US. American watch distributor E. Gluck Corporation has acquired a controlling interest in wearable technology accessories company WITHit.
WITHit was founded in 2004 and has grown to become one of the largest wearable tech companies in the US. The Las Vegas-based company has attracted a loyal following of customers due to the style, comfort, performance and durability of its products, said E. Gluck.
WITHit is also a leading supplier of reading accessories and offers a broad range of reading lights and magnifiers. WITHit is sold in over 8,500 stores in the US.
The wearable device market has grown sharply over recent years with more than 500 million devices currently in use globally, noted E. Gluck. The acquisition will provide both domestic and international growth opportunities for both partners and will enable E. Gluck to expand its core range to offer both traditional timepieces and wearable tech accessories.
According to E. Gluck, the acquisition anticipates the future growth of the smartwatch industry. It will also enable the WITHit brand to reach new distribution channels and explore international expansion opportunities, operational synergies and scale.
Commenting on the acquisition, E. Gluck Corporation CEO Bobbie Weichselbaum said: “In WITHit, E. Gluck Corporation has found a younger version of itself. A company driven and guided by its core values and a relentless dedication to customer satisfaction. We are excited on a corporate level to be joining forces and even more so, to having these incredible individuals joining our EGC family.”
“On the surface, this deal is simply about two companies forging a bond to build a great business together,” added E. Gluck Corporation CFO Adam Gelnick. “In actuality, it is a group of incredible individuals with complementary expertise, joining together to create a sum that is greater than its individual parts. This is an ideal that both groups aspire to and together we will hopefully achieve.”
WITHit CEO David Nelson added, “We are extremely excited to have this opportunity to continue our growth trajectory with E. Gluck. Not only are our companies complementary from a pure business perspective, but E. Gluck and WITHit share core values and culture that make this combination special.”
“We could not have imagined a better strategic partner than E. Gluck,” added WITHit CCO Phil Grandinetti. “Together, we are in an even stronger position to provide our customers around the world with innovative products.”
WITHit COO Bill Devaney commented, “Bobbie, Adam and the entire team at E. Gluck have been amazing throughout this process and we are thrilled to become part of the family.”
