Live Ventures Inc (NASDAQ:LIVE) recently announced that it has signed an agreement with ApplianceSmart to acquire 100 percent of its outstanding stock with annualized revenues of around $65 million. ApplianceSmart is a 17-store chain specializing in sales and service of out-of-the-box and new appliances.
Live Ventures, a diversified holding company has stores in Ohio, Georgia, Texas, and Minnesota. With this new acquisition, trade analysts have estimated that the company’s revenues will elevate approximately by 42% on an annualized basis. The net assets that have been acquired owing to this transaction are estimated to have been valued at a purchased price or greater. Also, the company has not issued any stock in connection with this recent transaction.
According to reports, Live Ventures is of the belief that this acquisition will be synergistic as the transaction is anticipated to provide better opportunities to its subsidiaries including to Vintage Stock, its award-winning entertainment retailer for expansion into new markets. Apart from that the management of the company thinks that this transaction will help to improve the financial position of ApplianceSmart by expanding the offering of the current product and also increasing operational efficiencies.
Live Ventures Welcome ApplianceSmart And Its 150 Employees
The CEO and president of Live Ventures Incorporated, Jon Isaac welcomed ApplianceSmart and around 150 employees to the family of Live Ventures. President of ApplianceSmart, Akram Mohamad said that they all are excited about this transaction and believe that their 17-store chain will thrive under the umbrella of Live Ventures. Mohamad further said that they are looking forward to continuing growth in the current markets while keeping an eye on additional expansion possibilities.
Recently Live Ventures announced the financial results from its fiscal year ending on September 30, 2017. The report revealed that the last year was one of the most successful ones in the history of the company with Live Ventures reporting a record $152.0 million in revenues indicating an increase of 92.6% over the previous fiscal year.