Royal Green Appliances, Inc of White Plains, NY one of New York and New Jersey's preeminent luxury dealers with 4 locations around the Tri State area, announces the acquisition of Good Deals Appliances, Inc. of Ft. Meyers Florida, a chain spanning from Naples to Cape Coral, Fl completing one of the largest M&A transactions year to date in the appliance industry.
WHITE PLAINS, N.Y., Nov. 12, 2024 /PRNewswire-PRWeb/ -- In an effort to expand its national footprint Royal Green Appliances, Inc announces the acquisition of Good Deals Appliances, Inc, one of the nation's largest appliance dealers in a transaction that is sure to reshape the landscape of the appliance industry on the West Coast of Florida. The deal which closed on October 31st is one of the largest M&A transactions in the space and cements Royal Green as a national powerhouse with revenues exceeding 100 million dollars annually. Consistently one of the more active companies in the appliance industry when it comes to M&A, the Good Deals transaction is Royal Green's first acquisition outside of the Tri-State area. "Over the last 5 years we have made a concerted effort to roll up strategic targets and add them to our portfolio of growing brands," Said Rob Satran, Royal Green's C.E.O, "The Good Deals acquisition is a natural evolution of that strategy and presents one of the more dynamic opportunities for growth we have seen in a long time".
Good Deals Appliances was founded by Jay and Sandy Russo, who built a regional multi-chain appliance retailer from humble beginnings and turned it into Whirlpool Corporation's largest exclusive dealer in the United States. With a unique "exclusive" go to market strategy that leveraged its standing in Whirlpool, Good Deals was able to provide the South Florida market with unparalleled pricing and service on core goods. "I have always felt that having an exclusive partner like Whirlpool could open doors for us and our customers that a multi-channel solution couldn't provide", said Jay Russo, "I can't thank them enough for their support and am truly excited for this next step to see where Royal Green can take the company."
Whirlpool Corp. echoed Russo's sentiments in a statement released shortly after the closing. David Whitehead, Vice President and General Manager of Sales & Marketing at Whirlpool, praised the acquisition, stating, "Whirlpool has known for a long time that Good Deals was a hidden jewel in the industry, a store count machine that generated enormous volume which propelled it to unparalleled heights," said Whitehead, "It's exciting to see a regional powerhouse like Royal Green expand its operations into the Southeast and under Rob's leadership, we look forward to continuing our exclusivity and helping Good Deals expand its business even further." Royal Green's President and Founder Stuart Royal added, "historically Whirlpool Corp has always been one of our most trusted vendors and from day 1 of this transaction have brought and thrown its full weight and support behind this acquisition. We look forward to building on the success of this wonderful foundation both in the North and Southeast."
To oversee the transition, Royal Green has tapped its new Chief Commercial Officer, Stuart Stone, an industry veteran with a proven track record of instilling double-digit sales growth in his teams and an expert at alternative revenue streams to maximize profitability. Stone will continue to have oversight over Royal Green's large-scale market movements, while Good Deals operations will continue to be run by Ralphie Hernandez, a long-time executive at the company. Hernandez will report to both Stone and David Glickman, Royal Green's C.O.O. Good Deals Appliances name will remain with an added tag line identifying it as a Royal Green Company, consistent with Royal Green's past acquisitions, and the core DNA of what Good Deals has meant to the Florida market will remain as well. "I've been to a number of restaurants with Jay locally, and each time I'm amazed at his celebrity status," said Satran. "No matter the direction the company takes moving forward, Jay has always been and, if it's up to us, always will be the face of the company he and Sandy have built. Good Deals is Jay, and Jay is Good Deals."
Media Contact
David Glickman, Royal Green Appliances, Inc., 1 9149495999, [email protected], Royal Green Appliances, Inc.
SOURCE Royal Green Appliances, Inc.
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