Cobra Electronics has a new owner

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A New York private equity group bought Cobra Electronics Corp., which had been publicly traded on NASDAQ.

Monomoy Capital Partners paid $4.30 a share for the company last month, a price that amounted to more than $28 million.

After closing the tender offer, Monomoy completed a merger transaction to take Cobra private and add the company to the equity group’s portfolio.

Cobra designs and distributes communication and navigation products, including two-way radios, radar detectors and citizens band radios. Monomoy said it 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,” Monomoy co-CEO Justin Hillenbrand said in a statement. “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.”

The $4.30-a-share tender offer represents an 8 percent premium from Cobra’s closing stock price on the day before the sale. Several law firms had issued press releases saying that shareholders of the designer and marketer of communication and navigation products can do better, according to the Chicago Tribune.

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