Investor Group Buys 7.6% of Traditional Industries
A group led by the investment firm Allen & Co. acquired the equivalent of a 7.6% stake in Traditional Industries, an Agoura Hills company that provides custom photographic services to consumers.
In a filing with the Securities and Exchange Commission, the group said it acquired the stake for investment purposes and has no plans to seek control of Traditional.
The group, which also includes Howard M. Wit, executive vice president of New York-based Allen, said it bought the equivalent of 261,011 common shares of Traditional. The group acquired part of its stake through the purchase of 9.5% debentures that are convertible to common stock.
The Allen group said 116,186 of the common shares were bought for prices ranging from $6.75 and $7.50 a share in open-market purchases between Nov. 21 and Jan. 16. Traditional’s stock gained 50 cents, closing Monday at $9.375 in over-the-counter trading.