Live Ventures Expands into Financial Services Industry with Agreement to Acquire Salomon Whitney LLC
June 17 2021 - 8:30AM
Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company with subsidiaries in manufacturing and retailing, today
announced that it entered into an agreement to acquire Salomon
Whitney LLC, a broker-dealer operating under the name SW Financial.
Live Ventures agreed to acquire 100% of the membership interests
in Salomon Whitney LLC in an all-cash transaction. At the initial
closing on June 14, 2021, Live Ventures acquired 24.9% of SW
Financial. The acquisition of the remaining interest of SW
Financial is subject to approval by the Financial Industry
Regulatory Authority (FINRA) and other customary closing
conditions.
The acquisition further expands and diversifies the Company’s
portfolio of operating subsidiaries into the financial services
sector. The Company expects that as a result of this transaction
and consummation of acquisition of the remaining ownership
interests, its’ consolidated revenues will increase by
approximately ten percent.
“This acquisition will add a successful financial services
provider to our portfolio of companies and provide a ‘roll-up’
strategy of similarly situated broker-dealers for Live Ventures,”
said Jon Isaac, Live Ventures’ President and CEO. “SW Financial has
established a successful track record that we believe is
complementary to our other service offerings. In working closely
with the management team, including the two principals at Salomon
Whitney LLC, Thomas Diamante and Lawrence Zelin, it is apparent
that our goals are closely aligned, and we believe the venture will
continue to thrive under their leadership. This venture will enable
us to focus on driving sustainable, profitable growth while
delivering value to our stockholders.”
“We are excited to join Live Ventures and their leadership team
as partners for Salomon Whitney LLC,” commented Thomas Diamante,
CEO of SW Financial. “We believe this collaboration will further
our operations and offerings to our clients. Our businesses share
complementary core values, and we believe together we are better
positioned and capitalized to capture this tremendous growth
opportunity that we believe exists in the market.”
Lawrence Zelin, CFO of SW Financial added, “We look forward to
adding to our capabilities and driving innovation that will offer
end-to-end solutions for our clients and fuel growth for our
business.”
Founded by Thomas Diamante in 2007, Salomon Whitney LLC is a
licensed broker-dealer and investment bank that offers clients a
broad range of products and services, including broker retailing of
corporate equity and debt securities, private placement of
securities, corporate finance consulting regarding mergers and
acquisitions, broker selling of variable life insurance or
annuities, and broker retailing of U.S. government and municipal
securities. It currently has approximately 70 registered
representatives and is licensed to operate in all 50 states. SW
Financial is registered with the U.S. Securities and Exchange
Commission (“SEC”), and with the Financial Industry Regulatory
Authority, Inc. (“FINRA”).
LIVE contracted Compliance Exchange Group (“CXG”) to manage the
regulatory application and FINRA approval process for the
acquisition of Salomon Whitney LLC. www.cxgllc.com.
About Live Ventures
Originally incorporated in 1968, Live Ventures Incorporated is a
diversified holding company with several wholly owned subsidiaries
and a strategic focus on acquiring profitable companies that have
demonstrated a strong history of earnings power. Through its
subsidiary Marquis Industries, the company manufactures and sells
residential and commercial carpets primarily in North America.
Marquis Industries also designs, sources and sells hard-surface
flooring. Through its subsidiary Precision Marshall, the company
manufactures and sells steel in four product categories: deluxe
alloy plate, deluxe tool steel plate, precision ground flat stock,
and drill rod. Through its subsidiary Vintage Stock, an
award-winning entertainment retailer, the company sells new and
pre-owned movies, classic and current generation video games and
systems, music on CD & LP, collectible comics, books, toys, and
more. Vintage Stock, through its stores and website, ships product
worldwide directly to the customer’s doorstep. Through its
subsidiary Precision Industries, the company sells premium tool
steels and specialty alloys. Through its subsidiary ApplianceSmart,
the company sells new major household appliances in the United
States through a company-owned retail store in Columbus, Ohio
operating under the name ApplianceSmart®. All Live Ventures
companies are rooted in their local communities where they
contribute to the local economy and serve as responsible corporate
neighbors.
Forward-Looking and Cautionary Statements
The use of the word “company” or “Company” refers to Live
Ventures Incorporated and its wholly-owned subsidiaries. This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. In
accordance with the safe harbor provisions of this Act, statements
contained herein that look forward in time that include everything
other than historical information, involve risks and uncertainties
that may affect the company’s actual results, including statements
relating to a potential roll-up strategy and increases in the
company’s consolidated revenues. These forward-looking statements
can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" and similar statements. Live Ventures may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the “SEC”)
on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual
report to stockholders, in press releases and other written
materials, and in oral statements made by its officers, directors
or employees to third parties. There can be no assurance that such
statements will prove to be accurate and there are a number of
important factors that could cause actual results to differ
materially from those expressed in any forward-looking statements
made by the company, including, but not limited to, plans and
objectives of management for future operations or products, the
market acceptance or future success of our products, and our future
financial performance. The company cautions that these
forward-looking statements are further qualified by other factors
including, but not limited to, those set forth in the company’s
Annual Report on Form 10-K for the fiscal year ended September 30,
2020 (available at http://www.sec.gov). Live Ventures undertakes no
obligation to publicly update or revise any statements in this
release, whether as a result of new information, future events, or
otherwise.
Contact:Live Ventures IncorporatedTim Matula,
Investor Relations(425)
836-9035tmatula@liveventures.comhttp://liveventures.comSource: Live
Ventures Incorporated
Live Ventures (NASDAQ:LIVE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Live Ventures (NASDAQ:LIVE)
Historical Stock Chart
From Jul 2023 to Jul 2024