Dallas - Tweeter Home Entertainment Group has targeted its tenth acquisition.
The latest dealer addition is Hillcrest High Fidelity, here, a two-store specialty retailer with a significant focus on custom installation and annual sales of approximately $14 million.
Tweeter said it has reached an agreement in principle to acquire the 53-year-old business for $5.5 million in cash and stock, and expects to complete the transaction on or about March 1, 2002.
Tweeter president/CEO Jeff Stone said that the Hillcrest acquisition 'gives an immediate boost to our in-home installation expertise' while raising the company's Dallas store count to six units. He added that Hillcrest will remain an independent division of Tweeter, and that its principals, Tom Kissell and Michael Gallant, will remain in their current roles.
Nevertheless, Stone said that the Sound Advice management team 'will play a major role in the operation of this business, and will integrate the purchasing, marketing and installation business into the larger organization.'