Onkyo, Klipsch And Integra Acquired By Gentex Corporation
Image Credit: GENTEX & VOXX Corporations
According to the latest news from Voxx International, the parent company of Premium Audio Company and its three brands, Onkyo, Klipsch and Integra, has been acquired by the Gentex Corporation.
The statement says that Gentex Corporation, who had already purchased a large stake in VOXX back in 2023, has entered into a definitive agreement to acquire all of the issued and outstanding shares of VOXX common stock not currently already owned by Gentex for US$7.50 per share, representing a value of approximately US$196 million.
Ari Shalam, Chairman of the board of directors of VOXX, stated;
“the transaction with Gentex ensures a seamless transition for our brands, employees, customers and partners. After a thorough and exhaustive sales process, the disinterested members of the board, the transaction committee and I unanimously support this decision, believing that it represents the best and most reliable path forward to maximize value for all VOXX stockholders. My father, John Shalam, who founded VOXX 60 years ago, and I are incredibly proud of the legacy we have built and the remarkable accomplishments of the VOXX team. We are confident that under Gentex’s stewardship, VOXX’s legacy will continue to thrive for the benefit of our stakeholders.”
For those of you who have never heard of Gentex, like myself, their web site tells us that they were founded in 1974, and are a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies. Gentex is first and foremost a technology company, proficient in a wide range of core competencies that yield a unique fusion of technologies. They currently develop and manufacture custom high-tech electronic products for the automotive, aerospace, and commercial fire protection industries.
The Gentex press release goes on to say;
“The acquisition of VOXX is a strategic addition to the Gentex portfolio of products. The majority of the revenue of VOXX is comprised of automotive OEM and aftermarket business, as well as the consumer electronics industry. Through the transaction, Gentex will gain full access to the EyeLock® iris biometric technology, which represents a unique, extremely accurate and highly secure method of authentication, which will provide further product applications into the Gentex automotive, aerospace and medical markets.”
“Gentex believes its expertise in high volume manufacturing will help the Premium Audio team to continue its expansion in the consumer technology and connected home space, through newly launched Gentex products, such as Place™, and HomeLink Smart Home Solutions™. Additionally, the Gentex sales and business development teams will further equip the Premium Audio team with additional automaker exposure to build on the early success of several OEM launches of Klipsch® Reference Premiere audio systems.”
Lets hope that Gentec’s acquisition of VOXX provides new management and resources that will benefit Klipsch, Onkyo and Integra in a similar manner to how Masimo’s acquisition of Sound United seems to have benefitted the Masimo consumer brands; B&W, Denon, Marantz, Polk, and Definitive Technology.
