Hong Kong consortium acquires wireless speaker firm Libratone

The consortium comprises "financially strong Asian business people" and Libratone management, which includes CEO and co-founder Tommy Andersen. And now the firm is looking to "speed up innovation and expansion efforts".

Andersen said: "The new owners bring financial and business resources so Libratone can accelerate product innovation, geographic expansion and brand building. We now have the optimal conditions to realise our full potential."

MORE: Read all our Libratone news and reviews

Libratone was founded in 2009 and launched its first speaker in late 2010, with revenues expected to go past the DKK100m (£10.6m) mark this year. It employs around 50 people at five sites, all of whom will be unaffected by the deal.

It's thought that the new ownership will see the business grow its Denmark-based activities, in addition to accelerating "globalisation" with new R&D and sales operations in Asia, Europe and the US. It could also be listed publicly in the future.

With this acquisition, it's understood that venture fund SEED Capital will no longer hold investment in the business. After taking part in Libratone's first external funding efforts back in 2010, additional funding saw it become the largest single shareholder.

SEED Capital general partner Lars Andersen commented: "We are proud to have been part of a three-and-a-half year journey that has taken Libratone from being an entrepreneurial business to becoming an undisputed success."

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Pete was content editor on What Hi-Fi?, overseeing production and publication of digital content. In creating and curating feature articles for web and print consumption, he provided digital and editorial expertise and support to help reposition What Hi-Fi? as a ‘digital-first’ title; reflecting the contemporary media trends. He is now a senior content strategist.