Hancock principal Ted Fourticq said he sees “a great future” for Soundcast because of “the heightened growth and demand for outdoor living products.”
The OAC Group, headed by industry veteran Oscar Ciornei, will run the brand and manage the business, Hancock said. The OAC Group and Soundcast’s existing staff will be responsible for marketing and sales strategy, new product development, engineering, customer service/support systems, and finances.
The new owner said it will accelerate Soundcast’s brand and product development with new products planned for CES 2016 and for the International Casual Furniture & Accessories Market at new price points with stronger features. New products will include a new wireless technology, new design aesthetics and expanded connectivity, the company said.
Soundcast currently offers weatherproof outdoor omnidirectional speakers at $679 and $979. They stream music wirelessly from indoor sound systems connected to $199 wireless transmitters up to 300 feet away. The speakers also accept an optional $79 Bluetooth dongle to stream music from smartphones and tablets up to 33 feet away. The company also offers a $399 Bluetooth speaker.
Hancock “is a solid owner and investor committed to the long-term brand development of Soundcast” and “will further support our channel markets in place with the products and resources required to succeed,” said Ciornei, president/CEO of Soundcast and CEO of The OAC Group.
Soundcast will also be led by COO Leonard Santos and CFO Bob Dulsky.
Business offices, accounting and warehousing will remain in San Diego.
Hancock said it seeks companies with “lengthy operating histories in mature industries” and says it is focused on “building a long-term value and growing businesses.” Other retail brands owned by the company include Charming Charlie, a retailer of value-priced apparel and accessories; American Home, a retailer of furniture, bedding, and other home products; Brown & Cole, a grocery chain; and home furnishings brand Barcalounger. The company previously had investments in Leslie Pools & Spas, Gordon Biersch Restaurants, and Brown Jordan Furniture.
The OAC Group’s previous clients have included Russound, DTS, Atlantic Technology, SnapAV, Nest, Konica, SpeakerCraft, Harman/Kardon, A-BUS and others.
In 2013, a deal by industry veteran Jeremy Burkhardt to buy the company fell through.