Minnetonka, Minn. — Hailing it as a path out of bankruptcy, Polaroid said yesterday it had entered in an agreement with a Luxembourg-based private equity firm to sell its brand name and all of its intellectual property rights.
The “stalking horse” asset purchase agreement is with PHC Acquisitions, an affiliate of Genii Capital, which describes itself as private equity firm focused “on value creation by investing in innovative ideas, brands and projects.” Genii’s portfolio includes businesses in the telecommunication, security, hosting services, alternative energies and consumer electronics categories.
The sale would include the International Polaroid Collection — a collection of Polaroid prints from photographers and artists.
The agreement is subject to better offers and the approval of the Bankruptcy Court.
"Genii Capital's interest in Polaroid affirms the viability of the company and the brand,” said Mary L. Jeffries, Polaroid CEO, in a statement announcing the deal.
“Polaroid is going to emerge a sustainable business where people are employed and vendors and customers will have an opportunity to continue to do business with Polaroid."
"Polaroid is an iconic brand," said Bertrand Manhe of Genii Capital in a statement announcing the deal. "We see a bright future for the company arising from reconnecting Polaroid to its proud history of innovation in photography, instant imaging and imaginative products for consumers and businesses. We can combine Genii Capital's portfolio of companies and technologies with Polaroid's brand strength, distribution reach and intellectual property to bring to market new products that link Polaroid again to its heritage in photography, instant imaging, fashion, fun and art."