Industry insiders have been buzzing about the flurry of transactions going on across the industry early this year, from Legrand's acquisition of Luxul Wireless to Control4's acquisition of Pakedge earlier this year.
Today, the residential and commercial industries were both hit with big merger news. TiVo has been acquired by Rovi, a leader in media discovery and entertainment data, for a whopping $1.1 billion.
Almost simultaneously, AVI-SPL, currently the largest commercial AV integrator, announced it will be sold to H.I.G Capital, a global private equity firm that manages more than $19 billion in equity capital.
“The H.I.G. relationship with AVI-SPL better positions the company for opportunities in the growing collaboration solutions markets and to meet the demands of enterprise clients seeking global standards and delivery platforms,” according to the H.I.G press release announcing the acquisition.
“We’re proud to partner with H.I.G. Capital, a highly respected firm that is aligned with AVI-SPL’s vision of the future and the strategic plan to get there,” says John Zettel, AVI-SPL’s CEO, in the press release announcing the acquisition. “Together with H.I.G. Capital, our potential for accelerated growth to meet the needs of tomorrow’s enterprise clients is limitless.”
AVI-SPL has more than 1,500 employees in 35 location around the world, including 29 U.S. offices and six across Canada, the U.K. and United Arab Emirates. The company has completed more than 35,000 AV and video collaboration projects in 101 countries since 2008.
“AVI-SPL is the established market leader in the AV systems and collaboration solutions market and we look forward to supporting the continued expansion of the company’s service offering and geographic footprint,” says Richard Stokes, managing director at H.I.G. Capital.
“AVI-SPL is exceptionally well positioned for continued growth, driven by the critical nature of its solutions within increasingly tech-enabled work spaces,” says Todd Ofenloch, managing director at H.I.G. Capital. “We are excited to work with the company to take the business to the next level.”
Earlier this year, Diversified acquired Technical Innovation to create what many believe is the second largest integrator in the commercial business. Most believe this season of mergers and acquisitions will continue at least through InfoComm 2016, the commercial AV trade show in June.