Milestone AV Technologies To Merge With Da-Lite
By Lisa Johnston On Apr 4 2011 - 4:01am
Milestone AV Technologies announced
a pending merger with Da-Lite Screen Company.
Milestone is the manufacturer of the Chief- and Sanusbranded
A/V mounts and furniture, while Da-Lite manufactures
the Da-Lite, Projecta and Procolor commercial
and residential projection screens.
The combined business will have nearly 1,000 employees
worldwide and eight major operating locations worldwide,
according to a release put out by the companies.
When asked how this will affect personnel, a spokesman
for the company said: “In the short-term this should
have no impact on either company’s personnel or offices.
Milestone’s headquarters remain in Savage, Minn.,
and Da-Lite operates in Indiana as a wholly owned
subsidiary. Both businesses remain intact with Scott
leading the combined company and Rich Lundin as the
president of the Da-Lite subsidiary. Over the longerterm
there will be some back-office synergies, such as
IT and accounting, but these will be of a less material
nature. This really was not meant to be a cost-cutting
transaction, but really to leverage the strength of the
two organizations and bring a more complete product
set to the marketplace.”
“We are pleased to announce the combination of these
two great companies,” said Scott Gill, CEO of Milestone.
“Through the strength of this combination, we will be able
to offer a more comprehensive product line to our joint
customers, open up new sales channels for our brands,
and provide growth opportunities for our employees. We
look forward to expanding our reputation for innovative
products and market-leading customer service.”
Milestone has headquarters in Savage, and Da-Lite will
continue to be based in Warsaw, Ind. Da-Lite will be an
operating subsidiary of Milestone under the leadership of
Richard Lundin, current Da-Lite president.’
A definitive merger agreement has been signed, and the
transaction is expected to close within the next 30 days.
It will be funded under a new credit facility at Milestone,
the company said.