Almo, the national CE and appliance distributor, is extending its reach offshore with the acquisition of Fort Lauderdale, Fla.-based International Audio Visual (IAVI), a 20-year-old value-added distributor serving the pro A/V channel.
The purchase, which is expected to close next month, will complement Almo’s own Professional A/V division, and will create what Almo described as the largest privately held pro A/V distributor in the industry.
The deal, which coincides with the company’s 70th anniversary, will raise Almo’s annual revenue to $1.2 billion and provide its first offshore operations through IAVI’s Latin American business.
Almo president/CEO Warren Chaiken told TWICE that the acquisition will double the company’s pro-channel sales force, bring potential new vendors on board, and will increase the customer pool for both businesses.
He added that both companies share a similar corporate culture that invests in people and relationships.
“We are proud to be a third-generation, family-owned American company with a vision to expand job opportunities and fuel the economy,” he said in a statement. “Taking care of our employees, partners and manufacturers has always been first.”
He added that the merger will “give thousands of resellers and integrators access to top-quality distribution while making Almo Pro A/V a highly competitive global distributor.”
Sam Taylor, who joined Almo from Electrograph seven years ago to head Pro A/V as executive VP/COO, lauded IAVI’s “high level of customer service, talented employees and established success in Latin America.”
Added IAVI founder/president Wade Gilbert: “In looking for ways to expand the business, I saw that becoming a part of a larger entity like Almo would provide a multitude of benefits for our customers, our partners and our employees. Taking best practices from both companies will allow us to build an even stronger value proposition for our customers.”
Under the plan, IAVI will be mergerd into Almo Pro A/V, with the integration expected to be completed by mid-May. IAVI’s partners will benefit from Almo’s managed services, engineering and design support, and education and training programs, Almo said, and the transition should be seamless to Almo Pro customers.
Terms of the deal, which covers certain assets and liabilities, were not disclosed.
Chaiken, chairman Gene Chaiken, and Taylor announced the acquisition at an E4 AV Tour stop in Washington, below: