Maxxsonics Buys Autotek
By Amy Gilroy -- TWICE, 12/20/2004
LAKE ZURICH, Ill. — Maxxsonics announced it is acquiring Autotek of Burlingame, Calif., for an undisclosed sum, adding to the Maxxsonics car audio brands which include Crunch USA and Hifonics.
The company, which was formed in 2001, said it purchased Autotek because of its particular distribution. “Crunch is sold through regional chains such as Fry's and a good 80 percent of Hifonics sales occur through distributors. Autotek sales are all direct to custom-installing retailers such as mom-and-pop stores, so that gives us a complete pie,” said John Whitacre, Maxxsonics' director of marketing.
The combined sales of Maxxsonics and Autotek are estimated at slightly less than $20 million.
Autotek will move to Maxxsonics headquarters when the latter completes the building of a new facility, expected to be erected by next fall.
Maxxsonics was formed by former Avital VP sales Alden Steifel, who then purchased the Crunch and Hifonics brands.
Autotek has been run by Sid Schieber for 27 years.
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