Toronto-based investor group Knight’s Bridge Capital Partners, owned by Toronto’s Counsel Corporation and Hilco Consumer Capital LP, annouced today that they have acquired Polaroid for $87.6 Million. Polaroid has a portfolio of innovative and patented technologies including an inkless printing device and the PoGo instant mobile printer.
The partnership, in which Counsel Corp. said it is advancing more than 30 per cent of the funding, also includes Gordon Brothers Brands LLC of Boston.
Reps for the group say they’d like to monetize on Polaroid’s impressive brand recognition and innovative and patented technologies in the future.
The Polaroid brand has immense global appeal that translates into almost all categories, stated Jamie Salter, CEO of Hilco Consumer Capital. This is a terrific opportunity to unlock Polaroid’s brand value and transform its multi-channel platform of diverse and unique consumer products using leading technologies and trend-setting innovations.
Polaroid was founded in 1937 by Edwin Land. It underwent a bankruptcy reorganization in 2001 and filed for Chapter 11 bankruptcy protection last December.