Intervisual Books Inc. continues to expand its operations through acquisitions. Following last month's purchase of White Heat Ltd. (News, Jan. 18), the company has signed a letter of intent to acquire Fast Forward Marketing Inc. Based in Marina del Rey, Calif., Fast Forward distributes video and audio products for most major motion picture studios as well as independent producers. Terms of the deal, which is set to close by the end of March, were not disclosed. The merger is expected to double IBI's 1999 sales to more than $30 million.
Founded in 1987 by Steven Ades, Fast Forward distributes product to more than 4000 retailers, including a number of bookstore chains as well as mass merchandisers, gift stores, museums and other nonbookstore outlets. Andrews McMeel will continue to distribute IBI's titles to the book trade.
Norm Sheinman, IBI president, said the purchase will expand the distribution of the company's self-published books. According to IBI's Dan Reavis, IBI also plans to use some of the products that Fast Forward distributes as the basis for new books that will then be packaged with the existing video.
After the deal is completed, Ades will join IBI as president of its new media and video division. Two other Fast Forward executives, who both once worked for Price Stern Sloan, are expected to join IBI: Steve Selsky as senior v-p of finance and operations, and Steve Wallace as senior v-p of sales.
