SCMS Buys Bradley Broadcast
Dec 24, 2008 9:41 AM
Frederick, MD, and Pineville, NC - Dec 23, 2008 - The business and assets of Bradley Broadcast Sales are in the process of being acquired by SCMS. The two companies signed a purchase agreement on Dec. 19, and the deal is currently scheduled to close on Jan. 13, 2009. The terms and price were not disclosed.
For now, the two companies have in place an interim operating agreement whereby Bradley will continue to deal with its customers by telephone and e-mail, but the orders will actually be shipped and billed through SCMS. SCMS will purchase most of Bradley's inventory and also certain intangible assets such as trade names, phone numbers, and Internet addresses. Two Bradley sales people -- Art Reed and Bob Eburg -- will become a sales office for SCMS, and will continue to operate from the Frederick, MD area.
David Matthews, the managing member of Bradley said, "The recent troubles with the U.S. economy hit us like a sledgehammer. In late October our sales volume dropped considerably almost overnight, and our ability to borrow working capital was then significantly impaired. But beyond that, the real problem is the uncertainty as to when and if things might change for the better. After looking at all the options, I felt that the best thing for our customers, our suppliers, and our sales staff was to seek a buyer with the financial strength to ride through the recession. SCMS is that company."
Bradley Broadcast Sales had been planning for months to move into a new building as its existing lease was set to expire on Jan. 31, but Matthews decided instead that the safer move was to cancel those plans and sell the business.
Matthews also notes that customers can still call the Bradley phone numbers and get a Bradley salesperson on the phone. Orders will be shipped from and billed by SCMS. All new orders are being processed through SCMS.