Irish energy and services group DCC has acquired Almo Corporation, the largest distributor of appliances and consumer electronics in the US, in a deal worth USD 610 million.
DCC chief executive Donal Murphy said “The synergistic acquisition of Almo more than doubles the size of our North American technology business. It will create the leading, specialist Pro AV player in the US, as well as providing the group with real scale across the ecommerce and consumer channels, through Almo’s significant presence in the growing lifestyle, consumer appliance and electronics markets. The acquisition of Almo and other recent acquisitions in DCC Technology and DCC Healthcare are consistent with our ambition to really scale our operations in these higher growth sectors”.
DCC has said that the Almo business was acquired in a ‘bilateral transaction’ from the Chaiken family, who have owned and managed it since its foundation 75 years ago.
Almo, which is headquartered in Philadelphia and employs approximately 660 people across the US, will continue to be led, we believe, by its current chief executive Warren Chaiken.
The acquisition significantly increases the scale of DCC Technology’s overall business in North America.