New York-based Harvey Electronics Inc. has purchased local audio and video retailer and installer Myer-Emco Inc. of Gaithersburg.
Myer-Emco began as a ham radio repair shop in a home in Silver Spring in 1955, and grew to a chain of 10 stores in the D.C. area. Harvey has nine locations in New York and New Jersey and has been in business for 75 years.
Both specialize in high-end products and customized installations, targeting wealthier markets.
“So many industry contacts have been coming up to me and saying, ‘Gee, this makes perfect sense,’ ” Myer-Emco President and Chief Operating Officer Gary Yacoubain said Tuesday. “You couldn’t find two more alike companies.”
Financial terms of the purchase were not disclosed. Yacoubain will remain in his position at the combined company and Harvey will retain the rest of the company’s management team as well.
After the purchase, the stores will continue to operate under their own names, and no branding will change, the executives said.
Martin McClanan, Harvey’s interim chief executive officer, said the agreement allows the company to continue to invest heavily in training their work force to make sure they have an educated sales team.
“We’re not really trying to become a big-box retailer; we want to be the place you go if you are looking for a great quality product, or for someone to actually do your installation,” Yacoubain said.
