VOXX International Corporation (NASDAQ:VOXX), a leading manufacturer and distributor of automotive and consumer technologies for the global markets, today announced the acquisition of Vehicle Safety Holding Corp. ("VSHC" or "Vehicle Safety") via an asset purchase agreement valued at $16.5 million.
VSHC, through its Vehicle Safety Manufacturing, LLC and Rostra Brands subsidiaries, is a leading developer, manufacturer and distributor of safety electronics. Today, the Company's offering comprises a wide variety of safety-oriented electronics, including turn signal switches, lighting products, obstacle sensing systems, cruise control systems, camera systems, specialized harnessing, and other related components. Vehicle Safety markets and sells its products through a diverse aftermarket distribution network, as well as to some of the world's largest Original Equipment Manufacturers ("OEM"), Original Equipment Service Distributors ("OES") and specialty vehicle manufacturers, among other channels.
With over 40 years of history operating in the automotive space, VSHC has built long-standing customer relationships, a strong reputation for its design, engineering and manufacturing capabilities, and a consistent track record of innovation and growth. With this transaction now officially closed, VSHC will immediately become part of VOXX Automotive Corp. and financial results will be incorporated into the Company's Automotive Electronics segment. On an annualized basis, VSHC is expected to add approximately $28.0 million in net revenue and approximately $3.0 million in Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"), with further improvements as synergies are realized.