Signs Exclusive Distribution Agreements for Philco and Philips Brands
MIAMI, Nov. 23, 2022 /PRNewswire/ -- Newtech Holdings ("Newtech") announced today that it has acquired leading consumer electronics company Craig Electronics, headquartered in Miami, Florida. In furtherance of that investment, Newtech has also acquired exclusive distribution agreements for Philco consumer electronics products and Philips DVD players in North America.
Craig Electronics is a leading consumer electronics innovator which offers a complete one-stop consumer technology and electronics solution for national big box, food and drug, club, and mass retail distribution. Craig conducts business under a portfolio of brands which includes Craig (owned) and Magnavox (licensed), as well as multiple private label relationships. Newtech's senior management previously owned and operated Craig Electronics before successfully selling the company in 2019.
"We are beyond excited to be reacquiring a business that is part of our DNA," said Michael Newman, CEO, Newtech. "We look forward to working closely with our supplier partners to provide the exceptional level of service that our core group of retail customers expect and deserve from us while focusing on the expansion of our e-commerce business platform for additional consumer products."
"Newtech's additional acquisition of exclusive distribution rights for Philco consumer electronics products and Philips DVD players in North America will provide us with tremendous brands and a product portfolio to drive growth while we look for more consumer products companies to acquire," said Todd Richardson, president, Newtech.
Originally founded in 1963, Craig has been the most trusted value conscious consumer electronics brand for over 50 years. Our mission is simple – to always come to the market with the latest and greatest technologies and most on-trend products at affordable prices while always exceeding your quality expectations. Our mission is never-ending and our long history as the leader in on-trend value conscious consumer electronics is testament that our mission has been, and continues to be successful. For more information, visit: https://craigelectronics.com.
Owned and operated by a senior management team with over fifty years of experience in the consumer products business across multiple categories, Newtech seeks to combine consumer products businesses with the capital and expertise they need to drive their business into the future.
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SOURCE Newtech Holdings