AUSTIN, Texas, April 1, 2021 – Resideo Technologies, Inc. (NYSE: REZI) today announced it has acquired privately held Norfolk Wire & Electronics ("Norfolk"), based in Richmond, Va. Norfolk was founded in 1985 and is a leading regional distributor of security, telecom, network and audio-video (AV) related products, supplies and tools. With 11 full-service retail locations and a 43,000 sq. ft. distribution center, Norfolk serves customers across the mid-Atlantic region, and will be part of Resideo's ADI Global Distribution business, a leading wholesale distributor of security, AV and low-voltage products.
"ADI is core to Resideo’s long-term growth, and this acquisition aligns with our strategy to identify and execute on tuck-in acquisitions that accelerate ADI's expansion in adjacent categories,” said Jay Geldmacher, President and CEO of Resideo. "The products and services of Norfolk Wire & Electronics complement ADI's existing offerings and expand our reach into an attractive growth market."
The Norfolk acquisition builds upon ADI's presence in the Data Communications market with an assortment of copper and fiber cabling, connectors, racking products and more. Additionally, the acquisition increases ADI's branch presence in the mid-Atlantic region and strengthens its local bulk product availability and custom cutting services, pre-and-post technical support and project assistance.
"The increased need for high speed connectivity, growth in IOT industrial devices and the introduction of new technologies are driving demand for Data Communications products," said Rob Aarnes, President of ADI Global Distribution. "ADI remains committed to ensuring our customers have immediate access to all the products and equipment they need to be successful in today's market. This acquisition expands our offering in a growing category and will allow us to serve more customers."
Terms of the transaction were not disclosed.
