The Duchossois Group has announced that it has acquired Milestone AV Technologies ("Milestone"), a North American producer of mounting solutions sold principally under the Chief and Sanus Systems brand names, from private equity investors led by Friedman Fleischer & Lowe. Terms of the all-cash acquisition were not disclosed.
"Milestone possesses all the criteria we look for in an operating platform – the most innovative and highest quality products sold into growth markets, leading brand names and, above all, an exceptional management team," stated Robert Fealy, executive vice president of Duchossois. "It is a great fit with our AMX, Chamberlain and Heath-Zenith businesses," he added.
"I speak for our entire team in saying that we are absolutely delighted to join the Duchossois Group of companies," said Scott Gill, chief executive officer of Milestone. "We share much in common with our new sister companies, each of which is the leader in its respective markets. That Duchossois was willing to undertake this transaction in the face of uncertain economic times speaks volumes about their confidence in our ability to grow the business through the world-class products and the high levels of service we provide to our customers around the world."
With a history of predecessor company growth that spans 30 years, Milestone was formed in 2004 through the combination of two leading mounting solutions companies: Sanus Systems and Chief Manufacturing. The Company today counts among its customers the majority of Consumer Electronics retailers in the U.S. and is also the leading provider of mounting solutions to professional AV dealers and system integrators. The Company is headquartered in Minnesota and has approximately 400 employees worldwide. Milestone will operate as a wholly-owned affiliate of the Duchossois Group and Scott Gill will continue in his role as Chief Executive Officer of the Company.