Rockford reached a definitive agreement to acquire Audio Innovations Research which supplies aftermarket car audio enclosures under the names of Q-Logic, Q-Forms, and Q-Customs.
Rockford said it purchased Audio Innovations, based in Stillwater, Okla., for $4 million in cash plus earnout payments totalling $500,000 over the next three years. The acquisition is expected to be completed July 31, and to bring in additional revenues of $9 million per year for Rockford Fosgate, said a spokesman.
Rockford said it acquired Audio Innovations to expand its product base into the niche market area of enclosures and to 'deepen our penetration into key dealers and major retail chains,' said president and CEO, Gary Suttle. Audio Innovations sells to Circuit City as well as Best Buy and Crutchfeld and over 1,000 specialty retailer locations. Rockford, until now, did not have a presence in Circuit City.