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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.
The Blueshirt Group handles Lime as the San Francisco-based electric bike/scooter company has filed paperwork for an initial public offering, which will have an expected valuation in the $2B range.
Why CEOs need their CFOs and CCOs on the same page.
ICR handles Rare Earths Americas as the Manchester, Georgia-based company plans an initial public offering valued in the $370M range.
DGA Group handles takeover target Intertek as the London-based quality assurance testing company as it launches a strategic review of its operations.
