Anaheim-based Targus Group International Inc. was acquired by its lenders for an undisclosed amount in a foreclosure sale on Feb. 1.
The supplier of laptop cases and accessories will continue operations as Targus International LLC.
“This sale is positive news for the company, our customers, suppliers, business partners and employees,” said Targus President and Chief Executive Michael Hoopis. “Now we are moving forward with new owners and a capital structure that enables us to take full advantage of our brand equity, global distribution and product development capabilities. With an improved balance sheet and a stronger financial foundation, we can build on our leadership position in mobile computing accessories to capitalize on the growth and evolving needs of the virtual workforce.”
Targus had a $185 million senior secured term loan that was due in May, according to Moody’s Investors Service Inc. It was “privately owned by a syndicate of financial institutions” and had an estimated $470 million in revenue in 2014.
Legal entities that made up Targus’ former parent companies will file “consensual prepackaged Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York to finalize the orderly wind down of the debtors’ estates,” according to the company.
Targus, founded in 1983, has 45 offices and about 550 employees, 175 of those in Orange County.
