Yurbuds, a portfolio company of Breakwater Investment Management has been acquired by Harman International Industries (NYSE:HAR), a global infotainment and audio group.
“This is a very exciting juncture for this globally recognized premium brand within the sport tech market,” said Saif Mansour, Founding Partner at Breakwater. “The acquisition of the business by Harman now promises to accelerate the growth of the Yurbuds brand further, with new opportunities to leverage technologies and distribution systems to drive global business expansion.”
Yurbuds is the #1 selling sport earphone company in the United States. The firm develops in-the-ear and behind-the-ear headphones that are ergonomically and functionally designed specifically for athletes. Yurbuds headphones are available in 19,000 points of sale, including big box general merchandise retailers, sporting goods retailers, and more than 750 active lifestyle specialty retailers. The company was founded in 2008 and is based in St. Louis (www.yurbuds.com).
“When it comes to providing a premium audio experience, there’s no better name in the industry than Harman, and we are incredibly excited to join forces to enhance the Yurbuds product line, expand our scale, and grow the brand around the world,” said Seth Burgett, CEO and President at Yurbuds.
Following the acquisition, Burgett and the Yurbuds team will join the Harman Lifestyle Division. Harman International Industries reported 2013 revenue of $4.3 billion.
Breakwater Investment Management specializes in direct investments in small to lower middle market growth businesses with annual sales ranging from $5 million to $100 million. The firm serves as general partner of Breakwater Structured Growth Opportunities Fund, LP, a $100 million open-ended private investment partnership organized in August 2008. The fund’s investment objective is to generate both current income and capital appreciation through secured debt investments accompanied with equity participation rights, primarily in growth-oriented companies across a variety of industries. The firm is based in Los Angeles (www.breakwaterfund.com).
© 2024 PEPD • Private Equity’s Leading News Magazine • 6-25-14
