Popular instrument retailer Fender Musical Instruments Corp. (FMIC) has just purchased Kaman Music Corp. (KMC) for approximately $117 cash.
Why the merge? Kaman, who owns Ovation Guitars, LP and Toca hand percussion products, Gibraltar Hardware, Genz Benz Amplification, Hamer Guitars, and is the exclusive U.S. sales representative for Sabian Cymbals, and exclusive worldwide distributor of Takamine Guitars and Gretsch Drums, decided to take the company in a completely different direction.
Kaman Chairman and CEO, Paul Kuhn, stated, “We have invested in KMC over the years to build our leadership position in the industry, and KMC has been a positive contributor to the overall success of Kaman Corporation. However, our longer-term growth strategy has evolved to a focus on the aerospace and industrial distribution segments, which has meant finding a new home for KMC. We are very pleased to have attracted a strategic buyer of Fender’s stature, and we are confident that KMC will have a bright future under Fender’s leadership.”
Fender Musical Instruments currently owns the world-renowned Fender brand name, as well as Guild guitars, Charvel Guitars, Jackson Guitars, SWR Bass Amplification, Tacoma Guitars, EVH products, and is the exclusive worldwide distributor of Gretsch Guitars.
“We are delighted to welcome the Kaman Music Corporation into the Fender Family,” said Bill Mendello, Chairman and Chief Executive Officer of Fender Musical Instruments Corp. “KMC is one of the most respected companies in the musical instrument industry. We have very similar cultures that have been developed over many years.
Basically, Fender is going to be the king of musical instruments and the ultimate experts in the music industry. Look out for their name!
Via: Private Equity Hub
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Did I read it correctly that Fender bopught this company for $117.00 ???
Al Simpson