Audiovox buys Technuity for $20.5M

November 8, 2007

Indianapolis-based Technuity Inc. has been acquired by Audiovox Corp. of Hauppauge, N.Y., for $16.5 million, plus repayment of $4 million in debt. The deal closed Nov. 1, Audiovox announced today.

Technuity is the exclusive North American licensee of Energizer Power Protection products and Energizer rechargeable batteries and accessories. About 30 people are employed at its headquarters at 6024 W. 79th St.; manufacturing is conducted overseas.

Audiovox sells mobile and consumer electronics, including such brands as Jensen, Advent and Code Alarm, and has been growing organically and through acquisition in the past two years.

"We look forward to their contributions," said Audiovox spokesman Glenn Wiener of Technuity. Audiovox could not elaborate on specifics for the Indianapolis operation because, as a public company, its intentions have not been disclosed, Wiener said.

In October 2006, Audiovox acquired Thomson Consumer Electronics' consumer electronics audio video business in the United States, Canada, China and Hong Kong for $19.7 million. Roughly 100 people remain at the Thomson operation in Carmel.

Technuity was started in 1999 by Dean, Dennis, Dale and David Petruzzi-brothers-and Eric Tobias, a nephew of former Eli Lilly and Co. Chairman Randall Tobias. The Petruzzis did not stay with the Technuity, said Tobias, vice president of marketing.

Also holding an ownership stake in Technuity was Schwarz Group, local investors who provided early-stage capital.

Tobias and Andy Rayl, the chief financial officer and chief operating officer, are staying to run the office.

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