Charlesbank Capital Partners will buy DEI Holdings and its...
Charlesbank Capital Partners will buy DEI Holdings and its Polk Audio and Definitive Technologies speaker brands for $285 million under a definitive agreement it just signed. The equity/debt deal allows DEI to shop itself to other prospective buyers for 35…
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days following the agreement, DEI said. If DEI doesn’t land any other offers, the sale will close in late June, Charlesbank said. If the deal is completed, DEI will continue to be led by CEO James Minarik and Chief Financial Officer Kevin Duffy. Its headquarters will remain in Vista, Calif., with offices in Baltimore and Canada, where Polk and Definitive are based. DEI stockholders will get $3.79 to $3.81, a 142 percent premium to the May 12 closing price of the company’s stock. DEI, then known as Directed Electronics, acquired Polk in 2006 for $136 million. DEI, which bought Definitive in September 2005, also sells vehicle security products under the Clifford, Python and Viper brands. U.S. Rep Darrell Issa, R-Calif., founded DEI in 1982, focusing on Viper security products before adding car audio in 1996. Issa resigned and was replaced by Minarik in 2000, after being elected to the House.