Custom home and business audio/visual system manufacturer Niles Audio Corporation has been purchased by Linear, a division of Nortek. Terms of the acquisition have not been made public.
According to a statement from the company, Niles will continue to operate independently, and will keep its Miami, Fla., offices. Founder Ivan Zuckerman will still be with the company, albeit as a consultant. Frank Sterns will be Niles' new chief operating officer.
With the purchase, Niles becomes part of a long line of brands that Linear encompasses, including Xantech, OmniMount, Panamax, Speakercraft and others.
"Niles is another remarkably good fit for us," said Grant D. Rummell, Linear chairman in a prepared statement. "This acquisition continues our pattern of joining together profitable, well-run companies and encouraging them to operate with a high level of independence."
Besides its ownership, nothing else is reported to be changing at the company. Distribution channels, personnel positions and standard operations will remain the same, now that Niles is part of the Linear/Nortek family of companies.
