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Handleman Company Acquires Games Firm Crave Entertainment for $72 Million

Authored by Mark Hefflinger on October 21, 2005 - 8:06am.
Troy, Mich. - The Handleman Company, a distributor of CDs and other recorded music formats to music retailers, announced on Friday that it plans to acquire Crave Entertainment, a developer of video game hardware, software and accessories, for $72 million. Newport Beach, Calif.-based Crave Entertainment distributes its products to more than 30,000 retail stores, and reported sales of $240 million for its most recent fiscal year. The company released "The Bible Game" earlier this week for PlayStation 2 and Game Boy Advance. "The acquisition of CEG expands our customer base, broadens our product line and will be immediately accretive to earnings," said Handleman chairman and CEO Stephen Strome. "Video game software is one of the fastest growing entertainment product lines, with industry growth expected to exceed an 8% compounded annual growth rate over the next four years."
tags: Games | Acquisition | Handleman Company | Acquires | Crave Entertainment |