Brookstone announced that Sailing Innovation (US), a consortium led by Sailing Capital Overseas Investment Fund along with a financing commitment from GE Capital, has been selected as the winning bidder at the company’s June 2 auction for a final purchase price of $135.7 million, net of cash and assumed liabilities.

The sale is subject to bankruptcy court approval and is expected to close by early July, 2014. Under Sailing, Brookstone will continue to operate as a stand-alone company and brand.

Brookstone’s legal advisor for the restructuring is K&L Gates and its financial advisor is Deloitte CRG. Jefferies is the company’s investment banker, and has provided advice on the restructuring and sale of the company. The legal advisor to Sailing is Gibson Dunn & Crutcher and the financial advisor is Houlihan Lokey.

Jim Speltz, president and CEO of Brookstone said, “This is a very exciting day for Brookstone. We were looking for a strong strategic partner who shares our vision and passion for Brookstone’s next phase of growth. We have found these qualities in Sailing and are thrilled about the opportunity to begin leveraging the resources of their global partners, including Sanpower Group in China. We will emerge from Chapter 11 as a healthy company with a bright future, and look forward to servicing our customers for years to come.”