M&A Deal Summary

Best Buy Acquires Speakeasy

On March 27, 2007, Best Buy acquired information technology company Speakeasy from Cornerstone Holdings for 97M USD

Acquisition Highlights
  • This is Best Buy’s 1st transaction in the Information Technology sector.
  • This is Best Buy’s 7th largest (disclosed) transaction.
  • This is Best Buy’s 5th transaction in the United States.
  • This is Best Buy’s 2nd transaction in Washington.
Investment Fate
  • Speakeasy was divested to a consortium of strategic buyers in 2010.

M&A Deal Summary
Date 2007-03-27
Target Speakeasy
Sector Information Technology
Buyer(s) Best Buy
Sellers(s) Cornerstone Holdings
Deal Type Add-on Acquisition
Deal Value 97M USD
Advisor(s) Blue Beacon Capital LLC (Financial)
K&L Gates LLP (Legal)

Target

Speakeasy

Seattle, Washington, United States
website
Speakeasy is a broadband voice (VoIP), data and IT service providers. Speakeasy helps small businesses succeed by offering simplified voice and data solutions that improve the customer experience, increase employee productivity and help cut costs.

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Buyer(S) 1

Buyer

Best Buy

Richfield, Minnesota, United States

website

Category Company
Founded 1966
Sector Retail
Employees61,200
Revenue 46.3B USD (2023)
DESCRIPTION
Entrance to Best Buy's corporate headquarters in Richfield, Minnesota.
Entrance to Best Buy's corporate headquarters in Richfield, Minnesota.

Best Buy is a multi-channel consumer electronics retailer with stores in the United States, Canada, China, and Mexico. Best Buy also sells through its BestBuy.com website. Best Buy was founded in 1966 and is based in Richfield, Minnesota.

DEAL STATS #
Overall 7 of 12
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 7 of 11
State (Washington) 2 of 2
Country (United States) 5 of 9
Year (2007) 1 of 1
Size (of disclosed) 7 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-05-12 Jiangsu Five Star Appliance

Nanjing, China

Jiangsu Five Star Appliance Co., Ltd. is an appliance and consumer electronics retailer.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-08 Carphone Warehouse

London, United Kingdom

Carphone Warehouse Ltd is a mobile phone retailer. It provides unbeatable prices on contract phones compared across the widest range of networks at Carphone Warehouse.

Buy -

Seller(S) 1

SELLER

Cornerstone Holdings

Denver, Colorado, United States

Investor Investor Investor Investor

website

Category Family Office
Size Small
Type Sector Agnostic
DESCRIPTION

Cornerstone Holdings is a family backed private investment firm focused on direct company investments as well as real estate opportunities. Within its direct investment practice, Cornerstone generally targets growth oriented companies with $2 to $40 million of sales and $1 to $5 million of EBITDA. The Firm's target investment size is $4 to $15 million. Cornerstone prefers prefers majority equity ownership positions or outright control when investing. Prospective transaction situation includes recapitalizations, LBOs, MBOs, and growth capital financings. Cornerstone Holdings is based in Denver, Colorado.

DEAL STATS #
Overall 2 of 8
Sector (Information Technology) 1 of 2
Type (Add-on Acquisition) 1 of 6
State (Washington) 1 of 1
Country (United States) 2 of 8
Year (2007) 1 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Magna Energy Services

Gillette, Wyoming, United States

Magna Energy Services is a provider of integrated oil and gas services in the Rocky Mountain region. Magna offers workover, fluids management, equipment rental, plug and abandonment, coal bed methane, and oil field construction services with operations bases in Wyoming, Colorado, North Dakota, and Utah. Magna Energy Services was founded in 2007 and is based in Gillette, Wyoming.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-30 Zavata

Conshohocken, Pennsylvania, United States

Zavata, a voice tech help desk provider to large enterprise customers, was acquired in by Apollo Health Street (AHS), a global healthcare outsourcing solutions provider.

Sell Rs700M
Mergr

Product

Company

Legal