Venerable audio firm Bowers & Wilkins purchased out by Gideon Yu’s EVA Automation
Bowers & Wilkins, an audio gear model that has been acquainted to tens of millions for many years, has been purchased out by EVA Automation, a two-yr-previous firm that has by no means launched a product. But the previous firm’s identify and CEO will stay. You’re not going to listen to a few weirder deal in the present day.
EVA Automation is the corporate based by Gideon Yu, present companion at Khosla Ventures and in any other case well-known from his involvement in numerous prime-tier funding rounds. The mission there’s to “reimagining the audio/video expertise by making merchandise that may change how individuals work together and take into consideration the house.”
That’s proving troublesome, it appears: EVA has no merchandise to talk of. Answer: purchase an organization that does!
Truly, unusual as it might sound, the deal appears to go well with a number of events. Bowers & Wilkins is an previous-faculty producer, and a partnership with a bleeding-edge automation firm might make for, as they are saying, highly effective market synergy. And as talked about, EVA wants a product.
“We may have a lot, rather more to announce when the time is true about our imaginative and prescient and our merchandise,” Yu wrote in a publish on the EVA web site. “Within the meantime, we’ll proceed to work arduous on creating a very particular, extremely built-in, and straightforward to make use of residence A/V expertise that I do know you’ll love.”
Not solely that, however it feels like Caledonia Investments was prepared to leap ship; it bought its 20 % stake for $24M and alter as a part of the deal.
As it will in all probability end in a mutiny if a child firm that’s by no means shipped something took over administration of a many years-previous business mainstay, Bowers & Wilkins CEO Joe Atkins will hold his position, although he’ll by necessity be parting with a substantial quantity of his 60 % share within the previous firm. Yu shall be Government Chairman.
It’s an odd deal however maybe one that may result in prosperity for all concerned. Although it might be some time earlier than you see the outcomes of this partnership.