14 DAY TRIAL // We're pretty sure that, for most of you out there who're interested in the audio segment, Audiovox and Klipsch are some pretty familiar names, and it seems that, from now on, they'll also be quite familiar with each other, since Audiovox Corporation has just announced that it has entered into a definitive agreement to acquire Klipsch Group Inc. and its worldwide subsidiaries ("Klipsch").
Following this deal (worth around $166 million), Klipsch will become a wholly-owned subsidiary of Audiovox and will be run as a stand-alone operation in Indianapolis, and will continue under the leadership of the current management team.
Patrick Lavelle, President and CEO of Audiovox Corporation stated, "This transaction will add the world renowned Klipsch Group brands- Klipsch, Jamo, Energy and Mirage- and its world class management team- to the growing Audiovox family of companies. This highly respected company has for over 60 years been synonymous with premium high-end audio solutions, and today enjoys the well-deserved reputation as 'The' preeminent audio brand for residential, professional and personal listening use.”
“They have a strong and stable base of retail, e-commerce, commercial distribution, and professional installation business partners in North America, Europe and around the world” Mr. Lavelle added.
“We are highly confident that this acquisition will result in both near and long term value growth for our shareholders and enhance our position in the premium audio category for years to come” said Fred Klipsch, Chairman and CEO of Klipsch Group, Inc., who also added that "our team looks forward to partnering with Audiovox and with the additional resources Audiovox has to offer accelerating our domestic and global growth.”
“Klipsch remains focused on providing our customers with the best speaker solutions in the industry, maintaining our deep customer and supplier relationships and leveraging our world class employee base. Klipsch Group will continue to be 'The' innovative premium speaker provider our partners expect and trust," Mr. Klipsch concluded.