Melanie Teed-Murch has been with the retail chain since 1996.
Brookstone is being acquired by Singapore-based retailer and product developer OSIM International, private equity firm JW Childs Associates and Temasek Holdings (Private) Ltd., an investment company, in a deal valued at about $420 million.
Brookstone Inc., online, catalog and store retailer and product developer, is being acquired by OSIM International, a Singapore-based lifestyle products company that operates over 700 stores, JW Childs Associates L.P, a Boston-based private equity firm, and Temasek Holdings (Private) Ltd., a Singapore-based investment company. Brookstone had online sales of $43.4 million in 2004, according to the Internet Retailer Top 400 Guide to Online Retailers, to be published in June. It had total sales of $499 million last year.
The consortium is paying $20.50 a share for Brookstone’s stock in a deal is valued at about $420 million. Brookstone’s stock had been trading at about $16 a share before the announcement.
Brookstone operates 288 stores, three catalogs, Brookstone, Hard-to-Find Tools and Gardeners Eden, and two web sites, Brookstone.com and GardenersEden.com.
"This transaction offers great value to our stockholders and tremendous opportunity for our company going forward,” said Michael Anthony, chairman, president and CEO. “OSIM will be a strategic partner with product development capabilities extremely complementary to those of Brookstone`s, in addition to an international store infrastructure, primarily in Asia, that will help expand the Brookstone brand globally. JW Childs and Temasek are leading investment firms that have a long-term view towards growing the businesses in which they invest and have an excellent track record of working in partnership with management to build great companies."
The company says senior management will stay on and are expected to invest in the new company. Corporate headquarters will remain in Merrimack, NH.
OSIM describes itself a developer of “healthy lifestyle products.” JW Childs specializes in leveraged buyouts and recapitalizations of middle-market growth companies. Temasek Holdings is an Asia investment company headquartered in Singapore.