EXCLUSIVE INTERVIEW: MyerEmco’s Gary Yacoubian Comments on the Harvey Deal
Shortly after the proposed acquisition of his company by Harvey Electronics was announced, MyerEmco President and COO Gary Yacoubian called CustomRetailer Editor-in-Chief Joe Paone from the Progressive Retailers Organization’s (PRO Group’s) annual spring meeting in Scottsdale, Ariz., to talk about the deal and the combined entity’s plans:
CR: When did this whole process start?
Yacoubian: To trace it all the way back in time, it started with conversations [MyerEmco CEO and Principal Owner] Jon Myer and I had months and months ago about how to deepen my level of partnership in the company, and perhaps for him to reap some of the benefits of what we’ve created. We did some initial outreach and started some conversations and started to get really fired up about the combination of Harvey and MyerEmco. It’s been going on for a long time.
Can you provide any information about the purchase price or the closing date?
That hasn’t been announced yet. I believe that is not going to get announced until the execution of it. I think at least one other announcement is coming that will talk about timing. What we’re saying right now is both companies want to put this to bed as soon as possible. But we haven’t officially announced a timetable.
Will any employees be affected? Will there be any layoffs?
This is about growth, and doing what we do better. It’s really not a cost-cutting thing, and there are no layoffs that are on the table as of now. I don’t anticipate any.
Since MyerEmco is privately owned, I haven’t seen your financials, but I’ve been under the impression that you’ve been doing pretty well, while Harvey has been struggling.
This is very much a merger of equals. MyerEmco has been profitable every year that Jon Myer and I have operated the company, which is now 19 years, other than one—with one exception, and it was a long time ago. So we’ve been very profitable, and we’ve experienced great profit in the most recent past few years. So this is not being done from a position of weakness at all, it’s just something that got us all fired up, really.