Newark-based computer accessory company Logitech Inc. purchased microphone manufacturer Blue Microphones Holdings Corp. in Westlake Village for $117 million in a cash deal that closed July 30.
Blue Microphones was a portfolio company of New York-based private equity firm Riverside Co.
The transaction adds Blue Microphones’ studio microphones and sound engineering tools to Logitech’s portfolio of software and hardware offerings. Currently the portfolio includes audio tech manufacturers such as Ultimate Ears, Logitech G and JayBird, along with video game hardware manufacturer Astro Gaming Inc.
Logitech Chief Executive Bracken Darrell said in a press release that “Logitech’s acquisition of Blue Microphones will accelerate our entry into a growing market, and offers another way for us to help bring people’s passions (from music to blogging) to life,” adding that the opportunity with Blue is “exciting” and “an adjacent opportunity for us – a new way to grow – with additional synergies related to our existing gaming, PC webcam and audio categories.”
The Blue Microphones acquisition is part of Logitech’s plan to gain traction in the gaming sphere and make inroads with home and office video-calling technology. “We’re an established leader in the broadcasting space with a strong product portfolio,” Blue Microphones Chief Executive John Maier said, adding that “Logitech has design at its heart, tech know-how and global reach, and together we can do amazing things.”
Logitech’s $117 million acquisition of Blue Microphones is one of the company’s highest-valued buys to date, second only to its purchase of video conferencing software firm Lifesize Communications Inc. for $405 million in 2009.
Brentwood-based Intrepid Investment Bankers was Blue Microphones financial representative on the deal. Intrepid also represented Blue Microphones when it sold to Riverside Co. in 2013.
Zooming Up in Value
Glendale online legal technology company LegalZoom.com Inc. announced July 31 it completed a $500 million funding round, valuing the company at roughly $2 billion.
The round was led by San Francisco-based Francisco Partners and London’s GPI
Capital, with participation from Franklin Templeton Investments and Neuberger Berman.
LegalZoom was valued at $440 million in 2012 and was set to file for an IPO that year, but private equity outfit Permira Holdings acquired a controlling stake in the company for a reported $200 million and the public offering was subsequently called off.
“Since the Permira funds 2014 investment, LegalZoom has doubled revenue and enhanced its growth rate with exceptional profitability,” Permira Partner Dipan Patel said in a statement. “We invested four years ago based on a compelling vision, only to see it come to life through great execution and continuous innovation.”
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