SnapAV to get $390 million incremental loan for Control4 purchase

By Sara Rosenberg

New York, May 28 – SnapAV has received a commitment for a $390 million incremental term loan to help fund its acquisition of Control4 Corp., according to a market source.

UBS Investment Bank, SunTrust Robinson Humphrey Inc. and BMO Capital Markets provided the commitment.

Timing and syndication details for the loan have not been disclosed, the source said.

Under the agreement, which was announced on May 9, Control4 is being purchased in an all-cash transaction for $23.91 per share in cash, representing an aggregate value of about $680 million.

Private equity investment firm Hellman & Friedman, SnapAV’s majority shareholder since 2017, will invest additional equity as part of the transaction and be the majority shareholder of the combined company.

Closing is expected in the second half of 2019, subject to customary conditions, including regulatory approvals and approval by Control4 shareholders.

SnapAV is a Charlotte, N.C.-based manufacturer and primary source of A/V, surveillance, networking and remote management products for professional integrators. Control4 is a Salt Lake City-based provider of smart home solutions.

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