Trivest Affiliate Directed Electronics, Inc. Acquires Polk Audio.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Trivest Partners, L.P. today announced that its affiliate Directed Electronics This article has multiple issues: * It needs sources or references that appear in third-party publications. * It reads like an advertisement and needs to be rewritten in a neutral point of view. , Inc. ("Directed" or the "Company") has acquired Polk Audio Polk Audio is an electronics company which specializes in audio products such as receivers, amplifiers and speakers. The company is headquartered in Baltimore, Maryland and in 2006, was acquired by Directed Electronics.[1] References 1. ("Polk"), a leading provider of high performance home and mobile audio equipment, for approximately $136 million in cash. Including Polk Audio's approximately $86 million in net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the twelve months ended June 30, 2006, Directed's net sales would have been approximately $435 million for the same period. Trivest initially acquired Directed from the Company's founder, Congressman Darrell E. Issa, over six years ago. On December 16, 2005, the Company successfully completed an initial public offering. The company trades on Nasdaq under the symbol "DEIX" (Nasdaq:DEIX). At present, Trivest is Directed's single largest shareholder with an approximate 37% ownership stake. Founded in 1972, Polk has grown into a leading speaker brand in home entertainment. The Company sells its products in all key channels of home electronics distribution including a diverse set of customers such as Circuit City, Tweeter tweeter - woofer , Fry's Electronics Fry's Electronics is a specialty retailer of software, consumer electronics, computer hardware and household appliances with a chain of superstores headquartered in Silicon Valley. Starting with one store located in Sunnyvale, California, USA, the chain now boasts sales of $2. , Crutchfield, and AVAD Distributors. Polk's focus on brand management and product development has resulted in an impressive track record of growth in both home and mobile audio. "The acquisition of Polk, with its leading consumer brand, complements our current Definitive Technology product line. Having these two powerful brands under the Directed umbrella will give us the #1 position in the U.S. home speaker market according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. industry data," commented Jim Minarik, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Directed. "We look forward to working with the Polk team to expand our home audio business." Troy D. Templeton, Trivest's Partner and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. and Directed's Chairman of the Board, said, "During our six plus year ownership of Directed, we have overseen a five fold increase in the Company's revenues, from approximately $86 million in 1999 to $435 million today. The entire Directed management team, led by Jim Minarik, deserves a great deal of credit for this accomplishment." Goldman, Sachs & Co. and Trivest Partners, L.P. acted as financial advisors and Greenberg Traurig, LLP LLP - Lower Layer Protocol acted as legal advisor to Directed Electronics. Barrington Associates acted as the exclusive financial advisor and DLA Piper US LLP acted as legal advisor to Polk Audio. CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. and JP Morgan led the financing for the transaction. Directed Electronics is the largest designer and marketer of consumer branded vehicle security and convenience systems in the United States based on sales and a major supplier of home audio, mobile audio and video, and satellite radio products. As the sales leader in the vehicle security and convenience category, Directed offers a broad range of products, including security, remote start, hybrid systems, GPS tracking and navigation, and accessories, which are sold under its Viper[R], Clifford[R], Python[R], and other brand names. In the home audio market, Directed designs and markets award-winning Definitive Technology[R] and a/d/s/[R] premium loudspeakers. Directed's mobile audio products include speakers, subwoofers, and amplifiers sold under its Orion[R], Precision Power[R], Directed Audio[R], a/d/s/[R], and Xtreme[R] brand names. Directed also markets a variety of mobile video systems under the Directed Video[R], Directed Mobile Media[R] and Automate[R] brand names. Directed also markets and sells certain SIRIUS-branded satellite radio products, with exclusive distribution rights for such products to Directed's existing U.S. retailer customer base. Trivest Partners, L.P., a private investment firm, is a leading provider of equity for middle market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored more than 125 acquisitions and recapitalizations, totaling nearly $3.0 billion in value. For more information, please visit www.directed.com and www.trivest.com. |
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