Irwin L. Jacobs (July 15, 1941 – c. April 10, 2019) was an American businessman and investor best known for founding the Close-Out Merchandise Buyers company (COMB) and for taking substantial positions in public companies. Based in Minneapolis, he built a reputation as an aggressive acquirer and corporate leader, serving as an executive and major shareholder in a number of firms over several decades.

Career and business activities

Jacobs began his career in retail and wholesale liquidation with the founding of COMB in 1973, a business that focused on buying surplus and close-out merchandise. Over time he diversified into other industries and commerce strategies. He became known for purchasing sizable stakes in publicly traded companies and using those holdings to influence management or corporate strategy. Jacobs served in executive roles and on boards of directors, and he led companies that ranged from manufacturing to leisure industries.

One of the larger enterprises associated with Jacobs was Genmar Holdings, a company in the recreational boat industry. Genmar expanded through acquisitions and was a significant player in its market; later it encountered severe financial difficulties and entered bankruptcy proceedings. Jacobs’s involvement in such firms reflected a style that combined ownership, activism, and hands-on management.

Business style and reputation

Observers characterized Jacobs as an activist investor and a dealmaker who sought value by consolidating assets or pressing for operational changes. His approach relied on large, visible stakes and an expectation that active ownership could unlock shareholder value. Like many investors of his era who pursued takeovers and restructurings, he attracted both praise for rescuing struggling assets and criticism from those who viewed aggressive interventions as disruptive.

Philanthropy and community ties

Throughout his career Jacobs remained closely tied to the Minneapolis area and the broader Minnesota business community. He was involved in local civic and charitable causes and made contributions to regional institutions, reflecting a common pattern among prominent local entrepreneurs who balance commercial activity with philanthropy. Details of specific gifts and board roles vary across reports.

Death and aftermath

In April 2019 Jacobs and his wife were found dead at their residence in Orono, Minnesota. Authorities reported both had sustained multiple gunshot wounds and a handgun was present at the scene. The Hennepin County Medical Examiner concluded that Jacobs shot his wife and then himself. The deaths prompted public reaction in the Twin Cities and coverage that noted both his business career and the tragic circumstances of his and his wife's deaths. Local officials and those who knew him commented on his impact as an investor and community figure.

  • Founded COMB (Close-Out Merchandise Buyers) in 1973
  • Known for taking large stakes in public companies and serving as an executive
  • Associated with Genmar Holdings, a major recreational boat company
  • Found dead with his wife in a homicide–suicide; reported by the Hennepin County Medical Examiner

For further context on his business activities and local impact, contemporary news accounts and regional business histories provide additional detail on specific transactions, board memberships and the companies with which Jacobs was associated. His life illustrates the influence and controversy that can surround high-profile investors who combine ownership, governance interventions and operational control. More information can be found in regional business archives and media reports from the Minneapolis area, where he spent much of his career, including sources tied to Orono, Minnesota.