Lyndhurst, NJ–Harvey Electronics Inc., the embattled New York City-area specialty retail chain, has agreed to acquire Myer-Emco Inc., a privately owned Mid-Atlantic hybrid retailer and custom installer of audio video systems.
The addition of MyerEmco’s 10 locations in Washington, D.C. and its suburbs will more than double the size of Harvey, which has nine stores. The closing of the transaction is subject to financing and other customary contingencies.
“MyerEmco AudioVideo has a long history of profitability, growth, and customer satisfaction,” said Andy Stackpole, chairman of Harvey Electronics and managing partner of private equity firm Trinity Investment Partners LLC. “The combination of our two businesses will create the premier high-end custom installer and retailer in the Northeast Corridor.”
Gary Yacoubian, president and COO of MyerEmco, will be staying on in the same role at the combined company. Yacoubian called the combination “a powerful competitive strategy.”
He added, “I do not believe there is another company in our industry that has the combination of brands, market positioning or people that we will have. Harvey and MyerEmco operate in such similar ways; it is almost like we have always been one company.
Yacoubian promised that both companies would begin sharing best practices across the organization.
Harvey Electronics operates nine locations: three in Manhattan–at Fifth Avenue and 45th St, inside ABC Carpet and Home, and a Bang & Olufsen showroom at 927 Broadway near Union Square; three in New Jersey–in Eatontown, Bridgewater, and Paramus; one in Greenwich, Connecticut, and one on the North Shore of Long Island in Greenvale/Roslyn.
MyerEmco has been in business for more than 50 years and has 10 locations in Virginia and Maryland.