Once again changes are afoot in the area's business community. First Caroline Rose Hunt sold the Mansion on Turtle Creek to the family of Hong Kong billionaire Cheng Yu-tung. Then Cooter's Village Camera closed in Highland Park Village. Now, word comes that 63-year-old Kellum Audio Video & Appliance is being acquired by Starpower.
According to the release that follows the jump, "no layoffs are expected."
Starpower Announces Definitive Agreement to Acquire 63-year-old Kellum Audio
Video & Appliance
DALLAS, TEXAS, September 6, 2011-- Starpower Home Entertainment Systems, Inc. ("Starpower"), announced today that it has entered into a definitive agreement to acquire the assets of Ed Kellum & Son Appliance Corporation d/b/a Kellum Audio Video & Appliance ("Kellum“). Kellum is a 63 year old Dallas based retailer specializing in audio, video and appliance sales located in the Highland Park neighborhood of Dallas.
The acquisition is a cash transaction expected to close By September 26th. The business will continue to operate with the Kellum Audio Video & Appliance brand and will integrate operations into the Starpower organization. There are no layoffs expected as a result of the transaction. Kellum will be operated as a stand alone brand.
David Pidgeon, CEO of Starpower stated, "This transaction will make possible the continuation of the highly respected Kellum name in the Dallas market and beyond. This 63 year old brand is a Dallas institution and carries with it a rich tradition of customer service and leadership in both the appliance and audio/video segments. Pat Kellum has built an amazing company filled with amazing employees. We look forward to building on this foundation to take the brand to new heights".
Pat Kellum, President of Kellum stated, "I could not be more excited to allow the merger of the Kellum name into Starpower's capable hands. Starpower has proven itself as the unquestioned leader in custom installation of audio and video and has shown tremendous leadership in this marketplace and the industry. Now, with the additional resources of Starpower, Kellum will continue to thrive as it enters the next generation. I look forward to cheering them on as they merge these two great operations".
Daniel Pidgeon, Chairman of Starpower added, "Starpower prides itself on innovative retailing to the luxury consumer. Kellum opens up some exciting opportunities for Starpower. We are excited about the future of the Kellum brand".
Kellum's operations will be immediately enhanced by the utilization of Starpower's award winning Custom Installation ("CI") Group. Kellum customers will now have full access to the installation and service staff already in place at Starpower.
Starpower, founded in 1995 is an award winning provider of premium audio/video products and custom installation to a luxury consumer based in Dallas, Texas. Starpower sells to Consumer and Commercial markets and has showrooms in Dallas and Southlake, Texas as well as Scottsdale, Arizona. www.starpower.com
About Kellum Audio Video & Appliance
Ed Kellum & Son was founded by Ed Kellum in 1948 as an appliance seller located originally on Lovers Lane in Dallas Texas and later relocated to Knox Street. Television sales were added in 1956 and the company has evolved many times to ultimately become a leading seller of audio, video and appliances serving all of Dallas and Fort Worth markets. Kellum’s current location opened in 1996. www.edkellum.com