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C Street Advisory Group handles iRobot Corp as the marketer of the Roomba autonomous vacuum cleaner files Chapter 11 after being squeezed by cheaper competitors.
As part of the restructuring agreement, the Bedford, MA-based company will be acquired by its contract manufacturer Shenzhen Picea Robotics of China.
Gary Cohen, CEO of iRobot, said the transaction will strengthen his company’s financial position and deliver continuity for consumers and partners.
He promised to “continue advancing the industry-leading Roomba robots and smart home technologies that have defined the iRobot brand for more than three decades.”
Since its 2002 launch, iRobot sold more than 40M Roombas.
Amazon offered to buy iRobot for $52 per share in 2023, seeing Roomba synergy with its Alexa smart speakers and Ring doorbells.
Due to European Union pushback, the $1.5B deal collapsed. iRobot currently trades for $1.30 per share.
Amsterdam’s CFF Communications handles Accell Group as Europe’s No 1 e-bike and No. 2 bicycle maker declares insolvency after failing to find a buyer.
Randy Sinclair, who rose to lead investor relations at Chevron during an 11-year run, will move to Northrop Grumman on Aug. 10 as VP-IR.
Trailrunner International is handling Axum Capital Partners’ move to acquire a controlling interest in BARCODE, a performance hydration brand, in partnership with NBA All-Star Victor Wembanyama.
Alpha IR and Alpha Advisory Group represent McKinley Acquisition Corp. as it plans to take hostile drone spotter and destroyer Space-Eyes public via a SPAC deal valued at $370M.
FGS Global keeps its position at the top of the heap in Mergermarket’s rankings of the top PR advisors in M&A deals for 1H26.
