Voxx Buys Directed's Automotive Aftermarket Unit
Voxx bought a majority of Directed’s automotive aftermarket business for $11 million cash. In a transaction completed Thursday, Voxx bought the aftermarket vehicle remote start and security systems and connected car solutions businesses of Directed and Directed Electronics Canada, Voxx…
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said Monday. The buyer expects to complete an agreement with Nutek, which, in exchange for a 25% stake in the new company, will assume about $4.2 million in trade payables and claims and obligations in Canada for employee retention and real estate leases. The transaction is expected to add $50 million in sales annually, “provided there is no further deterioration in the economy due to the global pandemic,” Voxx said. The brands include Viper, Clifford and Python. Noting the years-long competition between the companies, Voxx CEO Pat Lavelle called the purchase a “natural fit."