Trivest Affiliate Directed Electronics, Inc. Acquires Clifford Electronics, Inc.
13 July 2000
Trivest Affiliate Directed Electronics, Inc. Acquires Clifford Electronics, Inc.
MIAMI - Trivest, Inc., through its affiliate Directed Electronics, Inc. ("Directed" or the "Company"), today announced that it has acquired certain assets of Clifford Electronics, Inc. ("Clifford"), a privately held designer and marketer of vehicle security systems. The combination of the two leading automotive security firms will generate revenues in excess of $100 million and provide customers with unmatched product offerings, customer service and technical support.Clifford markets its vehicle security systems under the Clifford(R), and Avital(R), brand names. In addition, The Company's products are sold in over 3,500 retail locations nationwide and are available in over 30 major markets worldwide. Clifford's fourth generation security system (G4) incorporates the Company's proprietary Cliffnet(TM) and Anti-Code Grabbing(TM) technologies, which offers customers the only digitally networked vehicle system currently available. The Company's 300 products are sold through mobile electronics and stereo shops, electronic superstores and automobile dealerships.
Darrell E. Issa, CEO of Directed, stated, "With the addition of the highly regarded Clifford(R) and Avital(R) brands, we can now offer consumers security and convenience systems at virtually every major price point. The two firms have long been at the forefront of the industry's technological advances and our combined research and development teams will be hard at work developing the next generation vehicle security system."
Troy D. Templeton, Trivest's Senior Managing Director, said, "After our December 1999 acquisition of Directed Electronics, we were committed to a mobile electronics build-up around the Company's flagship Viper(R) brand name. The addition of Clifford provides the Directed platform with world-class brands, a strong international presence and additional OEM relationships. This transaction represents a critical step in our strategy to build our business both internally and externally through complementary add-on acquisitions."
Directed, located in Vista, California, is the largest designer and marketer of consumer brand name automobile security and convenience systems. The Company holds the #1 market share in the industry and markets its products under the Viper(R), Python(R), Sidewinder(R), Hornet(R) and Wasp(R) brand names. In addition, Directed markets a complete line of automobile audio speaker and amplifiers as well as installation products.
Trivest, Inc., a private investment firm, is a leading provider of equity for middle market corporate acquisitions, recapitalizations and growth capital financings. Since its founding in 1981, Trivest has sponsored 100 acquisitions and recapitalizations, totaling approximately $2.0 billion in value.