Mill Road Capital has submitted an unsolicited offer to acquire all outstanding shares of Skullcandy (NASDAQ: SKUL), a maker of audio and gaming products, for $6.05 apiece in cash. This proposal rivals Skullcandy’s recently announced agreement to be purchased by Incipio, a Goode Partners-backed consumer tech platform, for $5.75 per share—or about $177 million. Skullcandy’s board of directors is now actively soliciting other alternatives to the Incipio deal as part of a go-shop period that will end July 23.
Outside the contest between Mill Road and Incipio, PE investors seem to have cooled on U.S. consumer products companies like Skullcandy. According to the PitchBook Platform, PE firms closed 48 investments in the space in 1Q, the lowest volume of any quarter since 2011. Mere days away from quarter's close, only 43 transactions have been concluded during 2Q, which would mark a new low for the past five years.
Here are the top PE investors in U.S. consumer products since 2010, along with their deal counts (incl. add-ons):