Jam Industries, North America’s largest value-added distributor of Musical Instruments, Professional Audio and Consumer Electronics products, today announces its partnership with the technology division of DCC plc, a £14.3 billion revenue, London Stock Exchange (LSE) listed international sales, marketing, and support services group.
Tim Griffin, DCC Technology Managing Director said, “The partnership with Jam represents the next step in DCC Technology’s strategy to extend its geographic footprint and product range, strengthening our relationship with new and existing suppliers while also broadening our base of customers. Importantly, the very strong service capability of Jam represents a significant step in DCC Technology’s continued execution of its plans to provide specialist value added services to all its vendors, resellers and retailers – bringing extensive brand reach and market access whilst simplifying the complex supply chain in our sectors. Following the acquisition of Stampede in July 2018, our investment in Jam adds an exciting new brand to our portfolio and means that we now have a $600m+ revenue business in North America with a strong, service-led specialist focus on pro audio and visual technologies, musical instruments and consumer electronics.”
Jam CEO Martin Szpiro believes that the partnership represents the start of the next phase of development for Jam Industries: “By partnering with DCC, Jam has gained global reach and huge resource depth which will certainly accelerate growth plans in all of our three core sectors and into new territories. The partnership will allow us to grow scale and capability across all of our services and vertical markets and enable us to continue to invest in our supply chain expertise which is so critical in today’s marketplace. We see benefits for our manufacturer partners through greater reach, efficiency and choices, and for our dealers and resellers through more products and services. We expect to share best practice between DCC and Jam but for our customers and suppliers, the way we do business will remain the same.” Szpiro also highlighted the importance of Jam employees in the historic and continued development of the business: “The talent, dedication and drive of our employees has helped to develop Jam into the world’s largest full-service music and accessories business. With the support of DCC, these same employees will help drive the business to even greater heights.”
Jam’s experienced and highly respected management team including Marty Szpiro, CEO, who remains a shareholder, and Stuart Frenkel, CFO, will continue to manage the business post acquisition and are committed to leading the business through the next phase of its development. In addition, Jam founder Martin Golden and his son Matthew Golden will also remain involved with the business adding to the continuity.
About DCC plc
DCC is a leading international sales, marketing and support services group with a clear focus on performance and growth. It operates through four divisions: LPG, Retail & Oil, Healthcare and Technology.
DCC is an ambitious and entrepreneurial business operating in 17 countries, supplying products and services used by millions of people every day throughout Europe. Building strong routes to market, driving for results, focusing on cash conversion and generating superior sustainable returns on capital employed enable the Group to reinvest in its business, creating value for its stakeholders. Headquartered in Dublin, employing approximately 10,000 people,
DCC’s four divisions are:
• DCC LPG – a leading LPG sales and marketing business with operations in Europe, Asia and the US and a developing business in the retailing of natural gas and electricity;
• DCC Retail & Oil – a leader in the sales, marketing and retailing of transport fuels and commercial fuels, heating oils and related products and services in Europe;
• DCC Healthcare – a leading healthcare business, providing products and services to healthcare providers and health and beauty brand owners; and
• DCC Technology – a leading sales, marketing and services partner for global technology brands.
DCC plc is listed on the London Stock Exchange and is a constituent of the FTSE 100. In its financial year ended 31 March 2018, DCC generated revenue of £14.3bn and operating profit of £383.4m.
DCC has an excellent record, delivering compound annual growth of 14.4% in operating profit and generating an average return on capital employed of approximately 19% over 24 years as a public company.
About Jam Industries
Jam Industries Ltd, based on Montreal Canada is a North American distributor and supply chain service provider in Musical Instruments, Pro Audio/Video and Consumer Audio. With sales offices across the US and Canada, and warehouses/logistics services in Memphis and Montreal, Jam Industries is one of the largest service providers in this space employing over 600 people. Jam primarily focuses on high value add exclusive supply chain relationships and has developed deep infrastructure around this model including leading edge logistics, customer service, credit management, inventory forecasting/control and full repair and warranty management (over 100 employees in technical support). Jam operates in the US as American Music & Sound, KMC, US Music, AVS, Ashly and Davitt & Hanser. In Canada Jam operates primarily as Coast, Erikson (Home, Multi Media, Audio, Pro, and MI), and B&J (MI and Pro).