Home tech company makes another addition

Livewire bought a home theater company last week. Photo by Michael Schwartz.

Livewire closed a deal to buy another local home theater company on Tuesday. Photo by Michael Schwartz.

Henry Clifford is in deal-making mode again.

His company, Livewire, which sells home theater, automation and security systems, acquired Short Pump based TheaterXtreme this week.

The deal closed Aug. 26. Clifford would not disclose terms of the purchase but said it gives his 12-year-old company a valuable new book of residential clients, and he said he expects it could add as much as $2 million in revenue over the next year.

Livewire’s growth has been spurred by small acquisitions over the years. It bought three companies in 2011, mostly home theater-related companies.

Henry Clifford

Henry Clifford

In the two years since, the company’s acquisition streak has slowed, but its bottom line has expanded.

Its revenue was $2.7 million in 2012 and up to $3.1 million in 2013. That helped land Livewire a spot on the coveted Inc. 5000 list of the nation’s fastest-growing companies in the nation for 2012 and 2013. It was also named among the top fastest growing Richmond-based companies in the inaugural RVA 25 last year.

“We’ve been just sort of honing our craft since 2011,” said Clifford, 37. “We’ve experienced a lot of growth, and we’re trying to grow smart.”

With its purchase of TheaterXtreme, Livewire takes on a company that specialized in selling pre-packaged home theater rooms.

“They had a facility where you could come in, walk into a room, and buy that whole room,” Clifford said.

TheaterXtreme operated out of a storefront 4338 Pouncy Tract Road, near Short Pump Town Center, since 2007. It had once been a franchise of a larger TheaterXtreme company that went bankrupt in tandem with Circuit City. The electronics giant had been a large customer of TheaterXtreme.

The Short Pump location then became an independent operation, but it will close following the Livewire deal, Clifford said.

TheaterXtreme’s owners, including Jeff Oberle and Manny Badias, were looking to pursue some other opportunities, Clifford said.

“We’ve had a few conversations about transitioning their operation,” he said, adding that the deal came together in about 30 days.

In addition to the new clients, Livewire may look to offer more projection TV systems, one of TheaterXtreme’s specialties.

Livewire now has 23 employees and is headquartered in two buildings at 4900 and 4901 W. Clay St. near Willow Lawn.

Clifford said it is looking around for some new space so it can consolidate all of its departments into one building.

Livewire bought a home theater company last week. Photo by Michael Schwartz.

Livewire closed a deal to buy another local home theater company on Tuesday. Photo by Michael Schwartz.

Henry Clifford is in deal-making mode again.

His company, Livewire, which sells home theater, automation and security systems, acquired Short Pump based TheaterXtreme this week.

The deal closed Aug. 26. Clifford would not disclose terms of the purchase but said it gives his 12-year-old company a valuable new book of residential clients, and he said he expects it could add as much as $2 million in revenue over the next year.

Livewire’s growth has been spurred by small acquisitions over the years. It bought three companies in 2011, mostly home theater-related companies.

Henry Clifford

Henry Clifford

In the two years since, the company’s acquisition streak has slowed, but its bottom line has expanded.

Its revenue was $2.7 million in 2012 and up to $3.1 million in 2013. That helped land Livewire a spot on the coveted Inc. 5000 list of the nation’s fastest-growing companies in the nation for 2012 and 2013. It was also named among the top fastest growing Richmond-based companies in the inaugural RVA 25 last year.

“We’ve been just sort of honing our craft since 2011,” said Clifford, 37. “We’ve experienced a lot of growth, and we’re trying to grow smart.”

With its purchase of TheaterXtreme, Livewire takes on a company that specialized in selling pre-packaged home theater rooms.

“They had a facility where you could come in, walk into a room, and buy that whole room,” Clifford said.

TheaterXtreme operated out of a storefront 4338 Pouncy Tract Road, near Short Pump Town Center, since 2007. It had once been a franchise of a larger TheaterXtreme company that went bankrupt in tandem with Circuit City. The electronics giant had been a large customer of TheaterXtreme.

The Short Pump location then became an independent operation, but it will close following the Livewire deal, Clifford said.

TheaterXtreme’s owners, including Jeff Oberle and Manny Badias, were looking to pursue some other opportunities, Clifford said.

“We’ve had a few conversations about transitioning their operation,” he said, adding that the deal came together in about 30 days.

In addition to the new clients, Livewire may look to offer more projection TV systems, one of TheaterXtreme’s specialties.

Livewire now has 23 employees and is headquartered in two buildings at 4900 and 4901 W. Clay St. near Willow Lawn.

Clifford said it is looking around for some new space so it can consolidate all of its departments into one building.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected]

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.




Return to Homepage

Subscribe
Notify of
guest
6 Comments
oldest
newest most voted
Inline Feedbacks
View all comments
Mark Deutsch
Mark Deutsch
7 years ago

Kudos to Henry & the rest of the Livewire team. They do FANTASTIC work and it’s great to see another stellar #RVA entrepreneurship success story that keeps getting better.

Jeff Miller
Jeff Miller
7 years ago

I have known Henry Clifford since he started his business with only 2 people. He does a great job, is super tuned in to his clients, and brings an overall intelligence to what he is doing. And his service is pretty good too! Attaboy, Henry.

Susan Cerbone
Susan Cerbone
7 years ago

What a great story about a great guy! Congratulations Henry!

Holly Jones
Holly Jones
7 years ago

Congratulations, Henry, on your continued success!!

Scot McRoberts
Scot McRoberts
7 years ago

Livewire continues to succeed and grow because Henry Clifford is a values-driven leader, and because he has surrounded himself with great people. Congratulations to everyone at Livewire on your success!

Ralph W. Russell, II
Ralph W. Russell, II
7 years ago

Congratulations Henry! I admire Henry for his entrepreneurial spirit.