National appliance and CE distributor Almo has completed its acquisition of Florida pro A/V distributor International Audio Visual (IAVI).
The purchase, which coincides with Almo’s 70th anniversary, raises its annual revenue to $1.2 billion and provides its first offshore operations through IAVI’s Latin American business.
Almo president/CEO Warren Chaiken described the acquisition as “a cohesive fit,” owing to the companies’ similar cultures and value-add business models.
Sam Taylor, who heads Almo’s pro A/V business as executive VP/COO, said IAVI will now operate under the Almo Professional A/V banner, and that 60 employees retained from the business will continue to work out of their current locations.
Chaiken added that Almo will leverage its new global presence to “expand into new markets that will continue to fuel Almo’s consistent and strong growth.”
Terms of the deal, which was closed in just over one month, were not disclosed.