MIDVALE — Utah's Zagg, a business well-known for its line of mobile device accessories, on Thursday announced its acquisition of HALO, a leading direct-to-consumer mobile accessories company for $43 million in cash and stock.
The company said HALO brings a rich history in innovation and a broad product portfolio — including wireless charging, car and wall chargers, portable power, power wallets, and more — as well as a long-standing reputation as one of the top-selling electronics brands on QVC.
Adding HALO, the company said, strengthens ZAGG's product, brand, distribution, innovation pipeline and intellectual property portfolio while furthering its mission to "empower the mobile lifestyle."
ZAGG CEO Chris Ahern said the deal enhances shareholder value while moving the company closer to its ambitious revenue goals.Comment on this story
"The acquisition of HALO is consistent with our commitment to offer the most innovative products, gives us access to an incredibly strong IP portfolio, and allows us to strategically expand product distribution," Ahern said in a statement. "It creates meaningful value for our shareholders through the addition of a powerful new and profitable revenue stream along with an entrée into the multibillion-dollar televised and online home shopping channel.
"HALO's business is immediately accretive to our gross margins, and provides us with incremental and diversified growth opportunities as we continue toward our goal of $1 billion in annual revenue and enhanced profitability."
This is the second ZAGG acquisition over the past six months, with the company announcing last August its purchase of Braven, an Orem-based retailer of earphones, headphones and Bluetooth speakers.