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New York-based private equity firm Patriarch Partners LLC has won the auction for the outstanding assets of Polaroid Corp. put on auction last week after the company filed for bankruptcy. As a result of the auction, Patriarch, which specializes in distressed assets, won all of Polaroid’s intellectual property rights as well as the brand name.
A motion to approve Patriarch as the buyer will be heard by the bankruptcy court in St. Paul, Minn., on Monday, April 6. Polaroid filed for Chapter 11 bankruptcy protection in December.
According to a report from Reuters, Patriarch’s bid totaled $59.1 million, which topped bids from several other firms, including PHC Acquisitions LLC, an affiliate of Genii Capital SA, a Luxembourg-based private equity firm and an investor in Polaroid spinout Zink Imaging Inc. of Bedford.
According to a statement from Mary Jeffries, Polaroid’s chief executive officer, Patriarch’s plans for Polaroid build on prior work to reposition the company as a leading brand in digital instant photography and selected consumer electronics categories.
Other Patriarch investments include AriZona Iced Tea, Rand McNally and MD Helicopters.
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