BACKED by New York-based PE Goode Partners, consumer tech-oriented Incipio Group of Irvine has acquired Nashville's Griffin Technology.
State records online suggest the deal was consummated on undisclosed terms on or about July 27 and, as often the case, a new entity was created Griffin Technology II, LLC.
Responding to Venture Nashville questions this afternoon, Griffin spokeswoman Jackie Ballenger Anderson confirmed that, as indicated in today's press release, Griffin offices in Nashville (near the Fairgrounds) and in the United Kingdom and China will remain in operation.
She added that Griffin workers have been advised they all retain their jobs. She did not know whether employment is assured for a specific period, or the span is uncertain. She said there are 150 Griffin employees in Nashville.
Just two days ago, Incipio also announced an amendment to its earlier announced offer to buy Park City-based Skullcandy (NASDAQ:SKUL) for about $188MM.
|Founder Paul Griffin
Incipio has been a player in the Consumer accessories in other ways, such as when in 2015 it announced a licensing deal with Burton Snowboards. That same year, Incipio announced at least one move deeper into the wearable accessories sector.
Information about Incipio on the Goode website suggests the company's strong presence in branding, marketing and distribution of mobile accessories globally suggests strong synergy with any related company, perhaps including Griffin. Such situations often lead to scaling back overhead in one or both partners in a combination.
Asked whether Founder Paul Griffin is to remain aboard, Anderson said that the founder had been in today celebrating the transaction with headquarters personnel, but that she is unaware of any clarification regarding Griffin's plans and his role, going forward. Goode's website says the PE likes to have senior management remain, with incentives for continued business performance.
Entrepreneur Griffin attended the University of Tennessee, according to his Linkedin.
Though state records show Griffin's charters dating back only to 1996, Anderson said the company began in 1992 and thus plans to observe its 25th anniversary in 2017. VNC