Harvey-MyerEmco Merger Pushed Back To August
By Alan Wolf -- TWICE, 7/25/2007
Lyndhurst, N.J. — Harvey Electronics said today that it has extended the closing date of its agreement to acquire MyerEmco to Aug. 10.
The $10 million cash deal, announced in May and originally set to close this month, will join the two premium A/V and custom install chains, transforming Harvey from a nine-store metro New York dealer to a 19-unit regional stretching to the Mid-Atlantic States.
Under terms of the buyout, each chain would retain its own brand name within existing markets but would be held by a new umbrella company called Harvey Electronics. Gary Yacoubian, president/COO of MyerEmco, would retain his title at the new entity, splitting his time between Maryland and New York. It is not clear what role Jon Myer, the chain’s namesake CEO and principal owner, would play in the combined business.
The merger between the two PRO Group members was in development last winter, executives told TWICE, and was seen by MyerEmco’s ownership team as a growth vehicle.
Financial terms have not been disclosed, and the closing of the transaction is subject to financing and other customary contingencies, Harvey said.
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