Amherst, N.Y. - Stampede, a value-added distributor of professional audio video (ProAV) solutions, has inked a new agreement with longtime partner HSBC Bank to provide 75 percent more working capital to the firm.
The credit-line increase follows a strong year for Stampede, with revenues up 25 percent in 2010, the distributor said.
Kevin Kelly, Stampede president and COO, said, "With this boost in our credit line, we are positioned to grow the company to new levels in 2011."
Stampede has added nine sales people in last four months, with more to come. This year the company also plans to:
Â· open new offices with Dealer Training Centers in Columbus and Seattle;
Â· publish an "Even Bigger" Big Book of AV (more than 750 pages) and Dealer Show Tour (14 cities in North America);
- grow Stampede University through a partnership with InfoComm that offers more live and online training; and
- target growth in Latin America and Canada.
In 2010, despite the worst economic conditions in recent history, Stampede saw a 25 percent growth in revenue, including 45 percent growth in the unit count of the core categories of projectors and flat panels. The majority of Stampede's growth was seen in existing products lines. The company also grew its gross margin by 100 basis points, a metric that reinforces the fact that Stampede's sales force is continuing to develop and spec deals, rather than simply migrating sales from other distributors.
"Our investment in staff training has resulted in more and more effective consultations with our dealers," said Kelly. "This consultative approach to sales, in addition to further development of product mix, has propelled Stampede's margin growth in a difficult economic environment."