Skip to main content

Pohlad family buys majority stake in Polaroid for $70m

  • Author:
  • Updated:
    Original:

Minnesota's Pohlad family has taken over Polaroid, spending $70 million to acquire a majority stake in the iconic camera maker.

The Star Tribune reports that the family's investment arm has struck a deal that will give it ownership of the company and the right to license its name to manufacturers.

"We are doing this for three reason," Jann Ozzello Wilcox, chief investment officer of Marquette Companies, which is owned by Pohlad, told the Star Tribune.

"First, we continue to seek good, strategic growth opportunities; second, we see Polaroid as an iconic brand with a licensing model that's working, and third, it's a local company with solid management team."

The move comes just over a week after the family ended its involvement in the banking business, selling its banking arm for $182.5 million, according to Finance and Commerce.

Minnetonka-based Polaroid has endured a tumultuous time in the face of the boom in digital photography, filing for bankruptcy twice and being rescued twice in recent years, according to the Pioneer Press.

The newspaper notes that the company now employs only a fraction of the number it did in its "instant-photo" era, describing it as the Apple of its time.

The company was infamously owned by Tom Petters, the Wayzata businessman who was jailed for 50 years for running a $3.65 billion Ponzi scheme, the Daily Telegraph notes.

The Pohlad family is one of the four richest in Minnesota, the Star Tribune says, and is best known for its ownership of the Twins baseball team.

Next Up

0

Spark ignites fire at produce farm near Park Rapids

The fire at Carter's Red Wagon Farm left three buildings a "total loss."

Screen Shot 2022-09-20 at 4.39.15 PM

A mistake leads to new drinks from Duluth cidery, distillery

Wild State Cider and Vikre Distillery will be debuting their new beverages this week.

1644 Harmon Pl, Minneapolis, Minnesota - June 2022

Rochester man identified as Loring Park shooting victim

The shooting happened after an altercation took place outside of a business.

Screen Shot 2022-09-20 at 10.41.44 AM

Ordway to bring free livestream orchestra concert to Rice Park

There's a new way to enjoy local performing arts in downtown St. Paul.

flickr-minneapolis-night-downtown-mitchell-hirsch

12 charged with racketeering over downtown cellphone theft crime ring

Prosecutors allege one of the suspects is nicknamed "the iPhone man."

Brooklyn Center police

Pedestrian killed in Brooklyn Center hit-and-run

The suspect vehicle has been impounded, but the driver has not been located.

RamseyCoManWanted

Police release images of Arden Hills carjacking, kidnapping suspect

The sheriff's office said the man is also accused of robbing a woman.

Feeding Our Future announcement

Feds charge 47 in $250M Feeding Our Future COVID-19 fraud scheme

U.S. Attorney Andrew Luger announced dozens of indictments on Tuesday.

Petite Leon

Minneapolis restaurant makes New York Times Top 50 list

The south Minneapolis restaurant opened in October 2020.

Screen Shot 2022-09-20 at 8.43.05 AM

Watch: Trail camera captures moose family on a stroll

Take a look at this moose mama and her adorable twins.

Related