British audio brand Bowers & Wilkins has been sold to a Silicon Valley start-up company for an undisclosed sum.
Eva Automation – a business set up by former Facebook chief of technology Gideon Yu in 2014 – announced it had acquired Bowers & Wilkins, which celebrates its fiftieth birthday this year.
CEO and chairman of Bowers and Wilkins, Joe Atkins, will remain in his role, while Mr Yu, who is also the current co-owner of the San Francisco 49ers American football team, will serve as executive chairman.
According to Bloomberg, Eva is backed by at least $20 million in funding.
In a statement on the Eva Automation website, Mr Yu said: “We at Eva are excited to operate as one combined company under the Bowers & Wilkins name.”
He added: “We will have much, much more to announce when the time is right about our vision and our products. In the meantime, we will continue to work hard on developing a truly special, highly integrated and easy to use home AV experience that I know you’ll love.”
According to the company’s website, Eva Automation is “making products that will change how people interact and think about the home”.
Bowers & Wilkins was founded in Sussex in 1966 and the company still has a factory in Worthing.