A Hong Kong-based consortium agrees to acquire a majority shareholding in Danish wireless speaker company Libratone A/S. The consortium consists of financially strong Asian business people and Libratone’s management, including CEO and co-founder Tommy Andersen.
We talked with CEO Tommy Andersen about the acquisition and its business impact. Here's what we learned:
Libratone launched its first speaker in 2010 and has since recorded +60% compound annual growth rates (CAGR). 2014 revenue should exceed USD $20 million. The new owners intend to multiply the business and eventually build the basis for a public listing in Hong Kong.
“The new owners are investing in bringing Libratone to a global leadership position. They bring financial and business resources so Libratone can accelerate product innovation, geographic expansion and brand building. We now have the optimal conditions to realize our full potential,” CEO Tommy Andersen says.
Libratone develops and designs wireless speakers that stream music from devices such as smartphones, tablets, Mac and PCs. By aligning the audio experience with modern lifestyle and using forms and colours in unconventional ways, Libratone manages to appeal to design-oriented, quality-conscious buyers. The company’s new ownership sees strong potential in leveraging the Libratone brand to launch additional wireless product categories.