A Florida company that makes Wi-Fi equipment for boats changed owners.
Communications entrepreneurs Elaine and Jeff Graham, of Lighthouse Point, bought 11-year-old Wave WiFi from veteran marine entrepreneur Al Behrendt on Monday.
The Grahams are keeping the business and its three employees at its Oakland Park location. They aim to expand sales by adding new products and reaching markets beyond boats, Jeff Graham told the Sun Sentinel newspaper. The company took in roughly $1 million last year.
The Grahams had founded and sold JTech Communications of Boca Raton, a wireless communications company that had annual revenue topping $20 million. They've been seeking a new communications venture to develop, a press release said.
The deal was arranged through Tom Jones, an executive in Fort Lauderdale at Transworld Business Advisors, which specializes in selling small to midsize privately held businesses. The price was not disclosed.
Earlier this year, Jones helped Behrendt sell a separate venture that produced the annual Dania Marine Flea Market and the Bahamas Billfish Championship.
The buyer for that venture was Active Interest Media, which produces the Fort Lauderdale and Palm Beach County international boat shows. The price of that deal also was not disclosed. AIM owns Soundings Trade Only.
Wave WiFi sells its products through more than 100 dealers worldwide.
The sale comes amid strong growth in sales of telecommunications equipment and services to reach remote locales. The growth spurred this year's purchase of satellite link provider MTN Communications, of Miramar, Fla., and Emerging Markets Communications, of Miami.
MTN had more than 265 employees and revenue exceeding $125 million a year, spokeswoman Liz DeCastro said.