San Diego — Altec Lansing will hold an in-person auction for its assets on Oct. 16 in Dallas, Jay Jacquin of Morgan Joseph TriArtisan told TWICE.
Altec Lansing was put up for sale by its owners, private equity firm Prophet Equity LP, TWICE reported this summer. Morgan Joseph TriArtisan was hired by Prophet Equity to market its assets for sale, and according to Jacquin, Altec Lansing has entered into an agreement to sell these assets for $11.5 million dollars with an unnamed buyer.
The buyer will serve as a stalking horse, Jacquin said, and the $11.5 million will be the opening bid at the auction. Others who are interested in purchasing the assets will have the opportunity to come to the auction and bid against the stalking horse.
Included in the assets are the brand, the product portfolio and its designs.
This is not the first time Altec Lansing has been shopped around. It was purchased by Plantronics in 2005 and then sold again in 2009 to an affiliate of Prophet Equity, where it was integrated with Avega Systems.
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