Gordon Brothers Group Acquires Assets of Coby Electronics Corporation
BOSTON, Aug. 28, 2013 /PRNewswire/ -- Gordon Brothers Group, a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors, announced today that is has signed an agreement to purchase all inventory, fixtures, equipment, intellectual property, global trademarks and patents of Coby Electronics Corporation, a manufacturer of consumer electronics headquartered in Lake Success, New York, with approximately $400M in annual sales.
Since its founding in 1991, Coby has been a manufacturer of opening-priced electronics and has adapted to the ever-changing consumer electronics market while staying true to the company's original platform of delivering consumer value.
Today, Coby's product line includes tablets and netbooks, televisions, home theater systems, mp3 and mp4 players, speakers, home and portable stereos, digital photo frames, digital camcorders, headphones and other electronic accessories. Coby's most popular product lines include its exclusive brands: Kyros™ tablets which are powered by the Google® Android™ operating system and Jammerz™ headphones. Products are sold at major retailers in the U.S. and globally including Best Buy, K Mart, Wal-Mart and Amazon.com.
Gordon Brothers Group will infuse capital into the company in support of the development of new products and go-to-market strategies for Coby that will enable an expedited return of the company's various product lines to the marketplace.
"As a niche market leader for over 25 years, Coby's brand recognition and wide array of products leaves it well-positioned to continue successfully serving consumers in search of electronics at a popular-price point," commented Robert Himmel, Co-President, Commercial & Industrial Division, Gordon Brothers Group. "Our goal over the next few months is to transform the structure of the company allowing for a flow of new products into the marketplace in late 2013."
This transaction denotes the latest brand redevelopment initiative by Gordon Brothers Group. The firm recently completed successful turnarounds of Polaroid, The Sharper Image and The Bombay Company and continues to explore more brand redevelopment opportunities.
About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, and operating businesses for extended periods. Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually.
SOURCE Gordon Brothers Group
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