iRobot enters into a Restructuring Support Agreement with its secured lender and primary contract manufacturer, Picea Robotics Co., Ltd.
Picea to acquire iRobot through a court-supervised chapter 11 process, aiming to strengthen iRobot's financial foundation and foster long-term growth and innovation.
The transaction will allow iRobot to continue operating, pursue its product development roadmap, and maintain its global footprint.
Deleveraging through Acquisition
Picea will acquire 100% of iRobot's equity interests, leading to balance sheet deleveraging.
Continuity of Operations
iRobot to operate normally during the pre-packaged chapter 11 process with no expected disruptions.
Emerging Stronger Under New Ownership
Expectations of improved innovation strategy and stable balance sheet under Picea's ownership.
- The acquisition by Picea is aimed at enhancing financial stability, reducing debt, and supporting innovation in iRobot's robotics and smart home devices portfolio.
- iRobot's transition to a private company under Picea's ownership is expected to provide renewed ability to invest in future technologies and customer experience enhancements.
The strategic transaction between iRobot and Picea signifies a significant step towards long-term growth and innovation for iRobot, reinforcing financial stability and continuity for stakeholders.