Live Ventures to acquire ApplianceSmart
Live Ventures announces that it has entered into an agreement to acquire 100 percent of the outstanding stock of ApplianceSmart, a 17-store chain specializing sales and service of new and out-of-the-box appliances with annualized revenues of approximately $65M. ApplianceSmart maintains stores in Minnesota, Ohio, Texas and Georgia. It is estimated that Live Ventures revenues will rise approximately 42 percent on an annualized basis as a result of this acquisition. Net assets acquired as part of this transaction are estimated to be valued at purchase price or greater, resulting in no recording of goodwill. In addition, no stock was issued by the company in connection with this transaction. The Company believes the acquisition will be synergistic because it anticipates the transaction may provide opportunities for its other subsidiaries, including award-winning entertainment retailer Vintage Stock, to expand into new markets. Additionally, management anticipates improving ApplianceSmart's financial position by expanding its current product offering and increasing operational efficiencies.