taking the company out of the mix and working it on our own in the way it deserves.”
While he expected no changes in customer-related activity, he said that he is looking to build “a more open and communicative culture” and to “rebuild our morale”.
David Reynaga, tvONE, commented: “We have the right building blocks and passion to deliver memorable customer experiences though innovative products and, we are absolutely committed to providing unrivalled service and support.”
David Van Horn, tvONE CFO, said: “The friendly MBO arrangement with Nortek has put tvONE in an excellent position for continued growth and success into the future.”
The company expects to operate smoothly through the transition with no changes in customer-related activity.