By David Gill
SIMI VALLEY, Calif.–Larry Nusbaum, who acquired Ronco in August of last year in partnership with Marlin Equity Partners but then left the firm, has returned as chairman, president and chief executive officer.
In conjunction with a New York-based hedge fund that he declined to name, Nusbaum acquired Ronco from Marlin Equity Partners last month. In an interview with HFN, he said the hedge fund has $1.5 billion in assets and specializes in the pan-Asian market, which fits Ronco’s profile. Ronco’s headquarters will move from here to New York.
Nusbaum and a spokesman for Marlin Equity Partners declined to disclose the purchase price or any other details of the transaction.
Nusbaum described this new deal as “a platform acquisition. Our goal is to set aside $250 million for the express purpose of buying consumer-products companies. Ronco is the first acquisition.”
He also said Ron Popeil has no ownership in Ronco under the new setup, but that “he and I have a good relationship. We’re in discussions and I would like the opportunity to work with him on future projects.” Nusbaum also said he is working with Lisa Popeil, Popeil’s former wife, who now runs the Popeil family store on the Internet.
In terms of products, Nusbaum said he wants to continue with the plans established last fall, after his first acquisition of Ronco.