Monomoy Capital Partners has closed its buy of Cobra Electronics Corp. at $4.30 per share. Based in Chicago, Cobra Electronics is a provider of communication and navigation products.
NEW YORK–(BUSINESS WIRE)–Monomoy Capital Partners, a New York private equity fund focused on value investing and business improvement, announced today that it has successfully completed its tender offer for the common stock of Cobra Electronics Corporation (NASDAQ: COBR) at a price of $4.30 per share. Immediately upon the closing of the tender offer, Monomoy completed a merger transaction to take Cobra private and add Cobra to the Monomoy portfolio of companies.
Cobra is a global designer and distributor of communication and navigation products, including two-way radios, radar detectors and citizens band radios. Monomoy will focus on improving margins and cash flow while supporting and growing its core business.
“We are thrilled to add Cobra to our consumer electronics portfolio,” said Justin Hillenbrand, Monomoy’s Co-Chief Executive Officer. “Cobra has a market-leading brand and a well-deserved reputation for delivering quality products. We look forward to working with the Cobra team to build a thriving business.”
Monomoy’s acquisition of Cobra marks the firm’s third middle market investment over the past three months, following its acquisition of American Textile Industries, Inc. and the Continental-Midland Group, LLC in June and July of 2014.
About Monomoy Capital Partners
Monomoy Capital Partners is a private equity firm with $700 million in committed capital that makes controlling investments in middle market businesses in the manufacturing, distribution, consumer product and foodservice sectors. Monomoy implements customized business improvement programs at its portfolio companies that reduce operating expenses, increase profitability and support profitable growth. Please visit www.mcpfunds.com for a detailed description of Monomoy and its portfolio companies.
About Cobra Electronics Corporation
Cobra Electronics is a leading global designer and distributor of communication and navigation products, with a track record of delivering innovative and award-winning products. Cobra is a market leader in the two-way radio, radar detector and citizens band radio sectors. The company has recently expanded into the marine radio market and has expanded its European operations. The Consumer Electronics Association, Forbes and Deloitte have all recognized Cobra for the company’s innovation and industry leadership. To learn more about Cobra Electronics, please visit the Cobra site at www.cobra.com.