ORLANDO, Fla., June 12, 2019 /PRNewswire/ -- VOXX
International Corporation (NASDAQ: VOXX), a leading manufacturer
and distributor of automotive and consumer technologies for global
markets, today announced that it has reached a definitive agreement
to sell VOXX German Accessory Holdings GmbH, which comprises the
operations of Oehlbach Kabel GmbH ("Oehlbach") and Schwaiger GmbH
("Schwaiger"), to HF Company (HF:FP HF Co).
Under the terms of the Stock Purchase Agreement ("SPA"), HF
Company will acquire VOXX German Accessory Holdings GmbH for an
enterprise value of approximately 17.3
million Euro, less inventory adjustments of approximately
0.6 million Euro. Based on the
current Euro to US dollar conversion (1
Euro = $1.1314), this equates to approximately $19.0
million. The final purchase price is subject to further net cash
and working capital adjustments. A condition precedent to the
closing is the entry by the parties into an Option Agreement
granting HF Company the right to purchase the real property
occupied by VOXX German Accessory Holdings GmbH in Langenzenn for
2.4 million Euro, subject to certain
contingencies. The completion of the transaction is subject to
financing contingencies and the Company anticipates this
transaction to close on or around August 31,
2019.
Pat Lavelle, President and CEO
of VOXX International Corporation stated, "Oehlbach and
Schwaiger have been strong contributors to our business since we
acquired them in 2007 and 2009, respectively, and the decision to
sell our German operations was not an easy one. Both have strong
brands in the markets they serve, with great technology, customers
and employees. However, this transaction is in line with our
strategy to focus more of our resources in North America, where the majority of our
business resides today. Upon closing, we will further strengthen
our cash position and balance sheet, which remains a key priority,
and we continue to move forward with our corporate realignment
programs to improve earnings, cash flow and shareholder value. HF
Company is a global leader in the accessories field and we believe
Schwaiger and Oehlbach, in addition to their many customers and
partners, will be well served under HF Group's leadership."
Yves Bouget, President and CEO of HF Company stated, "The
acquisition of VOXX German Accessory Holdings GmbH is the first
significant deal by HF Company Group as part of our redeployment. I
am particularly pleased to welcome the teams of VOXX German
Accessory Holdings GmbH to HF Company. VOXX German Accessory
Holdings GmbH has been a renowned player in the German Home Digital
Life market for a very long time, and has been successful in
establishing a strong position in Germany. This deal is strategic for the
continued development of our Consumer Products activity in
Europe. I am convinced that the
integration of VOXX German Accessory Holdings GmbH will trigger
numerous synergies thanks to the pooling of the key know-hows of
both our companies."
Levy, Stopol & Camelo LLP and Norton Rose Fulbright LLP
served as legal counsel to VOXX International and M.M. Warburg
& Co. served as the Company's financial advisor on this
transaction. KÖNNECKE NAUJOK and BOUGET Avocats served as legal
counsel to HF Company and CFI Athema served as HF Company's
financial advisor on this transaction.
About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has
grown into a worldwide leader in many automotive and consumer
electronics and accessories categories, as well as premium high-end
audio. Today, VOXX International is a global company, with an
extensive distribution network that includes power retailers, mass
merchandisers, 12-volt specialists and most of the world's leading
automotive manufacturers. The Company has an international
footprint in Europe, Asia and Latin
America, and a growing portfolio comprising over 30 trusted
brands. For additional information, please visit our website
at www.voxxintl.com.
About HF Company
HF Company is a technology integrator in the field of connected
home. The Group is also a worldwide leader in the Broadband
solutions market. HF Company is listed on Euronext Paris (HF:FP HF
Co).
Safe Harbor Statement
Except for historical information contained herein,
statements made in this release constitute forward-looking
statements and thus may involve certain risks and uncertainties.
All forward-looking statements made in this release are based on
currently available information and the Company assumes no
responsibility to update any such forward-looking statements. The
following factors, among others, may cause actual results to differ
materially from the results suggested in the forward-looking
statements. The factors include, but are not limited to: statements
with respect to the anticipated results of the proposed
transaction; the proposed transaction's anticipated benefits to the
Company; the anticipated closing of the proposed transaction; and,
other risk factors described in the Company's annual report on Form
10-K for the fiscal year ended February 28,
2019 which was filed with the SEC on May 14, 2019, as amended on Form 10-K/A filed on
May 30, 2019, and other filings made
by the Company from time to time with the SEC. The factors
described in such SEC filings include, without limitation: the
Company's ability to realize the anticipated results of its
business realignment; cybersecurity risks; risks that may result
from changes in the Company's business operations; our ability to
keep pace with technological advances; significant competition in
the automotive, premium audio and consumer accessories businesses;
our relationships with key suppliers and customers; quality and
consumer acceptance of newly introduced products; market
volatility; non-availability of product; excess inventory; price
and product competition; new product introductions; foreign
currency fluctuations; and restrictive debt covenants.
VOXX International – Investor Relations Contact:
Glenn Wiener, President
GW Communications
Tel: 212-786-6011
Email: gwiener@GWCco.com
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SOURCE VOXX International Corporation