LifeStyle Innovations acquires LST of Baltimore
June 10, 2004
GRAPEVINE, Texas - LifeStyle Innovations has acquired LST Baltimore, its Maryland-based LifeStyle franchise.
The transaction was the first in the companyÃ¢â‚¬â„¢s newly established business plan. LifeStyle has been looking to acquire existing franchises or companies in the home technology field in high-growth housing markets in an attempt to increase its market share.
The company has been moving towards these objectives since a reorganization in the beginning of 2004 that placed Paul Johnson, the companyÃ¢â‚¬â„¢s president, in the acting chief executive officerÃ¢â‚¬â„¢s chair after it was vacated by Ron Pitcock. The company has also been recovering from a number of unsuccessful transactions - acquiring and then divesting FutureSmart, a structured-wiring manufacturer, and the failed acquisition of systems integrator HomeSync.
Johnson said in a prepared statement that the acquisition of LST Baltimore is the first step in executing the companyÃ¢â‚¬â„¢s plan to develop itself into a nationwide company.
Details of the transaction were not released.