Jam Industries has announced the asset purchase of the wholesale distribution business, KMC Music, B&J Music, and selected trade marks from Fender Musical Instrument Corp.
For almost 50 years, KMC Music has been a staple of distribution within the musical instrument industry. During that time, they have distributed a large number of important musical brands and accessories to stores across the U.S. and Canada.
“We are very excited about this acquisition – it adds greatly to the JAM family of companies in North America. KMC Music has a tremendous legacy and unique distribution abilities that will allow us to provide our current and expanded North American dealer base with the widest and best product offering anywhere,” says Martin Szpiro, president and CEO of Jam Industries. “It has been a pleasure doing this transaction with FMIC and we look forward to completing the transition of key employees and operations shortly.”
“We are extremely pleased to have found a company with ideal synergies for the KMC Music wholesale business in JAM Industries, Ltd.,” adds FMIC’s interim CEO and board member Scott Gilbertson. “They possess great vision for the future of their business and we believe this transaction will mutually benefit each of our strategic objectives.”
The Jam Industries U.S. MI group now includes KMC Music, B&J Music, U.S. Music Corp, and Davitt & Hanser. Jam has also announced the appointment of Mark Terry as CEO of this newly created group.
Terry has more than 37 years of music industry experience, including president of KMC, president of The AVC Group, president of Harman Pro Group, president of JBL Professional, and VP of sales for New England Digital Corporation. Terry will have full responsibility of all the Jam U.S. MI companies.
“I am honoured to be joining the JAM team at this pivotal time in our industry,” says Terry. “The role of distribution is changing quickly and opening up great opportunities for companies with vision. The creation of JAM’s US Music Group allows us to strategically bring together the strongest players in the U.S. MI distribution business in a way that will benefit both vendors and dealers.”
“I am pleased to announce the appointment of Mark Terry to this position” adds Martin Szpiro, CEO of Jam. “Mark is a highly accomplished and respected music industry executive and will be able to bring his extensive musical instrument industry experience and expertise to help Jam meet and exceed its business goals.” Terry will report to Szpiro and will be based in Bloomfield, CT.
B&J Music, which now reports to Terry, will continue to operate as a subsidiary of KMC Music, as it has since 1994, and will distribute many of the KMC product lines and brands. “We are delighted to continue offering an extension of our brands and more in Canada through our subsidiary B&J Music,” adds Szpiro. “This process will only really begin, however, when FMIC has completed its transition arrangements with the DW brands at the end of March. Please look for further announcements regarding our start date.”
For more information, contact Jam Industries Inc.: 514-457-2555, www.jamindustries.com.