Skip to main content

Cobra Electronics has a new owner

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.

Related

1_WHALESACTION

NMMA: Proposed Speed Rule an ‘Existential Threat’ to Industry

The association is calling on every marine brand, employee and boat owner to file public comment by Oct. 31 over a sweeping regulation to protect North Atlantic right whales.

1_AXOPAR

Axopar and Nimbus Renew Agreement

The boatbuilders have entered an agreement whereby Nimbus Group will retain exclusive rights to sell Axopar boats on the Swedish market.

1_IAN

Hurricane Ian Leaves Devastation in Florida

The storm left a wide swath of destruction, heavily impacting marine interests from Tampa Bay to Marco Island.

Norm

Email Is Your Ticket to Holiday Sales

Developing an effective email campaign can bolster sales and help fill winter coffers at your dealership.

1_NMRA

NMRA Presents Annual Awards

Edson CEO Will Keene and ComMar Sales president Tim Conroy were recognized for their contributions to the marine industry.

1_ PULSE.PING.2

DEALERS: Are Interest Rates Impacting Demand?

This month’s Pulse Report survey asks dealers whether interest rate increases are causing a downturn in boat sales. Take the survey here.

1_EPROPULSION

EPropulsion, Mack Boring Partner with Crest

Pontoon builder Crest will use an ePropulsion Navy 3.0 Evo electric outboard motor and an E175 battery for its 2023 Current model.

1_BENETEAU

Beneteau Reports Significant H122 Growth

The company reported that its revenue grew 8.6 percent and income increased by 30 percent during the first half of 2022.