Acorn International reaches an agreement to sell majority stake in HJX business.
Acorn International, Inc. recently announced that they’ve reached an agreement to sell a majority stake in its HJX business which engages in direct sales of Ozing branded electronic learning devices. The agreement includes the formation of a joint venture. The third-party investor and operator responsible for purchasing the majority stake will consequently control and operate the joint venture.
Acorn International’s Executive Chairman Mr. Robert Roche noted, “The agreement with HJX represents a positive move for Acorn as we realign our strategy and focus our attention on the markets that will drive profitable growth.”
The joint venture is expected to be operational in the coming months helping to liquidate a large stock of HJX inventory and transition select expenses on a pro rata basis to the joint venture. Acorn has decided to move forward with the partial divestiture of HJX in an attempt to relinquish its daily management. This will increase Acorn’s focus on its already profitable businesses and brands, and will also increase the profitable growth of new business ventures.
“This joint venture marks one of our final key steps in turning around and restructuring the business away from loss-making legacy businesses to focus more closely on our brands and business areas that support our mandate for profitable growth,” Mr. Jacob Fisch, Acorn’s President concluded.
The Center for New American Security announced that Robert Roche has joined the organization’s Board of Directors.
The Center for New American Security (CNAS) announced this week that Robert W. Roche, President of Roche Enterprises, has joined the organization’s Board of Directors. In his new role, Roche will join the other Board members in providing oversight as well as strategic direction for CNAS.
The Center for New American Security is a bipartisan nonprofit organization based in Washington, D.C. The organization was founded in 2007, and conducts research and analysis on U.S. national security and defense policies. CNAS also provides policy recommendations to inform the decisions of the U.S. government, private sector leaders and the public. The organization engages policy experts, policymakers and the American public to elevate the national security debate and inform current and future national security leaders.
Robert Roche was selected to join the CNAS Board of Directors due to his extensive business experience and civic leadership in the U.S. and Asia. Roche has founded, invested in and helped lead businesses in U.S. and the Asia-Pacific region for more than 30 years. He has also been active in the American Chambers of Commerce of both Japan and China and represented the U.S. as a member of the U.S. Trade Representative’s Advisory Committee for Trade Policy from 2010-2014.
“We are excited to have Robert join our Board,” Kurt Campbell, CNAS co-founder and Board of Directors Chair stated in a press release. “Having lived in Asia for over three decades and by working diligently on both sides of the Pacific, he provides CNAS both an on-the-ground perspective and a businessman’s point of view.”
In his new role as a CNAS Board Member, Robert Roche recently published an op-ed in Newsmax arguing that economic and business ties in Asia are critical to U.S.-Asia relations.
Michèle Flournoy, Chief Executive Officer of CNAS, also stated in the press release “Robert’s experience as a global business leader will provide invaluable expertise to the CNAS Board of Directors. His insights and engagement will help CNAS have even greater impact in Asia – his particular focus – which has never been more important to U.S. interests.”
Acorn International Founder, Robert Roche reflects on the companies milestones on its 10th anniversary of their initial IPO.
Acorn International celebrated the 10th anniversary of the company’s initial public offering (IPO) earlier this week. On May 3, 2007, the company made its IPO on the New York Stock Exchange (NYSE) for more than 8,855,000 American Depositary Shares (ADSs). Acorn went on to gain 39% from the IPO price of $15.50 ADS during its first day of trading. The deal generated net proceeds of more than $108.9 million for the company, with Deutsch Bank Securities and Merrill Lynch Co. acting as joint book runners for the offering.
Robert Roche, Acorn International’s founder, chief executive officer and executive chairman, recognized that this anniversary was a major milestone for the company. “I am proud of the resiliency Acorn has shown in the face of major headwinds during our first decade as a public company,” Roche stated in a press release. “Offering some of China’s best known and trusted products, Acorn is committed to supporting our own brands and building a reputation as a trusted partner for top foreign brands entering China.”
Acorn International is one of China’s leading marketing and branding companies. It has grown a reputation for developing and marketing some of China’s most popular consumer-branded products since it was co-founded by Robert Roche in 1998. Acorn is organized into two main divisions, a direct-sales platform and a nationwide distribution network. Acorn’s direct-sales business markets and sells products directly to consumers through the company’s outbound marketing platform, as well as through an online sales platform. The company’s distribution network distributes these products throughout all provinces in China, reaching more than 2,200 retail outlets across the country.
Since its inception, the company has also developed proprietary-branded product lines such as the Ozing line of electronic learning products and Babaka posture-correction products. Acorn has also developed several proprietary kitchen and household products that are now sold throughout China.
Robert Roche founded and has managed Acorn International with the goal of taking the world’s best products, designs and management practices and offering them to Chinese consumers. He has led the company through a number of business challenges, recently leading a business turnaround in 2016 which resulted in the first net profit for the company since 2011.