The Halifax Group recently announced the acquisition of North American Video, a worldwide leader in the implementation of integrated video surveillance and security systems. Cynthia Freschi, NAV founder and chief executive officer, will retain a significant stake in the company and continue to serve with the existing senior management team. Terms of the buyout were not disclosed.
"Our partnership with Halifax will accelerate North American Video's continued growth and expansion into new security markets while providing enhanced services and support for both existing and new clientele," said Ms. Freschi.
"NAV's business model has been and will continue to be based on three key principles: the implementation of innovative security systems solutions incorporating cutting-edge technologies, outstanding customer service and support, and responsiveness to changing technology trends and user needs. These attributes will continue to drive our business as we pursue new and exciting opportunities moving forward." Ms. Freschi emphasized that NAV's experienced personnel and on-going operations will be unaffected by the transaction.
"NAV is a clear leader in the security integration marketplace. We are pleased to be partnering with a management team that has built such a successful enterprise," said Jud Hill, managing director, Halifax. "Halifax views NAV as a unique investment, not only because of the intrinsic potential in NAV's current lines of business in the gaming industry, but also, because of the growth opportunities in new markets that include homeland security, education and financial services. Working closely with Cynthia Freschi and her management team, we look forward to implementing an exciting plan for continued growth."