Hills to Sell AV Business to Amber Technology
David Lenz, Hills.
Hills has reached an agreement with Amber Technology for the sale of its AV distribution business as part of a strategy to focus on its fast-growing Health and Security and Technical Services Distribution Divisions.
The sale is subject to conditions and final approval by Amber Technology Ltd shareholders, is expected to be completed early December 2019. Consideration for the acquisition is anticipated to be net cash of approximately $A5.5 million, which includes inventory – dependent on valuation at settlement – and capitalised R&D.
As part of the agreement with amber technology, a specialist provider of AV products and services, most Hills’ AV personnel and its brands distributed in ANZ will transfer to Amber Technology, ensuring continuity for customers and vendors.
Following the sale of the AV business, Hills will have 2 focused divisions:
* Hills Health – providing nurse call solutions, patient engagement systems and Wi-Fi networks in Australian hospitals
* Hills Distribution, providing integrated security technology solutions and technical services.
Hills managing director and CEO, David Lenz, said the sale to Amber, with its sole focus on the AV industry and more than 30 years’ experience, was a positive outcome for employees, customers and suppliers of the Hills’ AV business.
“Hills has a long history of participation in the AV markets in ANZ,” Lenz said. “We have appreciated the support of our customers and suppliers over many years, however, our future lies in the health, security and technical services sectors, and we are very pleased to have found a new opportunity for our AV colleagues, customers and suppliers at Amber Technology.
“With these changes, we are plotting an exciting future for Hills by focusing on those businesses with the most potential for growth.”