Pritzker Group Private Capital Acquires Milestone AV Technologies
Milestone AV Technologies, parent company of Chief, Da-Lite and Sanus, has been acquired by investment firm Pritzker Group Private Capital. Financial terms of the deal were undisclosed.
Financial terms of the deal were undisclosed, but according to Crain’s Chicago Business, “Pritzker Group typically makes investments between $100 million and $500 million, and this purchase is toward the higher end of that range, said Pritzker Group Private Capital investment partner Michael Nelson.”
Through Chief and Sanus, Milestone is a leading manufacturer of mounts, lifts, furniture and racks for audio and video gear. Da-Lite provides video projection screens for commercial and residential applications. Combined, the groups serve 5,000 global customers and maintain global operations with offices in the U.S., Europe and China, according to Milestone.
Chief was named as the top brand of mounts in 2013 among the CE Pro 100 home systems integrators (report), with 62% of the industry’s highest-revenue dealers saying they use the brand. The brand was second among CE Pro 100 dealers for the motorized lift category. Sanus was the runner up in mounts with 43% of the CE Pro 100 dealers using the brand. Both landed in the top five brands for equipment racks. Da-Lite was the number-two brand of projection screens, cited by 39% of CE Pro 100 dealers as a brand they install.
“Our acquisition of Milestone demonstrates Pritzker Group Private Capital’s strategy of investing in clear market leaders with excellent management teams. We are well aligned with the Duchossois family in the view that our permanent, proprietary capital base allows our management teams to build great businesses over the long term” says Tony Pritzker, Pritzker Group Private Capital managing partner. “Together with the Milestone management team, we have a clear path forward that continues the company’s long history of new product innovation, international growth and add-on acquisitions.”
The Duchossois Group will retain a significant interest in the business and continue to have representatives serve on the board of directors.
“Our two families have enjoyed both a personal and business relationship for over 40 years,” says Craig Duchossois, CEO of The Duchossois Group. “We look forward to our next generation of partnership. This transaction is representative of the types of opportunities that will be pursued by Duchossois Capital Management, the company we recently formed to manage our family’s strategic investments.”
Duchossois Group bought Milestone in 2008. Prior to that, Chief and Sanus—both headquartered in the Twin Cities of Minnesota—merged in 2004 as CSAV Holding Corp. in advance of a planned $201 million IPO, which never happened. Milestone expanded in 2011 by acquiring Da-Lite for about $200 million.
Prior to that, Duchossois entered the home- and commercial-installation business with leading automation firm AMX, which Duchossois acquired for $315 million cash in 2005. AMX was not part of the Pritzker transaction.
“Our partnership with Pritzker Group Private Capital and Duchossois will launch Milestone into its next phase of growth, providing resources to help us meet the evolving needs of our customers,” said Scott Gill, Milestone chief executive officer. “The resources and experience of both organizations will drive our continued investment behind the innovative products, exceptional service and operational excellence that make a difference for our customers.”
Duchossois Buys AMX for $315 Million Cash (2005)
Chief, Sanus Prepare for IPO
CSAV Holding Corp Renamed Milestone AV Technologies, Inc.
AMX Parent Duchossois Acquires Chief and Sanus (2008)
Da-Lite Merges with Chief, Sanus (2011)
Home Tech History: M&As by Nortek, Legrand, Duchossois, D&M (2011)
Gunning for the Custom Market: Is Audiovox the Next Nortek? (2011)
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Steve Crowe has been writing about technology since 2008. He lives in Belchertown, MA with his wife and daughter. Have a suggestion or a topic you want to read more about? Email Steve at firstname.lastname@example.org
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