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AMX Parent Duchossois Acquires Chief and Sanus
Milestone AV, parent company of leading mount manufacturers Chief and Sanus, withdraws IPO before announcement of Duchossois acquisition.
The Duchossois Group has acquired Milestone AV Technologies, the company formed via the merger of Chief and Sanus, leading producers of mounting solutions (see chart below).
The acquisition adds another custom A/V brand to the Duchossois portfolio, which includes AMX (automation), Autopatch (A/V switching), and Matrix (multiroom audio).
Since Duchossois acquired AMX in March 2005 for $315 million, we have speculated that the privately held company would join the likes Nortek , D&M and Legrand in a quest to collect top custom electronics brands.
In fact, Duchossois has taken its time getting into the market.
Through AMX, the company acquired Autopatch -- a leading switcher manufacturer--at the end of 2006, and the much smaller Matrix Audio shortly thereafter.
But that's pretty much it.
In addition to these companies, Duchossois owns Chamberlain (garage door openers and gate access), Heath/Zenith (electrical devices such as chimes), Durasol (retractable awnings), and Churchill Downs (horse racing).
Based in Savage, Minn., Milestone (Chief and Sanus) has approximately 400 employees worldwide.
In Sept., 2007, CSAV Holding Corp., the organization formed in 2003 ostensibly to merge Chief Manufacturing and Sanus Systems, filed an S-1 form with the Security and Exchange Commission in advance of launching an initial public offering, which never occurred.
According to the S-1, CSAV (Chief/Sanus Audio Visual) tentatively had plans to raise $201.25 million through the IPO. CSAV then became Milestone AV, and the proposed offering was reduced, and ultimately withdrawn on May 12, according to a an SEC filing.
Combined, the two companies (Chief and Sanus) had net sales of $204 million for the year ended Dec. 31, 2006, according to the S-1. Net income for 2006 was nearly $12 million.
Milestone will operate as a wholly-owned affiliate of the Duchossois Group and Scott Gill will continue in his role as CEO.
Terms of the all-cash transaction were not disclosed.
The acquisition adds another custom A/V brand to the Duchossois portfolio, which includes AMX (automation), Autopatch (A/V switching), and Matrix (multiroom audio).
Since Duchossois acquired AMX in March 2005 for $315 million, we have speculated that the privately held company would join the likes Nortek , D&M and Legrand in a quest to collect top custom electronics brands.
In fact, Duchossois has taken its time getting into the market.
Through AMX, the company acquired Autopatch -- a leading switcher manufacturer--at the end of 2006, and the much smaller Matrix Audio shortly thereafter.
But that's pretty much it.
In addition to these companies, Duchossois owns Chamberlain (garage door openers and gate access), Heath/Zenith (electrical devices such as chimes), Durasol (retractable awnings), and Churchill Downs (horse racing).
Based in Savage, Minn., Milestone (Chief and Sanus) has approximately 400 employees worldwide.
In Sept., 2007, CSAV Holding Corp., the organization formed in 2003 ostensibly to merge Chief Manufacturing and Sanus Systems, filed an S-1 form with the Security and Exchange Commission in advance of launching an initial public offering, which never occurred.
According to the S-1, CSAV (Chief/Sanus Audio Visual) tentatively had plans to raise $201.25 million through the IPO. CSAV then became Milestone AV, and the proposed offering was reduced, and ultimately withdrawn on May 12, according to a an SEC filing.
Combined, the two companies (Chief and Sanus) had net sales of $204 million for the year ended Dec. 31, 2006, according to the S-1. Net income for 2006 was nearly $12 million.
Milestone will operate as a wholly-owned affiliate of the Duchossois Group and Scott Gill will continue in his role as CEO.
Terms of the all-cash transaction were not disclosed.
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Article Topics
News · Mergers and Acquisitions · Mounts and Lifts · Mergers And Acquisitions ·About the Author
Julie Jacobson, Editor-at-large, CE Pro
Julie Jacobson is co-founder of EH Publishing and currently spends most of her time writing for CE Pro, mostly in the areas of home automation, networked A/V and the business of home systems integration. She majored in Economics at the University of Michigan, earned an MBA from the University of Texas at Austin, and has never taken a journalism class in her life. Julie is a washed-up Ultimate Frisbee player with the scars to prove it. Follow her on Twitter @juliejacobson.
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