American Auto-Matrix comes under new ownership
January 2, 2003
EXPORT, Penn. - A management led buyout of American Auto-Matrix has placed the building controls company in new hands, nine years after joining a U.K. based communication technology company.
The buyout was led by Paul Jordan, who joined the company a year ago as the companyÃ¢â‚¬â„¢s chief executive officer. A small group of unidentified investors were also part of the deal.
According to a press release issued by Vislink, American Auto-MatrixÃ¢â‚¬â„¢s former parent company, Jordan Acquisition Group bought the company for $2 million. The deal closed on Dec. 13, 2002.
Ã¢â‚¬Å“I was brought in here to grow the business and I see it as having a great strategy and great potential,Ã¢â‚¬Â said Jordan, who is the majority shareholder in the company that makes access control and digital video monitoring and recording products. On the building automation side, its product is known is BACnet.
The decision to sell American Auto-Matrix was made in early 2002, according to a Vislink press release. The release said a slowdown in the building controls sector in the United States and the high cost of introducing access control products would provide little return for the parent company.
Now with American Auto-Matrix under new ownership, Jordan said plans call for increasing the companyÃ¢â‚¬â„¢s product lines and improving relationships with partners. The company currently works with 100 dealers and sells in North America and internationally.
Ã¢â‚¬Å“WeÃ¢â‚¬â„¢re really driving product development and weÃ¢â‚¬â„¢re going to see some additions early next year, particularly with our BACnet line,Ã¢â‚¬Â said Jordan.