Harbour Group to Acquire Rowe

Harbour Group to Acquire Rowe

Harbour Group announced last week 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 money-changing machines.

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 11 November. 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 internet-connected platform."

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 35 countries.

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: press release