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.
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.