Voxx, Sharp Complete $31M Onkyo AV Assets Buy

Voxx’s Premium Audio Co. (PAC) subsidiary and Sharp completed the purchase of assets of Onkyo Home Entertainment Corp.’s audio/video business (see 2105030054) Wednesday for $30.8 million. Terms also included assumption of liabilities and future commission payments to Onkyo on certain product sales, said the companies Thursday. PAC owns about 77% of the joint venture, Sharp about 23%, they said. With the acquisition of the Onkyo and Integra brands now complete -- and with a new global licensing agreement with Pioneer in place outside China -- PAC will focus on "leveraging its strong retail relationships and distribution channels." Sharp will focus on scaling its manufacturing lines and managing the supply chain, "to handle more anticipated production volume." They expect FY 2022 sales to be about $50 million, with several orders already secured. Voxx CEO Pat Lavelle said “consumer demand is high” for the Onkyo and Pioneer brands. Voxx believes it can “rebuild the distribution network quickly, leveraging the relationships built over several decades,” with Sharp as a "world-class manufacturer.”