Newmarket, NH — 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, Colorado-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 brands’ 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 home control system direct to its authorized dealers and will continue operations out of Loveland, Colorado. See related blog.
“Our biggest priority is to take care of the Colorado vNet dealers,” Porritt said. “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 7.
“We are pleased to announce that we will honor the ongoing commitment to the town of Loveland and building a community there,” Porritt said.
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.