Huffy Corp. of Dayton, Ohio, has agreed to acquire San Diego-based Washington Inventory Service for an undisclosed amount of cash.
With 100 offices nationwide and sales “in the $50-million to $60-million range,” Washington Inventory Service is the leading inventory service for regional and national drugstore chains, Huffy said in a statement.
The company, which also conducts inventories for department stores and sporting goods stores, employs 3,500 people full time and another 4,500 part time during peak inventory periods. The company has 360 full-time workers in four San Diego offices.
According to Vice President John Michelli, the company’s 70 stockholders decided to sell to Huffy because it provided a “good fit.” Washington Inventory Service was founded in San Diego 35 years ago, he said.
Huffy’s main line of business is bicycle manufacturing, but the company recently said it planned to expand its retail service businesses.