SAN DIEGO, Oct. 19 /PRNewswire/ -- Skinit, Inc., a leading provider of technology and products to customize personal electronic devices (PEDs) on-demand, announced today Bob King joined the company as CEO. With extensive experience leading rapidly growing companies, King's expertise will lead the company through this time of rapid expansion as they continue to define the personalization market. This hire comes after a combined $60 million investment from ABS Capital Partners and Norwest Equity Partners. This is King's second relationship with both firms, the first being when he was CEO of former portfolio company Corporate Express, a supplier of business-to-business office supplies and computer products of which both firms were investors.
"Personalization is important to both consumers as they look to maximize the value of their purchases and companies wanting to distinguish their products and give each customer a unique experience," said King. "Skinit's solution provides limitless opportunities for growth that I'm excited to explore and help bring the Company to the next level of success."
King is best known for leading Corporate Express from 1993 to 2001, a period that saw the company grow from $50 million to $4.5 billion in revenue. King was also the CEO at FoxMeyer Corp., where he led the company to be the third largest distributor of pharmaceuticals and health and beauty aids in the United States. He was also the CEO of a leading online retailer of digital products and a brand of food service ware made from renewable and recycled resources.
"I've worked with the Company for over two years, and this is a huge time of growth," said Kevin Roberts, Chairman of the Board of Skinit. "Bob is the key ingredient for our company's continued market leadership in this market."
Skinit's strategy is centered upon a technology platform that leverages a robust infrastructure, including patent-pending technology that integrates disparate functions and high quality 3M™ products, to bring on-demand personalization to consumers for their PEDs, including cell phones, PDAs, laptops and game consoles. The Company offers its product directly to consumers as well as through partnerships with PED manufacturers, wireless carriers and retailers. Since 2006, Skinit has sold more than 1.6 million skins and shells directly through its website and millions more through retailers and promotional programs. For direct consumers, Skinit.com and affiliate websites offer a library of licensed and proprietary artwork; Skinit also provides a Customizer tool that enables consumers to upload their own photos and manipulate designs for a custom product.
"We couldn't be more thrilled to have Bob leading the company," said Mark Anderson, Skinit board member and general partner at ABS Capital. "Having worked with him before, we know he will guide Skinit as it continues to innovate and lead the industry."
About Skinit, Inc.
Skinit, Inc. is the industry leader in On-Demand Personalization Technology including the manufacture and distribution of customized products for electronic devices. Skinit's online ordering and customization tools allow consumers to create branded, designed, and personalized electronic device covers, or skins, using high quality 3M products. Skinit also offers B2B On-Demand Personalization Platforms as complete turn-key or stand-alone hosted software and service solutions which drive manufacturing technologies such as laser etching, paint on-demand, digital print, film conversion and others. Located in San Diego, CA USA. For more information, please visit www.skinit.com.
About ABS Capital Partners
ABS Capital Partners is a growth equity firm investing in the very best late-stage growth companies, partnering with CEOs to create a bridge to the next critical stage of success. Whether success is defined as a winning IPO like American Public Education, Neustar and Rosetta Stone or a rewarding sale such as US Labs, Course Advisor and Advanced Disposal, ABS Capital's financial backing and active partnership supports the CEO in tackling the challenges of rapid growth and creating significant long-term value.
Our partners are highly experienced at working with growth companies -- each having spent between one and three decades in their industry as C-level executives, investment bankers and investors. Our practical, down-to-earth approach enables a strong partnership to determine and achieve well-defined goals. Our extensive network of resources delivers vital industry connections to our portfolio companies enabling them to capitalize on their competitive advantage.
ABS Capital Partners specializes in four growth sectors -- business services, health care, media and communications and technology. With over $2 billion raised since inception, including $420 million in our latest fund, ABS Capital continues to build on its strong reputation for teaming with market leaders to deliver strong returns to investors.
For more information, please visit www.abscapital.com
About Norwest Equity Partners
Partnering with management teams since 1961, Norwest Equity Partners (NEP) is a leading equity investment firm focused on building middle market companies into industry leaders. With a reputation for quality investments and exceptional financial returns, NEP manages $4.6 billion of capital through a series of equity and mezzanine limited partnerships. The firm, headquartered in Minneapolis, Minnesota, is currently investing NEP IX, $1.2 billion in capital. For more information, please visit www.nep.com.
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SOURCE Skinit, Inc.