Merrimack, N.H. — Brookstone reported that Sailing Innovation (U.S.), a consortium led by Sailing Capital Overseas Investment Fund, along with a financing commitment from GE Capital, has been selected as the winning bidder at the company's June 2 auction for a final purchase price of $135.7 million, net of cash and assumed liabilities.
The sale is subject to bankruptcy court approval and is expected to close by early July 2014. Under Sailing, Brookstone will continue to operate as a stand-alone company and brand.
Jim Speltz, president and CEO of Brookstone, said in a statement, “We will emerge from Chapter 11 as a healthy company with a bright future, and look forward to servicing our customers for years to come.”
James Liu, president and CEO of Sailing Capital Advisors (Hong Kong) Limited, said in a statement is that the company is “committed to strengthen Brookstone's operations in the U.S. To this end, we will work with Brookstone's management and team to enhance R&D capabilities, blaze new trails with cutting-edge products, rejuvenate its stores and motivate the sales team."
Liu said that plans call for Brookstone to expand beyond the U.S. “As part of this strategy, our partner, Sanpower Group, will assist Brookstone in penetrating the fast-growing China market as well as establishing a presence in the U.K. We believe the opportunities ahead for Brookstone are simply immense.”