Best Completes Pacific Buy

By Alan Wolf -- TWICE, 3/13/2006

Minneapolis — Best Buy has completed its previously announced purchase of Pacific Sales Kitchen and Bath Centers, the nation's 10th largest white-goods dealer.

Pacific, a privately held retailer of premium home improvement products with 14 showrooms in Southern California, will now operate as a wholly owned subsidiary of Best Buy.

The gross cash purchase price of the deal was approximately $410 million, subject to customary post-closing adjustments, Best Buy said.

“Pacific Sales extends Best Buy's reach with high-end home improvement products,” said Brian Dunn, Best Buy's president and chief operating officer. “We plan to leverage Pacific Sales' proven and successful showroom format to capitalize on the rapidly growing high-end segment.”