Arecont Vision, which initiated a Chapter 11 reorganization effort earlier this spring, has announced that it has been acquired by Costar Technologies and that the sale has been approved by the bankruptcy court. According to a statement, following the close of the sale the assets formerly operated by Arecont Vision will begin operating as Arecont Vision Costar, LLC and be part of Costar, a U.S. corporation that designs, develops, manufactures, and distributes a wide range products for the video surveillance and machine vision markets.
“Costar’s family of companies, composed of CohuHD Costar, Costar Video Systems, Innotech, and IVS Imaging, is a great strategic fit for Arecont Vision providing synergies that can be leveraged to grow our business in new market verticals and product areas.
Arecont said that it has been successfully operating under normal business conditions throughout the bankruptcy process and did not experience any layoffs. In addition, the company said that “substantially all” of its employees will be hired by Costar.
“The acquisition of the assets of Arecont Vision expands Costar Technologies’ video surveillance platform by strengthening our product line,” said James Pritchett, Costar President and Chief Executive Officer. “It supports Costar’s strategy to become a leader in the video surveillance industry, transitioning from a value-added OEM product company to a manufacturing based and design company. Along with our other recent acquisitions, the Arecont acquisition increases our manufacturing and design from approximately 50% to 75% of our revenue.”
