Directed Electronics Acquires Polk Audio
Directed Electronics, best known for its mobile A/V and security products, acquired its second Maryland-based home audio company in two years. It has entered into a definitive agreement to acquire Polk Audio, which plays in both the home and mobile markets, for approximately $136 million cash. In 2004, Directed acquired Polk’s Old Line State neighbor Definitive Technology.
Current Polk management, including co-founders Matthew Polk and George Klopfer, will join Directed after the acquisition closes sometime during the third quarter.
“The acquisition of Polk, with its leading consumer brand, complements our current Definitive Technology product line,” said Directed President and CEO Jim Minarik. “Having these two powerful brands under the Directed umbrella will give us the number one position in the U.S. home speaker market according to industry data. We look forward to working with the Polk team to expand our home audio business.”
Added Kevin Duffy, Directed’s senior vice president of strategy, corporate development and investor relations, “We are also excited by Polk’s broad product offering, including the company’s growing position in the expanding custom installation speaker market.”