ST. LOUIS, Oct. 31 /PRNewswire/ -- Harbour Group announced today that it
has agreed to acquire certain assets and the business of Rowe International,
Inc., a Grand Rapids, Mich.-based manufacturer and marketer of jukeboxes and
Rowe, founded in 1909, will become a part of Harbour Group's entertainment
group. Also in that group is Merit Industries, Inc., a manufacturer of
countertop touch screen video games.
The transaction is expected to close on or about Nov. 11. Harbour bought
the company through a newly organized entity, RWI Acquisition Corporation.
Sam Fox, Chairman and Chief Executive Officer of Harbour Group, said, "We
are excited about the opportunity to work with such a great company, one that
has a long history of excellent products and innovation and a stellar
reputation in its industry. Rowe has a talented management team and dedicated
employees, an outstanding distribution network and a loyal and longstanding
base of operators. With the strong financial resources of Harbour Group
behind it, we believe that Rowe will continue to be an industry leader long
into the future."
Doug Johnson, Chairman and CEO of Rowe, added, "The acquisition of Rowe by
Harbour Group could not have come at a more opportune time for both companies.
Rowe led the transition from vinyl to CD jukeboxes in the early '90s, and is
once again poised to take the lead as the industry transitions to a digital
Rowe International Inc. is the number one manufacturer of commercial and
home CD jukeboxes. The company also manufactures the Netstar (floor-mounted)
and Starlink (wall-mounted) Internet-enabled digital jukeboxes. The company's
Internet-enabled devices, which can operate on a variety of broadband
connections, are the leading pay-for-play music systems in the industry. Rowe
maintains a technical support office in London and has one of the industry's
most extensive sales and support networks, with distributors in more than
Harbour Group is a privately owned company based in St. Louis. Harbour
Group and its related companies are engaged in the manufacture and
distribution of industrial products, including high pressure cleaning
equipment, auxiliary plastic processing equipment, automotive accessories,
hearth and chimney products, textile machinery, pre-engineered building
components, heat exchange equipment, automotive enthusiast products,
entertainment products and products used by the home maintenance industry.
SOURCE Harbour Group