Thursday, February 22nd, 2018
Gibson Brands CEO Henry Juszkiewicz
After multiple reports that iconic musical instrument company Gibson Brands is on the verge of bankruptcy, the company has responded to say it has met its current financial obligations and has a plan to pay off its debts.
A report in the Nashville Post in early February said that “the situation facing the iconic Nashville-based music instrument maker, which has annual revenues of more than $1 billion, is far from normal: CFO Bill Lawrence recently left the company after less than a year on the job and just six months before $375 million of senior secured notes will mature. On top of that, another $145 million in bank loans will come due immediately if those notes, issued in 2013, are not refinanced by July 23.”
Friday, February 9th, 2018
Axe Music Founder and President Brian Holowaychuk has announced via Facebook that he is retiring and has sold the company to Long & McQuade. Axe’s Edmonton location will transfer ownership to Long & McQuade on March 31, 2018, while Axe’s Calgary store will, as previously reported, close on May 31, 2018.
Holowaychuk says business will continue as normal until Axe Music Edmonton becomes a Long & McQuade location on June 1st. New 2018 stock is being ordered while other items, which Holowaychuk says Long & McQuade won’t want to carry, will be sold at a discount.
Friday, January 26th, 2018
Radial Engineering Founder Peter Janis
Radial Engineering, the Canadian manufacturer of direct boxes and audio solutions, has been acquired by Mike Belitz, president and CEO of Ultimate Support Systems.
Established in 1991, Radial Engineering Ltd. was originally developed as a range of cable products by outgoing president and CEO Peter Janis. The release of their first direct box in 1996, the Radial JDI, was the beginning in a long line of innovations that saw Radial become a leading name in premium direct boxes and audio solutions. In the intervening years, the Radial brand family and distribution network has grown to include a diverse catalog of brands, including: Primacoustic, Tonebone, Reamp, Hafler, Dynaco, Iso-Max and Jensen Transformers Inc. Ultimate Support and Radial Engineering say they will enjoy shared strategic and logistical advantages under leadership of Belitz; with the end result of wider availability to retailers, distributors, and end-users around the world.
Thursday, January 25th, 2018
Peavey Electronics has announced that it will now sell direct to Canadian dealers. The company will now process orders directly from their Meridian, MS, corporate office and fulfill orders from their new warehouse hub in Ontario. The change is effective immediately and will also include the Peavey owned brands Trace Elliot, Budda, and Composite Acoustics.
Monday, November 20th, 2017
ACT Lighting has completed its acquisition of RHC Holdings Corp. (RapcoHorizon). This move follows ACT Lighting’s recent acquisition of AC Power Distribution.
Headquartered in Jackson, MI and with core facilities in Massachusetts, Canada, and Mexico, RapcoHorizon manufactures interconnect assemblies, audio, data, and interface products, and specialty industrial wire. Its brand portfolio includes ProCo, RAT, RoadHog, and StageMASTER and its products are used by concert touring sound companies, video and sound contractors, recording studios, system integrators, audiophiles, and musicians. RapcoHorizon also has leading research and development capabilities and a modern custom metal shop to build new devices.
Tuesday, October 24th, 2017
Transom Capital Group has acquired all brands from LOUD Technologies, Inc., including the Mackie, Ampeg, EAW, and Martin Audio brands. The new company will be called LOUD Audio, LLC and be led by the executives of LOUD Technologies, ensuring continuity with product development, distribution and the supply chain but with new capital to enable growth across all brands, according to the company.
“This transaction presents a great opportunity to work with the LOUD team to achieve the next stage of growth for these iconic brands,” says Ty Schultz, managing partner of Transom Capital. “These brands are positioned well with major retailers, installers and production companies and bring with them an outstanding legacy of innovation and category-defining product introductions. We have been working closely with LOUD’s leadership to ensure continuity of the supply chain, channel relationships and LOUD’s employee base. We look forward to realizing the compelling growth opportunities for these brands both in the retail and professional audio spaces.”