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Amber Technology Limited (Amber; ASX: AMO) and Convoy International Pty Limited (Convoy) are pleased to announce that they have agreed that Amber will acquire the assets of Convoy, and merge the operations of Convoy’s business into Amber’s business.
The transaction, which is funded from capital previously raised by Amber to support acquisitions, is expected to complete on 31 January 2023.
Under the agreement between Amber and Convoy key Convoy staff will be offered the opportunity to join the Amber team significant brands distributed by Convoy will become part of the Amber portfolio.
The acquisition offers the opportunity for the Convoy staff and brands to join a larger and well-resourced distribution environment that is growing and investing for future growth across the AV industry segments it serves.
“We are very pleased to be able to merge the Convoy business into Amber,” commented Peter Amos, Amber’s Managing Director. “The brands distributed by Convoy will complement our existing residential custom AV installation business, and allow us to strengthen our position in the specialist AV retail market. We are confident that we will deliver enhanced results for our Amber brand partners (as we exploit synergies and bundling opportunities afforded by the coming of the Convoy brands) and growth for the Convoy brand partners (through our broader and deeper reach into the market).”
David Matthews, Managing Director of Convoy added: “Today’s news marks the end of my family’s active participation in the Australian HiFi market. We are grateful for the support and friendship of our suppliers over many years, and we are pleased that we’ve been able to find a great home at Amber for our Convoy business. We extend our thanks to the many staff and customers who have been part of the Convoy journey over the last 57 years, and our best wishes to all involved for a bright future at Amber.”
About Convoy International
Convoy was established in 1965 as a leading importer, distributor and marketer of a wide range of high-fidelity loudspeakers, amplifiers, media players, headphones, speakers for personal audio devices, advanced home audio components and audio-video digital accessories.