High-end residential AV solutions distributor AVAD has been acquired by Kingswood Capital Management.
TecHome Builder has just been tipped off about the change, as details are still coming out about the acquisition.
Kingswood, an operationally focused middle market private equity investment firm, will take over AVAD, LLC, including its wholly owned subsidiary, AVAD Canada Ltd.
Collectively, the company has more than 10,000 customers across the United States and Canada, offering solutions for video, audio, networking, HVAC, lighting control, security, home automation, system design and other connected home products used by dealers and builders. It carries well-known brands such as Samsung, Bose, RTI, Lutron, Ring, Niles and more.
“As the market leader in distribution of premium audio and video solutions, AVAD is poised to grow its product offering and distribution reach under new leadership,” says Alex Wolf, managing partner at Kingswood in a press release.
Kingswood tells TecHome Builder that it has recruited consumer electronics and distribution industry veterans, Tom Jacoby, as Chief Executive Officer and Fred Farrar as President. Other key executives are expected to be announced soon. “We have plans to invest in AVAD’s infrastructure and will particularly focus on using web enabled technology to deliver added value to all of our trading partners,” says Jacoby.
Just last month, AVAD announced an enhanced website search experience for dealers, which is supposed to make finding relevant products more simple. There’s no word on a possible plan for a builder program, at this point.
TecHome Builder will be following this story as more details become available in the upcoming week.
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