Weeks after disclosing a take-private offer from its founder, Skullcandy (SKUL) announced Friday that private equity-backed Incipio had agreed to acquire the consumer electronics company for $177 million in cash.

Under the terms of the deal, Incipio will offer $5.75 in cash per Skullcandy share, a 22.9% premium over Thursday's close of $4.68. Skullcandy's cash, cash equivalents and short-term investments of $46 million as of March 31 imply an enterprise value of $131 million, the company said.

Skullcandy shares closed just above the purchase price at $5.76 in Friday trading, up 23.1%.

Mobile accessories specialist Incipio of Irvine, Calif., most recently acquired two Apple (AAPL) - Get Report accessories companies, buying ClamCase in June 2015 and Incase Designs the following September, both for undisclosed terms.

"The team at Skullcandy and its international presence will also allow us to accelerate the global impact of our multi-brand offense," Incipio CEO Andy Fathollahi said in a statement.

The Skullcandy price tag was below the roughly $6.65 per share that analyst Dave King of Roth Capital Partners had predicted. That estimate assumed a multiple of 0.51 times King's revenue projection for fiscal 2016. Electronics accessories company Zagg (ZAGG) - Get Report paid a multiple of 0.54 times revenue, or $100 million, for competitor Mophie on Feb. 2. Apple shelled out $3 billion, or a 1.92 times multiple, for audio products company Beats Electronics in 2014.

"We see the company/brand as attractive to both financial and strategic buyers, though the deal makes sense for Incipio given the company's existing action sports-related retail distribution for the Tavik brand and consumer electronics distribution for its Incipio, Incase and Braven brands," King wrote in a Friday note. "This suggests the potential for both back-end and certain front-facing synergies."

King believes another bidder may come forward, although it's "not necessarily likely."

The Deal previously reported that potential bidders, in addition to private equity firms, could include consumer electronics company Harman International Industries (HAR) and brand management licensing groups such as Sequential Brands Group (SQBG) - Get Report and Iconix Brand Group (ICON) - Get Report .

Skullcandy disclosed in a Schedule 13D filing with the Securities and Exchange Commission on June 7 that Ptarmagin, the investment firm of Skullcandy founder and former CEO Rick Alden, was considering taking the company private. Ptarmagin holds a 12.7% stake in the Park City, Utah, company.

The asset purchase agreement with Incipio allows a go-shop period through July 23. If Skullcandy pursued another offer, Incipio would receive a breakup fee of roughly $6.2 million.

Skullcandy anticipated the Incipio deal would close in the third quarter. The buyer will fund the transaction through a new senior credit facility with Monroe Capital Advisors and Wells Fargo Bank.

Skullcandy specializes in headphones and other audio accessories. While the company went public at $20 per share in 2011, it has never traded above its IPO price.

Consumer products-focused private equity firm Goode Partners acquired a minority stake in Incipio on Dec. 31. Goode previously acquired a stake in Skullcandy in 2008, taking the company public in 2011 and exiting its investment four years later.

Skullcandy retained David Shiffman and Juan Mejia of Peter J. Solomon as its financial advisers for the deal. Cary Hyden, David Wheeler, Jim Barrall, Holly Bauer, Wesley Holmes, Joshua Holian, Laurence Stein, Eric Cho and David Kuiper led a Latham & Watkins team that provided legal advice to the target.

Eric Rindahl, Jeff Ng, Daniel Friedman, Aidan Lenihan and Austin Black of Wunderlich Securities were financial advisers to Incipio, which tapped a Rutan & Tucker team of Derek Dundas, Garett Sleichter and Marc Boiron as its outside counsel.

Incipio declined to comment. Skullcandy representatives did not respond to requests for comment.