JLab brings on new equity partner noritsu koki; purchased for $370M
San Diego, CA, April 14, 2021 (GLOBE NEWSWIRE) -- JLab Audio, after years of growth and documented innovation, has found a new equity owner to help take them even further. Tokyo-based Noritsu Koki Co., Ltd. (TSE: 7744). Noritsu Koki will provide JLab with additional resources to continue its forward progression, including product innovation and further retail expansion worldwide. Noritsu Koki has agreed to acquire JLab for $370 million from its previous private equity ownership group and the transaction is expected to close in the second quarter of 2021. JLab is the No. 1 True Wireless under $100 and has received significant worldwide attention as of late due to its recent product innovations, as well as accolades stemming from new product releases at CES.
As a part of this new equity ownership, JLab will continue to operate as an independent company under the JLab name, with its sales, marketing, product development, finance, support and operations teams remaining intact in its San Diego, California headquarters. Win Cramer will continue to hold the position of CEO for JLab and the management team will remain intact.
"We're incredibly excited to have found a partner such as Noritsu Koki. They have a proven track record of being one of the best equity partners for growing brands. If you look at their previous investments, it's easy to see how their approach has helped brands continue to see success by providing the extra capital needed for expansion while at the same time allowing the brands to focus on the core competencies that brought them success in the first place." commented Cramer.
About JLab is a leading personal audio company and #1 accessible True Wireless brand in America. JLab was founded in 2005 with the mission to enhance an active lifestyle through incredible sound, inspired design and innovative technology without the rock star price. No matter your passion, JLab keeps you GOing with high-quality gear; inspired designs and world-class, hassle-free customer support. For more information visit www.jlab.com.
1 Source: The NPD Group, Inc., U.S. Retail Tracking Service, Stereo Headphones, Full Year 2020.