U.S. home appliance retailer Sears, Roebuck and Co., through FBA Holdings, Inc., a direct wholly-owned subsidiary, has agreed to acquire Standards of Excellence, a San Diego, CA, U.S.-based supplier of premium appliances, designer fixtures, and decorative hardware. The terms of the transaction were not disclosed.
"This acquisition underscores our commitment to maintaining a leadership position in the appliance business and to serving the luxury home building market," said Beryl J. Buley, senior vice president/general manager of home stores for Sears. "Standards of Excellence truly is 'best of class' in this market with an excellent reputation as the largest contract appliance dealer in San Diego County. We were very attracted to both entering the San Diego market, as well as the commitment to customer service and innovative premium products carried by Standards of Excellence."
Roger Kuske, former owner of Standards of Excellence, will serve as president and general manager. FBA Holdings Inc. also operates McPhail's, with five showrooms serving Northern California, and Florida Builders, with six showrooms located in Southern Florida. The closing of the transaction is subject to customary closing conditions.
Founded in 1976 with its first showroom in El Cajon, CA, U.S., Standards of Excellence also operates under the name Central Wholesale Appliance Inc. and has U.S. showrooms in San Diego, Huntington Beach, Murrieta, Palm Desert, and San Marcos, CA.
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