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Tivoli Sold To Private-Equity Company

Toronto, Canada — Serruya Private Equity (SPE) purchased Tivoli Audio to expand the company’s market share with new products and more retail distribution, SPE announced.

The family-managed venture group has interests in 33 companies with a total of $1.5 billion in revenues. The companies include real-estate companies, Canadian cellular carrier Wind Mobile, and quick-service restaurant chains such as Blimpie, Swensen’s, and Jamba Juice. Tivoli is the company’s first consumer electronics brand.

Tivoli, founded in 2000, makes design-oriented high-performance tabletop radios and tabletop hi-fi systems priced from $149 to $699. The products are sold in 50 countries.

The ownership change follows a February announcement that CEO and company founder Tom DeVesto left the company to serve as a design consultant. DeVesto was majority owner.

Also in February, Tivoli Audio’s board appointed Lisa Kaufman, a partner in Levy Capital Partners, as interim CEO. Kaufman and Levy Capital Partners served as advisers to Tivoli Audio since 2014. Levy Capital Partners also served as the adviser to Tivoli Audio in connection with the Serruya purchase.

SPE describes itself as “a leading investment firm with a longstanding and successful history of enhancing brands.”

Tivoli Audio has headquarters in Boston and Utrecht, Netherlands. It describes its mission as offering “beautifully designed, simple-to-use, high quality audio products to consumers at a fair price.”