Duchossois Buying Milestone AV

Friedman Fleischer & Lowe has sold Milestone AV Technologies Inc. to The Duchossois Group for an undisclosed amount. Milestone is a Savage, Minn.-based maker of audio-visual mounting equipment and display solutions. It had recently withdrawn its IPO filing. Freidman Fleischer led a 2003 buyout of Milestone, which also included Fulham Investors and Performance Equity Management.

 

PRESS RELEASE

The Duchossois Group announced today that it has acquired Milestone AV Technologies (“Milestone”), North America's leading producer of mounting solutions sold principally under the Chief and Sanus Systems brand names, from private equity investors led by Friedman Fleischer & Lowe. Terms of the all-cash acquisition were not disclosed.

 

“Milestone possesses all the criteria we look for in an operating platform – – the most innovative and highest quality products sold into growth markets, leading brand names and, above all, an exceptional management team,” stated Robert Fealy, Executive Vice President of Duchossois. “It is a great fit with our AMX, Chamberlain and Heath-Zenith businesses,” he added.

 

“I speak for our entire team in saying that we are absolutely delighted to join the Duchossois Group of companies,” said Scott Gill, Chief Executive Officer of Milestone. “We share much in common with our new sister companies, each of which is the leader in its respective markets. That Duchossois was willing to undertake this transaction in the face of uncertain economic times speaks volumes about their confidence in our ability to grow the business through the world-class products and the high levels of service we provide to our customers around the world.”

 

Milestone was formed in 2004 through the combination of the two leading mounting solutions companies, Chief Manufacturing and Sanus Systems. The company counts among its customers the majority of Consumer Electronics retailers and is also the leading provider of mounting solutions to professional AV dealers and system integrators. The Company is headquartered in Minnesota and has approximately 400 employees worldwide. Milestone will operate as a wholly-owned affiliate of the Duchossois Group and Scott Gill will continue in his role as Chief Executive Officer of the Company.

 

About the Duchossois Group

The Duchossois Group is a privately-held diversified company headquartered in Elmhurst, Illinois, a suburb of Chicago, with interests in access control solutions, advanced control and automation systems, lighting, venture capital and gaming. See www.duch.com for further information.

 

About Milestone AV Technologies

Milestone is the leading designer, marketer and distributor of branded audio visual mounting equipment and display solutions for flat panel displays, projectors, AV furniture, and speakers to both the consumer and the commercial markets. The Company currently serves a broad base of over 4,500 customers with a strong presence in North America and a growing business in Europe and Asia Pacific. See www.milestone.com, www.sanus.com, and www.chiefmfg.com for more information.