Global technology solutions provider Diversified has acquired HB Communications, an audio-visual (AV) integrator headquartered in North Haven, Connecticut. Corporate Finance Associates (CFA), an investment banking firm, represented HB Communications on the deal. Financial terms of the acquisition were not disclosed.
Diversified, the buyer in this deal, specializes in hybrid meeting solutions, collaboration rooms, intelligence workplace, and technology as a service. The seller, HB, specializes in audio visual, broadcast, collaboration, creative services, digital signage and managed services. HB’s clientele spans higher education and corporate enterprise accounts.
The CFA investment bankers who conducted the transaction are Dan Vermeire and John Holland. Both have considerable technology industry experience. For instance, Vermeire previously was senior VP of of business development at NOC (network operations center) at Architel. Also, Holland started his career at Ingram Micro 30 years ago, and then served as VP of channels at Kingston Technology for roughly 20 years.
Among the additional deal details to note, Holland said:
Diversified had roughly 2,500 employees ahead of the deal.
Roughly 300 HB Communications employees will join Diversified.
Executives from Diversified and HB Communications have known each other for many years. Despite being fierce competitors, the two companies always had a mutually respectful relationship, Holland noted.
In a prepared statement about the acquisition, Diversified CEO Fred D’Alessandro said:
“Expanding our footprint in the Northeast is a strategic step in sustaining the necessary growth to deliver the best possible service for our customers. I am excited to welcome the team at HB, with their widely recognized industry presence and experience, into the Diversified family.”
Added Dana Barron, CEO of HB Communications:
“Since we share a common mission centered on connecting people and organizations by empowering communications worldwide, joining Diversified offers a host of exciting new opportunities for our team. Given Diversified’s reputation of engineering excellence, innovation and dedication within the market, I know that we will achieve great things together.”