The DAK Group, a Rochelle Park-based investment bank specializing in middle-market mergers and acquisitions, announced the sale of Herman ProAV to ADI Global Distribution, a subsidiary of the $4.8 billion security and electronic parts provider Resideo Technologies Inc.
The DAK Group said it served as the exclusive investment banker and financial advisor to Herman ProAV.
“The owners of Herman ProAV have built an extraordinary business. Their products, services and talent are a natural fit for Resideo’s ADI Global Distribution business. The sale provides an excellent opportunity to continue to grow the vision, as well as monetize their lifelong investment. We are excited to watch the continued success of the business under Resideo’s ownership” Ari Fuchs, DAK’s managing director, said.
Herman ProAV is a distributor of cable, connectivity and infrastructure audio visual products based in Florida.
David Wolf, co-CEO of Herman ProAV, said, “We could not think of a better organization than ADI to help us deliver next level value and service to the AV industry. With the significant resources and best-in-class infrastructure of ADI, there is no doubt that we will be able to deliver even more value to an exponentially greater number of integrators.”
Financial terms were not disclosed.
