Photofinishing equipment pioneer Noritsu Koki Co. Ltd. continued its diversification into the audio market with the acquisition of San Diego, Calif.-based JLab for $370 million; the transaction is expected to close in the second quarter. As a part of this new ownership, JLab will continue to operate as an independent company under the JLab name, with its sales, marketing, product development, finance, support and operations teams remaining intact in its San Diego headquarters. Win Cramer will continue to hold the position of CEO for JLab and the management team will remain intact.
“We’re incredibly excited to have found a partner such as Noritsu Koki,” says Cramer. “They have a proven track record of being one of the best equity partners for growing brands. If you look at their previous investments, it’s easy to see how their approach has helped brands continue to see success by providing the extra capital needed for expansion while at the same time allowing the brands to focus on the core competencies that brought them success in the first place.”
JLab is a market leader in the sub-$100 wireless headphone market, according to the announcement. A year ago, Noritsu purchased DJ equipment maker AlphaTheta Corp. for $325 million. AlphaTheta develops, designs and sells DJ/club equipment, commercial music equipment and music production equipment, and provides related services.
Noritsu’s announcement is below: