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. President and Chief Executive Michael Hoopis said a new capital structure “enables us to take full advantage of our brand equity, global distribution and product development capabilities.”
Targus, founded in 1983, has 45 offices and about 550 employees, 175 of those in Orange County.
The company 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.
—Mediha DiMartino
