KKR Leads $90M Equity Investment in Savant®
Financing Will Fuel Further Growth in Savant’s Leading Luxury Smart Home Business, and Bring its Innovative Complete Home Automation to Mainstream Buyers
HYANNIS, Mass., September 3, 2014-- Savant Systems®, LLC (“Savant”), the leading luxury smart home technology company, today announced that it has received a $90 million investment from affiliates of Kohlberg Kravis Roberts & Co. L.P. (KKR), a leading global investment firm and the founder of Savant, Robert Madonna. The funding will support Savant’s continued product innovation and company expansion.
“Savant is already an established market leader in home automation with clients including some of the most discerning public figures, entertainers and business leaders,” said William Lynch, CEO, Savant Systems. “With this significant investment, we will bring our award-winning Savant Home experience to a broader audience of consumers worldwide.”
“Savant is positioned very well to play a leading role in defining the future of home automation given its strong technology platform and user-centric experience,” said David Kerko, Co-Head of Technology Investing at KKR. “We believe Savant will continue to introduce highly innovative smart home automation solutions that will dramatically shift the way everyone interacts with their home.”
KKR has a deep history of investing in significant companies in the consumer product and technology space. Following the firm’s investment in Sonos in 2012, KKR continues to invest in the connected homes space. KKR is funding the investment from its North American Private Equity Fund XI.
Savant Systems, LLC is a recognized leader in home control and automation, and one of the fastest-growing Smart Home companies in the luxury and mid-market. Savant’s powerful technology brings the four pillars of automation – Comfort, Lighting, Entertainment and Safety – together in a single application interface for the homeowner. This comprehensive whole-home control, termed “The Single App Home,” delivers the premium experience in all of Home Automation and is offered through both an iOS and Android application. Today, Savant is deployed in some of the most valuable mansions, yachts and castles across the globe, and the company is increasingly making the award-winning Savant Home system available to a broader set of customers through its affordable Smart Line of products. Headquartered in Hyannis, Mass., Savant has offices in San Francisco and Salt Lake City, and an experience center in New York. Savant Systems are sold globally through a network of Certified Savant Home Integrators and through Magnolia Design Centers. Learn more at www.savantsystems.com.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (KKR), please visit KKR's website at www.kkr.com.
FleishmanHillard for Savant
Liz Pollock, 617-692-0513
Kristi Huller, 212-230-9722
Director of Communications, Americas
Venture Capital Database