Toronto-based Serruya Private Equity (SPE) has acquired Tivoli Audio, a maker and designer of consumer electronics. Tivoli Audio will serve as the flagship consumer electronics brand of SPE, a family-managed private equity firm that oversees the investment activities of the Serruya family.
Tivoli Audio emphasizes simple and functional designs and are characterized by their absence of redundant switches, knobs or lights. The company’s products include radios and other sound reproduction equipment as well as compact disc players, speakers, carry-bags and noise cancelling headphones. Tivoli’s products are sold in the US, UK, Canada, Germany and more than 45 other countries. Tivoli Audio was founded in 2000 by Tom DeVesto and is headquartered in Boston (www.tivoliaudio.com).
“We are thrilled to add Tivoli Audio to our family of premium consumer brands. Tivoli not only exemplifies the relevance of thoughtful design, but is as great sounding as it looks,” said Michael Serruya, CEO of SPE. “We purchased Tivoli Audio to build on its position as an iconic global brand in the US, Europe and Asia and on the company’s reputation for bringing to market outstanding design and top-tier audio performance.”
The Serruya family acquired its wealth through the actions of brothers Aaron, Michael and Simon Serruya who founded the frozen yogurt chain Yogen Früz in 1986. The brothers also built Coolbrands International, a consumer packaged goods conglomerate, into the third largest frozen dessert manufacturer in North America after Unilever and Nestle. Today, SPE invests in companies that have strong brand names and that operate in the consumer products, restaurant, hotel, and financial services sectors. SPE’s portfolio of brands has over $1.5 billion in system-wide revenues. SPE is headquartered in the Toronto suburb of Markham (www.serruyaprivateequity.com).
New York-based investment bank Levy Capital Partners (www.levycp.com) served as the exclusive financial advisor to Tivoli Audio.
2015 PEPD • Private Equity’s Leading News Magazine • 5-13-15