Hills officially offloads antenna, AV businesses

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Hills officially offloads antenna, AV businesses

Distributor Hills has completed the sale of its antenna and audio-visual businesses.

The company sold its underperforming antenna business to Bitek in late September, while the AV division was sold in November to Amber Technology for an estimated $5.5 million.

Bitek is a manufacturer and distributor of antennae, home AV equipment and other products, while Amber Technology is a specialist AV distributor.

Hills anticipates the transactions will hit revenue by around $50 million, but won’t impact EBITDA, while also freeing up $10 million in working capital.

Hills chief executive David Lenz said the divestments “represented a significant milestone” in the company’s efforts to focus on core businesses health and IT distribution.

“We are confident this improved focus will have a positive impact on the overall performance of our company and provide our customers, partners, shareholders and staff with an exciting future that will deliver the results they expect and deserve,” Lenz said.

Amber Technology managing director Peter Amos said the two companies were committed to ensuring a smooth transition for customers, staff and vendors.

“Amber Technology is excited to be welcoming the Hills staff into our company, the brands represented by Hills into our portfolio, and many new customers into a relationship with Amber Technology,” Amos said.

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