Covington Associates Announces Role in Sale of TV One to Nortek, Inc.
(Boston, MA) – May 16, 2011 – Covington Associates announced it acted as exclusive financial advisor to TV One, an Erlanger, KY company which specializes in video, audio and multimedia processing equipment, in a sale of one hundred percent of the Company’s stock to a subsidiary of Nortek, Inc., a diversified global manufacturer. The sale includes all TV One related, wholly-owned companies in the US, UK, Taiwan and China. TV One will be included in Nortek’s Technology Products segment and closely aligned with Magenta Research LTD. The transaction was completed on April 28, 2011.
Nortek, Inc., headquartered in Providence, RI, is a global manufacturer of innovative, branded residential and commercial ventilation, HVAC and technology products. Nortek offers a broad array of products, including technology offerings, in audio, video, access control, security and digital display mounting and mobility products.
David K. Barnes, the CEO of TV One, stated “We recently celebrated our 25th anniversary in the Pro AV industry and have established a record of consistent growth, profitability and product innovation. At the upcoming InfoComm Show, we will launch an entirely new technology and product range that will usher in a new era for TV One. As part of the Nortek family of companies, I look forward to maximizing the opportunities that will take TV One to the next level. I personally look forward to being part of that continuing success.”
“TV One’s combination of its proprietary CORIO® scaling technology, unique products and solid growth is a perfect fit with Magenta,” added Magenta Research CEO Keith Mortensen.
Mortensen continued, “The synergy between the two organizations is remarkable and TV One fits nicely into Nortek’s Pro AV strategy. Magenta plans to leverage TV One’s global sales network in order to enhance the market penetration of our products. The recent introduction of Voyager™, Magenta’s all-format fiber optic-based signal distribution platform, expands our infrastructure product range significantly and is a perfect match with TV One’s soon-to-launch video processing range.”
About TV One Broadcast Sales Corporation
TV One Broadcast Sales Corporation specializes in video, audio and multimedia processing equipment, based on its proprietary CORIO video conversion technology. Located in Erlanger, KY with offices across the globe, TV One manufactures a complete line-up of products for the professional and broadcast video market.TV One has operations in Europe, USA, Taiwan, China and Latin America.
For more information, please visit www.tvone.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare, and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to nearly $2 billion for both private and publicly traded companies.