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Snap One Holdings Corp. (Nasdaq: SNPO) is a pioneering company established in 2005 and headquartered in Charlotte, North Carolina. Specializing in the manufacturing and exclusive distribution of audio/visual, security, control, networking, and remote management products, Snap One serves professional integrators worldwide. The company has solidified itself as a leader in the professional installation market, offering a diverse array of high-quality products through an intuitive e-commerce platform and supported by an award-winning service team.
Snap One's expansive product portfolio includes both proprietary and third-party offerings across connected, infrastructure, and entertainment categories. This comprehensive range enables integrators to deliver smart living experiences to residential and commercial clients. Notably, the company has 28 Pro stores across the United States, combining the benefits of e-commerce with the convenience of local store access for integrators.
The company's commitment to innovation and quality has been demonstrated through recent products and go-to-market strategies, driving higher partner adoption rates. In the fiscal second quarter of 2023, Snap One reported net sales between $1.06 billion and $1.09 billion and adjusted EBITDA between $110 million and $118 million. Despite economic uncertainties and inventory destocking by channel partners, Snap One remains confident in its ability to achieve long-term growth targets.
Snap One's recent operational success has been highlighted by the introduction of new products and supply chain efficiencies, which have contributed to improved profitability. The company’s fiscal outlook for 2024 projects net sales between $1.06 billion and $1.13 billion, with adjusted EBITDA ranging from $120 million to $128 million.
In a significant development, Snap One has announced an agreement to be acquired by Resideo Technologies, Inc. (NYSE: REZI) for $10.75 per share in cash, valuing the transaction at approximately $1.4 billion. This merger is expected to close in the second half of 2024, subject to regulatory approvals. The acquisition aims to combine Snap One's smart living solutions with Resideo’s strong position in security products distribution, enhancing value for integrators and driving financial returns.
For more detailed and updated information about Snap One, visit the Investor Relations section on their official website.
Resideo Technologies has completed its acquisition of Snap One for $1.4 billion, aiming to enhance its presence in the smart living market. The integration of Snap One into Resideo's ADI Global Distribution segment is expected to expand product offerings and digital capabilities. The acquisition is anticipated to be accretive to Resideo's non-GAAP Adjusted EPS in 2025, with expected synergies of $75 million by 2027. Additionally, investment funds managed by Clayton, Dubilier & Rice completed a $500 million convertible preferred stock investment in Resideo. As part of the transaction, Nate Sleeper and John Stroup from CD&R have joined Resideo's Board of Directors.
Snap One Holdings Corp. (Nasdaq: SNPO) announced the completion of its acquisition by Resideo Technologies. The merger was executed through the amalgamation of a wholly-owned subsidiary of Resideo with Snap One, resulting in Snap One becoming a wholly-owned subsidiary of Resideo. This transaction marks a significant milestone for Snap One, which will now operate under the Resideo umbrella. Further details on Resideo can be found on their website.
Snap One Holdings Corp. (Nasdaq: SNPO) announced plans to suspend trading of its common stock as part of its acquisition by Resideo Technologies, projected to close on June 14, 2024. Upon completion, Snap One will become a wholly-owned subsidiary of Resideo. The company will file Form 25 with the SEC around June 14, 2024, to suspend trading on Nasdaq after market close. Subsequently, Snap One intends to file Form 15 to indefinitely cease its reporting obligations.
Snap One Holdings Corp. reported financial results for the fiscal first quarter of 2024, with a merger agreement with Resideo Technologies, Inc. Snap One's net sales decreased by 2.4%, net loss increased by $8.4 million, contribution margin increased by 2.1%, adjusted EBITDA decreased by 0.8%, and adjusted net income decreased to a loss of $10.0 million. Cash and cash equivalents were $41.3 million as of March 29, 2024.
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