Minnesota family bought Polaroid majority stake

The Polad family, one of the richest families in Minnesota, which, among other things, owns the Minnesota Twins baseball team, completed a deal on Monday to acquire a controlling stake in the famous Polaroid company. According to the Star Tribune , the deal is estimated at $ 70 million. Together with previous purchases of parts of the company, Polad now owns 65% of Polaroid.



“We do this for three reasons. First, we continue to look for good strategic growth opportunities. Secondly, we see that Polaroid is a landmark brand with a working licensing model. Thirdly, this is a local company with a solid management team, ”said Marquette Companies Investment Director Jann Ozzello Wilcox, commenting on the deal for the Associated Press . Polaroid CEO Scott Hardy (Scott Hardy) said the deal would be "the next step in the ongoing revival of the famous American brand."



Polaroid was founded in 1937 in Cambridge, Massachusetts, by the inventor Edwin Land. Since 1948, the company has produced cameras of the same name for snapshots, which have become cult accessories and, one can say, a symbol of the era. In addition, at different times, she released sunglasses, photographic materials, film scanners and digital cameras. In 2008, Polaroid filed for bankruptcy.