Imation Corp. has acquired purchased privately held Xtreme Accessories, LLC, (XtremeMac) for $9 million, to be comprised of $7 million of cash paid to XtremeMac plus $2 million of assumed net liabilities. There is potential additional consideration up to $10 million payable over a three-year period, contingent on financial performance of the acquired business, the company said in a statement this morning.
XtremeMac, a Florida-based product design and marketing firm focused on consumer electronics products and accessories for the iPod, iPhone and Apple TV markets, generated approximately $25 million of revenue in calendar year 2007.
“This acquisition is another building block in our strategy as we build a portfolio of strong brands that resonate with consumers — in this case the large and growing number of iPod, iPhone and Apple TV customers,” says Frank Russomanno, Imation’s President and Chief Executive Officer. “With the acquisition of XtremeMac, Imation has added a brand recognized and respected by Apple enthusiasts and one that enhances our portfolio of products serving the growing market for consumer electronics related accessories. The XtremeMac accessories can be found in Apple stores, consumer electronics retailers and online channels.”