Expands Presence in Smart Living Products and Distribution

Enhances Resideo's growth and margin profile and accretive to non-GAAP Adjusted EPS in first full year of ownership

Welcomes Nate Sleeper and John Stroup of Clayton, Dubilier & Rice LLC to Board of Directors

Resideo Technologies, Inc. (NYSE: REZI), leading global manufacturer and distributor of technology-driven products and solutions that provide home comfort, security, life safety and energy efficiency to consumers, today announced that it has completed the acquisition of Snap One (Nasdaq: SNPO), a leading provider of smart-living products, services, and software to professional integrators. Resideo will integrate Snap One into its ADI Global Distribution segment. Together, ADI and Snap One will provide integrators an increased selection of both third-party products and proprietary offerings through an extensive physical branch footprint augmented by industry leading digital capabilities.

As previously communicated, the all-cash transaction was for $10.75 per Snap One common share, or a total transaction value of approximately $1.4 billion, inclusive of Snap One net debt as of the closing.

“We are pleased to complete this transaction and excited to officially welcome the Snap One team to Resideo,” commented Jay Geldmacher, Resideo’s President and Chief Executive Officer. “This is an important step in our ongoing transformation across Resideo as we focus on accelerating profitable growth. Snap One's expertise serving smart living integrators and innovative Control 4 and home automation offerings immediately expand Resideo's capabilities across security, audio visual and smart living markets. The combination better positions the business in attractive growth categories, adds new higher-margin proprietary products and services, and broadens ADI's customer base. Resideo’s future is bright as we work to simplify the connected world, creating value for our customers and shareholders."

Resideo continues to expect annual run-rate business and financial synergies of approximately $75 million by 2027. The transaction is expected to be accretive to full year 2025 Adjusted EPS resulting from favorable revenue growth and an enhanced margin profile to ADI and the company as a whole. Resideo intends to update its 2024 annual outlook to reflect the acquisition during its second quarter earnings call in early August.

In connection with the closing of the Snap One transaction, as previously announced, investment funds managed by affiliates of Clayton, Dubilier & Rice LLC completed their $500 million convertible preferred stock investment in Resideo. Effective at the closing, Nate Sleeper and John Stroup, partners at CD&R, joined the Board of Directors of Resideo. Both bringing significant experience in the specialty distribution and building products markets. Mr. Sleeper has been with CD&R since 2000 and has served as its Chief Executive Officer since January 2020. Prior to joining CD&R, he worked in the investment banking division of Goldman Sachs & Co. Mr. Stroup became a partner at CD&R in 2024 having served as an operating advisor since 2021. Prior to this, Mr. Stroup served as President and Chief Executive Officer of Belden, Inc. from 2005 to 2020 and as Belden's Chairman from 2016 to 2020. Prior to joining Belden, Mr. Stroup led Danaher Corporation's Motion Group.

About Resideo

Resideo is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Through our ADI Global Distribution business, we are also a leading wholesale distributor of professionally installed electronic security and life safety products for commercial and residential markets and serve a variety of adjacent product categories including audio visual, data communications, and smart home solutions. For more information about Resideo, please visit www.resideo.com.

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