The Music Group, a holding company for pro audio and music products brands (including Behringer), has inked a deal to acquire the Kidderminster, U.K.-based Midas and Klark Teknik brands from Bosch Communications Systems.
“Midas and Klark Teknik have always epitomized the highest possible performance and reliability in the mixing console and signal processing markets,” says Bosch Communications Systems senior VP Robert Mulatz. "With the Music Group, we believe we have found both the passion and the financial ability needed to grow Midas and Klark Teknik. Of all potential buyers that were screened, we selected the Music Group as the best fit.”
According to Music Group chairman Uli Behringer, “I am thrilled and honored to join with John Oakley and his team in taking these legendary brands forward. I have immense respect for the dedication to quality, performance and customer service that this team has shown consistently over the years. While we plan to invest considerable resources and support in these brands, we also look forward to learning from the achievements of their engineers and working with them to take Behringer and all of the Music Group brands to a new level.”
The KT and Midas brands “will continue to operate autonomously under the leadership of John Oakley while benefiting from the synergies of our combined efforts,” adds Music Group CEO Michael Deeb. “All brands will take advantage of the Music Group’s extensive resources and industry-leading competencies including product development, life-cycle management, supply chain and logistics."
The asset deal was signed on December 8, 2009. The sale is subject to regulatory approval, with the deal scheduled to be completed by January 31, 2010.
The acquisition price and terms were not been disclosed, although the KT and Midas brands will continue to operate independently with the added resources of the Music Group, which plans to retain all of KT and Midas’ current 106 employees.