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Klipsch Speakers Power. Detail. Emotion. |
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Audiovox Plans To Buy Klipsch Group from twice.com
2011 CES: Audiovox Plans To Buy Klipsch Group
By Joseph Palenchar -- TWICE, 1/6/2011 Las Vegas - Audiovox came to International CES with the announcement that it intends to buy Klipsch Group, the home-speaker maker whose brands include Klipsch, Jamo, Mirage and Energy. Audiovox said it recently signed a non-binding term sheet to purchase all of the shares of Klipsch Group and its worldwide subsidiaries. The transaction is subject to the completion of due diligence, negotiations, and signing of definitive agreements and requisite approvals, Audiovox said. Audiovox said it expects to finance this transaction through a combination of cash and a committed credit facility. Additional terms of the transaction were not disclosed. |
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SOURCE Audiovox Corporation
HAUPPAUGE, N.Y., Jan. 6, 2011 /PRNewswire/ -- Audiovox Corporation (Nasdaq: VOXX), announced today that it has recently signed a non-binding term sheet to purchase all of the shares of Klipsch Group Inc. and its worldwide subsidiaries ("Klipsch"). Klipsch is a leading, global provider of premium, high performance speakers sold through retail and installation channels. The transaction is subject to a number of contingencies, including satisfactory completion of due diligence, negotiation and signing of definitive agreements and requisite approvals. Audiovox expects to finance this transaction through a combination of cash and a committed credit facility. Additional terms of the transaction were not disclosed. There can be no assurances that this, or any other transaction, will be completed or as to any terms that may be negotiated. Audiovox has retained Wells Fargo Securities LLC as its financial advisor in the proposed transaction. Patrick Lavelle, President and CEO of Audiovox Corporation stated, "We have been actively pursuing acquisition opportunities that will grow the Company and improve our financial performance. The Klipsch brand is world-renowned and we believe Audiovox shareholders will benefit from the value of their unique market position, diversified customer base in home and professional channels, and their ongoing commitment to innovation." |
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I am surprised they have Wells Fargo as a Financial advisor on the transaction. I can't imagine the transaction size is large enough to justify the finacial advisory fees they would have to pay to Wells Fargo. Maybe Klipsch is larger than I am assuming it to be. Normally small transactions like this are done by a firm's internal M&A group and at most you may pay a few hundred thousand dollars to get a Fairness Opinion from a financial advisor if you are a publicly traded company so as to cover your ass with your shareholders and demonstrate you did not overpay for the asset you are acquiring. Interesting...
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Don't they ruin everything they buy?
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2CH: W4S DAC-2, W4S STP-SE, W4S SX-500, Custom ScanSpeak/SEAS Towers, Hot Rodded Rega TT and Jolida JD9 Phono Pre, Asynch PC Transport, WireWorld Gold Eclipse 6 XLR HT: Marantz AV7005, W4S Mini MC-5, Custom Waveguide Towers, SVSPB12-Plus/2 |
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Company Profile
Privately held Klipsch Group, Inc. is the holding company for four of the most respected brands in the audio industry—Klipsch (established 1946), Jamo (established 1968), Mirage (established 1977), and Energy (established 1973). Chairman and CEO Fred S. Klipsch along with his wife, Judy, purchased Klipsch & Associates from founder and audio pioneer Paul W. Klipsch in 1989. In 2005 and 2006, they acquired the Denmark-based Jamo and Canadian-based Mirage and Energy brands respectively. Since then, the Klipsch Group has become a global technology powerhouse, selling a wide variety of premium sound solutions, including headphones, iPod speakers, home theater systems, in-wall and in-ceiling designs and professional cinema systems. Windrose Medical Prop Trust (Klipsch Group, Inc) - Indianapolis, Indiana (IN) | Company Profile |
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