Infinity Lifestyle Brands has purchased the rights to the Altec Lansing brand for $17.5 million with plans to rebuild.
Altec Lansing, founded in 1941, was most recently owned by an affiliate of Prophet Equity, which purchased the company in 2009 from Plantronics and, in 2011, moved the company to San Diego from Milford, Pa.
As it has with previous brands that it purchased, Infinity Lifestyle Brands will develop a business plan and strategy for Altec Lansing, then license the brands to various companies that will adhere to Infinity’s marketing and positioning guidelines. These include the types of retailers to be targeted, said Ike Franco, principal of Infinity Group. Infinity Lifestyle Brands is one division of Infinity Group. Another division manages real estate in 13 states
What are their plans to start?
Infinity “will put together best-in-class licensees to do R&D and invest in the brand,” he continued. Infinity will also test product quality before products hit the market.
Plans are to maintain Altec’s quality level, said Joseph Bailey, VP of Brooklyn-based Priceless Imports, which brought Altec to Infinity’s attention and consulted on the purchase. Priceless owns the KLH, Audiophase, Soundbites, and other CE brands.
What type of products will they be focusing on?
The Altec brand will first reappear in home audio, but the company also plans to expand the brand into other as-yet unnamed CE categories. “We see a huge opportunity to exploit the brand in various categories that they never went after,” said Franco.
Infinity will initially resurrect Altec’s core products, which include tabletop docking speakers, headphones, and PC speakers.
The company will also target the professional, car audio and high-end home audio markets in which Altec once played.
Do you think they can breathe new life into Altec Lansing?