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Russound aquires Colorado vNet |
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Written by Dan
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Monday, 05 October 2009 14:33 |
 As some of you might have heard by now, Russound has announced that they are aquiring the now defunct Colorado vNet company. Russound has officially announced the transaction, which will complete by the end of this month. It doesn't look like much will change right away. Read more for the official press release, or discuss here.
NEWMARKET, N.H., October 5, 2009 -- Russound and Colorado vNet today announced that the companies have signed an agreement under which Russound intends to acquire privately-held Colorado vNet, a Loveland, CO-based manufacturer of automation & control systems. Terms of the transaction were not disclosed.
“Colorado vNet brings a number of key assets to Russound: a talented team of personnel, industry-recognized automation and control technology, and a strong customer base,” said Charlie Porritt, Russound CEO. “The addition of Colorado vNet to the Russound family will advance both brand’s ability to deliver whole house entertainment & control solutions while expanding our integration partnerships with a variety of lighting, HVAC, security, and automation brands.”
Under terms of the agreement, Colorado vNet will continue to provide its award-winning home control system direct to its authorized dealers and will continue operations out of Loveland, Colorado.
“Our biggest priority is to take care of the Colorado vNet dealers,” commented Porritt. “Colorado vNet will operate independently to preserve its dealer base and will revert to courtesy technical support services for authorized Colorado vNet dealers effective Wednesday October 7th.
“We are pleased to announce that we will honor the ongoing commitment to the town of Loveland and building a community there,” added Porritt.
In commenting on the transaction, Bill Beierwaltes, CEO of Colorado vNet said: “Of all the companies that expressed interest in acquiring our assets, we believe that Russound makes the most sense for our customers, our employees and our business. Russound’s long history of innovation, commitment to customer service and overall leadership role in the multi-room distribution market leaves me confident that Colorado vNet is in good hands.”
The acquisition is expected to close by the end of October.
About Russound
Since 1967, innovation, quality and reliability have been the pillars of the Russound product tradition. Located in Newmarket, N.H., USA, Russound, the #1 brand in multiroom audio*, offers the products and expertise customers need to enjoy multiroom audio and video systems in the home. For more than 40 years, Russound has continued to cater to installation professionals and their customers by pairing powerful systems using the latest technologies with intuitive controls to give customers high-performance, easy-to-use solutions. For more information, visit the company’s Web site at www.russound.com.
*#1 Brand in Multiroom Audio according to EH Research for Brand Awareness from 2005 to 2008.
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