Garmin the maker of watches and fitness and sports measurement accessories, is getting into the custom install channel via the acquisition of JL Audio, a privately held U.S. company that designs and manufactures audio solutions.
The Company is initially looking to go after the marine, automotive aftermarket as well as the home market.
Lucio Proni is Co-Founder, CEO and Chief Engineer at JL Audio, which is based in Florida, his Company has over four decades of experience, the Company manufactures in the USA speakers, amplifiers, subwoofers, and other audio components.
The reason given for the acquisition is that Garmin is looking to capitalise on the growth in demand for marine, outdoor, and home theatre products as demand for consumer electronics products “go soft”.
“JL Audio’s extensive audio experience will create new opportunities to provide premium audio features across a broad range of our markets and products. The JL Audio brand is known around the world for offering a premium audio experience which is made possible by their talented and dedicated associates. We look forward to welcoming the JL Audio team into the Garmin family.” –Cliff Pemble, Garmin President, and CEO
With over four decades of experience, JL Audio offers premium audio products and accessories, including speakers, amplifiers, subwoofers, and other audio components.
“JL Audio shares Garmin’s vision to deliver unique technology solutions, supported by meaningful R&D and engineering. We are thrilled at the opportunity to integrate into Garmin’s product ecosystem. JL Audio will contribute audio knowledge and engineering expertise to create great audio products for many years to come.” –Lucio Proni, JL Audio Founder and CEO
JL Audio currently employs more than 600 people.
The completion of the acquisition is expected to be finalised by the end of 2023 and is subject to customary regulatory approvals and closing conditions.
Financial terms of the acquisition will not be disclosed.
Garmin revenue for the quarter ending June 30, 2023, was US$1.321B, a 6.44% increase year-over-year.
Garmin revenue for the twelve months ending June 30, 2023, was $4.915B, a 1.64% decline year-over-year.
Garmin annual revenue for 2022 was $4.86B, a 2.46% decline from 2021.
