The investment firm Gordon Brothers Group has signed an agreement to purchase consumer electronics manufacturer Coby Electronics.
The agreement covers the company’s IP, trademarks and patents, which will include Coby’s most popular Kyros tablets and Jammerz headphones.
Other Coby products include netbooks, TVs, home theater systems, mp3 and mp4 players, speakers, home and portable stereos, digital photo frames, digital camcorders and electronic accessories.
The purchase is part of a series of brand redevelopment initiatives by Gordon Brothers that also saw the successful turnarounds of Polaroid, The Sharper Image and The Bombay Company. One of the primary devices used to re-establish the Polaroid brand was licensing, and the brand now ranks as 70th largest licensor in the world, according to License! Global’s Top 150 report, with an estimated $550 million in retail sales of licensed products in 2012.
Gordon Brothers will infuse capital into the company to support the development of new products and strategies.
“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,” says Robert Himmel, co-president, commercial and 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.”