Directed Closes Deal For Polk Audio
I think this kinda Sux!
Directed Closes Deal For Polk Audio
By Steve Smith -- TWICE, 9/27/2006
Vista, Calif. Directed Electronics finalized its acquisition of Polk Audio and related financing. The deal was originally announced in late August.
The transaction is valued at about $136 million, Directed Electronics said.
The Polk Audio acquisition greatly expands Directed's high performance home and mobile audio equipment offering. Polk management has joined the Directed team and expects the deal to be accretive to its pro forma net earnings in 2006 and beyond.
Polks leading consumer brand complements our current Definitive Technology product line and gives us the No. 1 position in the U.S. home speaker market according to industry data, commented Jim Minarik, president/CEO of Directed.
We are pleased to have the Polk management team join Directed, and we believe this acquisition will create many expansion opportunities for both of these marquee brands, Minarik added. Founded in 1972, Polk has grown into a leading speaker brand in home entertainment. The company sells its products in all key channels of home electronics distribution including a diverse set of customers such as Circuit City, Tweeter, Fry's Electronics, Crutchfield and AVAD Distributors.
Polk co-founders Matthew Polk and George Klopfer will remain actively engaged after the transaction by using their 35 years of industry experience to provide advice on the direction of Directed's home audio strategy.
Including Polk Audio's approximately $86 million in net sales for the twelve months ended June 30, Directed's net sales would have been approximately $435 million for the same period.
Directed financed the acquisition and related expenses by expanding its term loan by $141 million to a total of $307 million. The company also increased its current $50 million revolver by adding an additional $50 million seasonal revolver for the peak working capital months of October through February.
Directed Closes Deal For Polk Audio
By Steve Smith -- TWICE, 9/27/2006
Vista, Calif. Directed Electronics finalized its acquisition of Polk Audio and related financing. The deal was originally announced in late August.
The transaction is valued at about $136 million, Directed Electronics said.
The Polk Audio acquisition greatly expands Directed's high performance home and mobile audio equipment offering. Polk management has joined the Directed team and expects the deal to be accretive to its pro forma net earnings in 2006 and beyond.
Polks leading consumer brand complements our current Definitive Technology product line and gives us the No. 1 position in the U.S. home speaker market according to industry data, commented Jim Minarik, president/CEO of Directed.
We are pleased to have the Polk management team join Directed, and we believe this acquisition will create many expansion opportunities for both of these marquee brands, Minarik added. Founded in 1972, Polk has grown into a leading speaker brand in home entertainment. The company sells its products in all key channels of home electronics distribution including a diverse set of customers such as Circuit City, Tweeter, Fry's Electronics, Crutchfield and AVAD Distributors.
Polk co-founders Matthew Polk and George Klopfer will remain actively engaged after the transaction by using their 35 years of industry experience to provide advice on the direction of Directed's home audio strategy.
Including Polk Audio's approximately $86 million in net sales for the twelve months ended June 30, Directed's net sales would have been approximately $435 million for the same period.
Directed financed the acquisition and related expenses by expanding its term loan by $141 million to a total of $307 million. The company also increased its current $50 million revolver by adding an additional $50 million seasonal revolver for the peak working capital months of October through February.
Post edited by DAlba on
Comments
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there was a large thread in the clubhouse, in which this was discussed quite thoroughly from all angles. Big Matt himself posted in it, might want to give it a perouse before you panic. I concede that the judgement is still out on all this, but check that thread for Polk's side of it.Living Room 2 Channel -
Schiit SYS Passive Pre. Jolida CD player. Songbird streamer. California Audio Labs Sigma II DAC, DIY 300as1/a1 Ice modules Class D amp. LSi15 with MM842 woofer upgrade, Nordost Blue Heaven and Unity interconnects.
Upstairs 2 Channel Rig -
Prometheus Ref. TVC passive pre, SAE A-205 Amp, Wiim pro streamer and Topping E50 DAC, California Audio Labs DX1 CD player, Von Schweikert VR3.5 speakers.
Studio Rig - Scarlett 18i20(Gen3) DAW, Mac Mini, Aiyma A07 Max (BridgedX2), Totem Mites -
Ding Fries are Done.Check your lips at the door woman. Shake your hips like battleships. Yeah, all the white girls trip when I sing at Sunday service.
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this has been discussed at length already.. lets not open up a can of warm worms again...
or Russman will have to open up a can of whoop ****.
PolkFest 2012, who's going>?
Vancouver, Canada Sept 30th, 2012 - Madonna concert :cheesygrin:
