Kingswood Capital Management (a private equity firm) announced today that it has acquired Houston, Tex.-based WAVE Electronics and will merge WAVE with its portfolio company, AVAD — you may recall that Kingswood purchased AVAD from Ingram Micro back in July 2016. Kingswood says that this will create the largest distributor of AV, security and home automation in the CE market. The new company will be focused on the residential and commercial custom installation markets in North America.
At closing, Mark Fukuda, former chief operating officer for WAVE, will take over as the chief executive officer for the combined new enterprise. Key members of the new executive management team will include Bill Steckel as chief finance officer, Ainslie Fukuda as vice president of purchasing, Bryan Stewart as vice president of sales and Jon Zabel as vice president of vendor management.
The new company will be headquartered in Houston, Tex. and will combine residential AV, ProAV and security brands across all of its North American locations. The new company plans to integrate dealer services including tech support, programming services, marketing services and dealer programs.
Tom Jacoby, who had been serving as AVAD’s chief executive officer, will become chairman of the combined company.
The announcement didn’t specify what the new company will be called, but it appears it will be called AVAD based on the wording of the announcement.