Rochelle Park, NJ – DAK, a leading investment bank specializing in middle-market mergers and acquisitions worldwide, announces the sale of its client Herman ProAV, located in Miramar, Florida, to ADI Global Distribution, a subsidiary of $4.8 billion security and electronic parts leader Resideo Technologies, Inc. (NYSE: REZI). DAK served as the exclusive investment banker and financial advisor to Herman ProAV initiating and managing the transaction.
“The owners of Herman ProAV have built an extraordinary business. Their products, services and talent are a natural fit for Resideo’s ADI Global Distribution business. The sale provides an excellent opportunity to continue to grow the vision, as well as monetize their lifelong investment. We are excited to watch the continued success of the business under Resideo’s ownership” stated Ari Fuchs, DAK’s Managing Director who led the deal team.
This transaction capitalizes on Herman ProAV’s position as one of the nation’s leading distributors of Cable, Connectivity & Infrastructure Audio Visual Products to the Commercial AV and Broadcast Industries.
David Wolf, Co-CEO of Herman ProAV states “We could not think of a better organization than ADI to help us deliver next level value and service to the AV industry. With the significant resources and best-in-class infrastructure of ADI, there is no doubt that we will be able to deliver even more value to an exponentially greater number of integrators.”
Founded in 1963 with a single location in Miami, Herman quickly became one of the largest factory authorized original replacement parts distributors serving the consumer electronics repair industry in the United States. In addition to its offices in Miramar, FL, the business operates distribution facilities in Georgia, New Jersey and Nevada.
“ADI already has a strong and growing presence in the pro-AV market, and with the addition of Herman’s deep industry experience and subcontracting services, we will be able to offer our customers unparalleled opportunities to grow and make ADI their indispensable partner of choice” said Rob Aarnes, president of Resideo’s ADI Global Distribution business.
DAK is a leading investment bank serving mid-market privately held businesses in the areas of mergers and acquisitions, business sale, financial restructuring, bankruptcy, capital advisory, valuations and fairness opinions. Since 1984, DAK has executed hundreds of transactions across a wide range of industries. The DAK Value Accelerator is the propriety process that allows clients to maximize the value of their business. DAK is headquartered in Rochelle Park, NJ with an office in Philadelphia.
About Herman ProAV
Herman ProAV is one of the nation’s leading distributors of Cable, Connectivity & Infrastructure Audio Visual Products to the Commercial AV and Broadcast Industries. In business for over 45 years, Herman has leveraged its industry experience to develop value-add services specifically designed to improve operational efficiency, project management, and cash flow related to the procurement and management of project materials. Herman corporate offices are located in Miramar, Florida with three additional distribution facilities located in Atlanta, New Jersey, and Nevada.
About Resideo Technologies
Resideo is a leading global provider of critical comfort and security solutions primarily in residential environments, and distributor of low-voltage electronic and security products. 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. Resideo is a $4.8 billion company with approximately 13,000 global employees.
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