Execs Say Combined Harvey and MyerEmco Will Be Stronger as Whole
A combined Harvey Electronics and MyerEmco is a merger of equals, but one that will eventually create a stronger company, executives from both companies said shortly after announcing Harvey’s plans to buy MyerEmco for an undisclosed sum.
The two companies essentially have the same number of stores and employees, and share a similar business model that focuses on retail and custom installation sales and services. Once the acquisition is finalized, which both sides hope will happen as soon as possible, the company will be able to leverage its training, marketing, IT systems and logistics to truly differentiate itself “from the big box stores and custom installers,” said Martin McClanan, the interim CEO of Harvey who will become CEO of the new company. “With the combined strengths of our high-end custom installation and retail, we have a huge opportunity to present new technologies to more consumers.”
Terms of the deal were not disclosed but talks of an acquisition began sometime late last year, said McClanan and Gary Yacoubian, president and COO of MyerEmco, who will retain the same titles and role after the merger. The companies also plan on retaining their individual names.