ANAHEIM, Calif., Feb. 9, 2016 /PRNewswire/ -- Targus International LLC ("Targus" or the "Company") today announced that it has acquired the operating assets of Targus Group International, Inc. ("TGII"), the global leader in mobile device case and accessories solutions. The acquisition was accomplished through a publicly noticed foreclosure process under the Uniform Commercial Code ("UCC"), where TGII's senior lenders were the winning bidder. The Company is positioned to move forward with a strong balance sheet and new credit facility for working capital.
Vendor and customer relationships will continue as normal moving forward.
"This sale is positive news for the Company, our customers, suppliers, business partners and employees," said Michael Hoopis, President and CEO of Targus. "Now we are moving forward with new owners and a capital structure that enables us to take full advantage of our brand equity, global distribution and product development capabilities. With an improved balance sheet and a stronger financial foundation, we can build on our leadership position in mobile computing accessories to capitalize on the growth and evolving needs of the virtual workforce."
Mr. Hoopis continued, "We are committed to delivering innovative and high quality products and services to our customers. I want to note our appreciation for the ongoing dedication of our employees and business partners, whose hard work is the cornerstone of our business."
Targus also notes that the unrelated legal entities that comprised TGII's former parent companies (now known as Parent THI, Inc. and TGHI, Inc.) (the "Debtors") will be filing consensual prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York to finalize the orderly wind down of the Debtors' estates. This court-supervised process will have no impact on Targus' business or operations, which are now owned by newly-formed and separate entities that are not involved in the Chapter 11 proceedings.
Alvarez & Marsal North America, LLC served as a financial advisor to TGII, and O'Melveny & Myers LLP served as its legal advisor.
Targus is proud to have acquired the assets of a company with a longstanding and quality reputation, and that created the mobile accessory category with its invention of the laptop case over 30 years ago. Targus plans to continue to advance the mobile accessories category with innovative and relevant solutions for businesses and consumers. Targus will focus on products which enhance productivity, connectivity and security, allowing users to work in any environment comfortably and conveniently. Targus' headquarters will continue to be located in Anaheim, California, with offices worldwide and distribution in more than 100 countries.
Michael Freitag / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Targus International LLC