Nortek Agrees to Acquire Minority Stake in MiOS Limited
Investment will expand and accelerate Nortek’s solutions for the connected home
PROVIDENCE, R.I. — Nortek Inc. announced it has signed an agreement to acquire a 25 percent stake in MiOS Limited, a global technology company focused on developing and distributing advanced control and monitoring solutions for the home and small enterprise markets. The closing is subject to standard conditions and is expected to occur in May 2016.
Founded in 2008, MiOS has created a technology platform that bridges many different devices to produce hardware and software solutions that allow users to remotely control, monitor, and automate their households and businesses. In addition to developing solutions for third party customers, MiOS sells its own control solutions under its Vera™ brand. With over 80 global employees, MiOS has operations in North America and South America as well as in Europe. Nortek’s minority investment will provide growth capital for product development including personnel.
“Nortek’s investment in MiOS solidifies a long-term relationship that we expect will benefit both of our companies,” said Michael J. Clarke, Nortek president and chief executive officer. “MiOS has an excellent IoT platform and global development capabilities, which we intend to utilize to develop lifestyle-driven solutions for the connected home across many of our businesses. MiOS will work primarily with our Broan-NuTone business as well as Nortek Security & Control and Core Brands to develop these solutions for several of our customer segments including builders, electricians, and installing dealers.”
MiOS president, Lew Brown, said, “We are excited to partner with Nortek who shares our passion for the future of MiOS. Nortek has developed a highly respected platform and we see great opportunities to leverage Nortek’s products, brands, distribution channels, and customer relationships to drive growth for both our companies.”
Nortek’s broad array of product offerings includes ventilation products, heating and cooling products, air management systems, and more. For more information, visit www.nortek.com.
Publication date: 4/21/2016