Infinity Lifestyle Brands, which specializes in acquiring and turning around struggling or bankrupt consumer brands, purchased worldwide rights to the Altec Lansing brand for $17.5 million at auction.
The company purchased the Polaroid and Linens ‘n Things brands in 2010, purchased the Sharper Image brand in 2009, and later sold it off, and is part of a joint venture that owns licensing rights to the Miss America brand.
Altec Lansing, founded in 1941, was most recently owned by an affiliate of Prophet Equity, which purchased the company in 2009 from Plantronics and, in 2011, moved the company to San Diego from Milford, Pa.
As it has with previous brands that it purchased, Infinity Lifestyle Brands will develop a business plan and strategy for Altec Lansing, then license the brands to various companies that will adhere to Infinity’s marketing and positioning guidelines. These include the types of retailers to be targeted, said Ike Franco, principal of Infinity Group. Infinity Lifestyle Brands is one division of Infinity Group. Another division manages real estate in 13 states
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