Nearly two years after selling the company to a small group of private investors, two Audio Precision Inc. (Beaverton, Ore.) founders and the current CEO are reinvesting in the company. With this move, founder Bruce Hofer gains a majority share and becomes chairman of the board. Robert Wright, founder and a principal engineer at Audio Precision, as well as Alan Miksch, CEO, have also acquired shares.
Hofer said in a release that since the sale in 2000, Audio Precision has seen too much emphasis on short-term performance and too little consideration for longer-range strategic issues facing the company. "Profitablity is important to any business," said Hofer, "but we must also remain responsive to changing technologies and market conditions. Offering reliable, high-quality products at an attractive price with unrivaled customer and technical support is what made Audio Precision the market leader. We intend to grow the company based on that approach."
In addition to the buy-back of majority control, plans are in place, according to the release, to strengthen Audio Precision's board of directors with senior people in the industry. "We plan to build on our leadership in the business and accelerate growth," said Miksch. "We want to grow sales strategically and that will require a wider outside perspective from industry experts around the world. We are currently discussing board participation with influential market leaders in Asia and Europe. They will add an invaluable dimension to our board."
Audio Precision was founded in 1984 by four engineers and managers who first met at Tektronix Inc. The decision to sell the audio test and measurement company in September 2000 was made when one of the founders chose to retire. After the sale, Hofer stayed on as the company's temporary president and CEO. Miksch was brought onboard as CEO in March 2001 to accommodate Hofer's desire to return to a more technical role.
For more, visit www.audioprecision.com.