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Acquisition will further enhance the growing Pro AV product category within ADI Global Distribution
AUSTIN, Texas, May 6, 2021 /PRNewswire/ -- Resideo Technologies, Inc. (NYSE: REZI), a leading global provider of home comfort and security solutions and distributor of commercial and residential security and audio-visual products, today announced it has acquired privately held Shoreview Distribution ("Shoreview"), based in Foxboro, Ma. Shoreview was founded in 1989 and is a leading distributor of professional audio, video, lighting, display and broadcast equipment. With warehouse locations on the east and west coasts, Shoreview serves customers across the United States and will be part of Resideo's ADI Global Distribution business.
"A key component of ADI's strategy is pursuing acquisitions to drive continued growth in adjacent markets and expand our base of customers and suppliers," said Jay Geldmacher, president and CEO of Resideo. "This acquisition represents another important step in that strategy by further solidifying ADI's position in the Pro AV market and marks the third acquisition for our distribution business since the beginning of 2020."
Shoreview strengthens ADI's portfolio with key industry brands and builds upon its presence in the Pro AV market with an assortment of conferencing and collaboration systems, audio equipment, projection systems, video displays and digital signage. Additionally, the acquisition increases ADI's footprint with added warehouse operations to help provide immediate product availability to customers.
"Today's professional integrators demand a high-performance distributor that can provide them with top industry brands, and the support and services they need," said Rob Aarnes, president of ADI Global Distribution. "This acquisition expands our offering and fits into our strategy to make ADI the indispensable partner of choice for Pro AV. Shoreview complements our Herman Pro AV business, and with our scale and resources, robust product lines and industry experience and subcontracting services model, we can deliver even more value to a greater number of integrators."
Terms of the transaction were not disclosed.
Resideo is a leading global manufacturer and distributor of technology-driven products and solutions that provide comfort, security, energy efficiency and control to customers worldwide. Building on a 130-year heritage, Resideo has a presence in more than 150 million homes, with 15 million systems installed in homes each year. We continue to serve more than 110,000 professionals through leading distributors, including our ADI Global Distribution business, which exports to more than 100 countries from nearly 200 stocking locations around the world. For more information about Resideo, please visit www.resideo.com.
This release contains "forward-looking statements." All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results or performance of the company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, those described under the headings "Risk Factors" and "Cautionary Statement Concerning Forward-Looking Statements" in our Annual Report on Form 10-K for the year ended Dec. 31, 2020 filed with the Securities and Exchange Commission ("SEC"). You are cautioned not to place undue reliance on these forward-looking statements. Forward looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release, and we caution investors not to place undue reliance on any such forward-looking statements.
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SOURCE Resideo Technologies, Inc.