As announced today on Pro Sound News‘ Website: Pro audio conglomerate MUSIC Group announced late yesterday that it had acquired TC Group, the Danish parent company to Tannoy, Lab.gruppen, Lake, TC Electronic, TC Helicon, White Acoustics and TC Applied Technologies.
Few details about the deal were revealed in the companies’ announcement, but there may not be much to tell just yet; TC Group clarified on its website this morning that for the moment, “a contract has been signed with MUSIC Group, one of the largest group of companies in the professional audio industry. The final details are expected to be closed next week at which point the acquisition will be complete.”
Given that MUSIC Group is privately owned, the final acquisition cost will likely never be known. Nonetheless last summer, when TC Group was first quietly put on the market, the Danish financial newspaper Børsen estimated the pro audio manufacturer could command a price as high as 1 billion Krone, or roughly $171 million US. Last September, TC Group CEO Anders Fauerskov told Pro Sound News, “…We do not intend this process to go on for a prolonged time period…. We expect that a sale will complete some time in the spring.”
Building on the in-roads into the touring and install markets that MUSIC Group forged with its acquisitions of Midas, Klark Teknik and Turbosound in recent years, Tannoy, Lab.gruppen and Lake will now be a part of that continued expansion. Meanwhile, TC Electronic and TC Helicon can conceptually be slotted in next to MUSIC Group’s Bugera guitar tube amplifier brand and Behringer prosumer division.
MUSIC Group founder and CEO Uli Behringer commented, “We will invest heavily in positioning TC Group’s brands at the very pinnacle of the industry, as we have done with Midas, Klark Teknik and Turbosound, where we have invested over $100 million in highly automated and integrated manufacturing facilities, quality control systems and engineering resources, including a new Center of Engineering Excellence in Manchester, UK. TC Group will now equally have full access to MUSIC Group’s extensive resources and advanced automated system platforms in such areas as product development and lifecycle management, engineering, manufacturing, supply chain and finance.”
Behringer characterized TC Group as an “ideal match because of their world-class brands, impressive intellectual property, sterling reputation and first-class team of people. I am very proud to welcome the TC Group team into our family.”
TC Group’s CEO Anders Fauerskov responded, “We are very honored that during the acquisition process, some of the largest industry players were bidding for TC Group; however we have selected MUSIC Group as they represent the perfect fit in terms of strategic direction, overall synergies and company culture. Our team is thrilled to join MUSIC Group and open a new chapter for TC Group and its prestigious brands. With the incredibly talented people and massive resources of the MUSIC Group behind us, the team is excited to enter a new era of unprecedented innovation and growth.”