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.”
Wednesday, August 30th, 2017
Gibson Brands CEO Henry Juszkiewicz
Moody’s Investors Service has released the following news about its decision to downgrade Gibson’s Rating:
Moody’s Investors Service has downgraded Gibson Brands, Inc.’s Corporate Family Rating (CFR) to Caa2 from Caa1 due to increasing concerns about the company’s liquidity position. The rating outlook is negative.
The downgrade reflects Moody’s concerns about the company’s ability to meet all of its financial obligations in 2016 and 2017 that include over $80 million due to a consumer electronics supplier and $45 million in near-term outstanding indebtedness, if the ABL revolving credit facility is not refinanced. The expiration date of the ABL was recently accelerated to May 2017 from January 2018 because the company was in violation of a covenant. “However, we expect that the company will be able to refinance the ABL based on the strength of the underlying assets,” says Kevin Cassidy, Senior Credit Officer at Moody’s Investors Service.
Friday, August 18th, 2017
In a Facebook post published last night, Axe Music’s Calgary location announced it is closing operations when its current lease runs out on May 31, 2018. The company says the current depressed economic situation in Calgary, which is caused mostly by a prolonged downturn on the oil industry, as well as manager Brian Cymbaluk’s recent cancer diagnosis are the reasons for the decisions to close.
Axe Music’s Edmonton location and e-commerce business at AxeMusic.com will remain open.
The full Facebook post reads:
Monday, August 14th, 2017
Music Go Round, an established American MI retailer specializing in used instruments and gear, is now registered to franchise in Canada. With nearly 35 franchised stores in the United States and a well established e-commerce website, the brand is seeking prospective franchise owners in Canada to further develop its North American footprint.
Friday, August 11th, 2017
For its members, NAMM has released its 2017 Global Report, which highlights industry trends globally and includes snapshots of 25 countries.
“Any doubts about the global nature of the music and sound products business have long since been erased, and with more than 120 countries and regions now attending The NAMM Show, a global perspective of our industry is an ever-increasing need,” says NAMM. The 2017 Global Report features retail sales figures, unit sales information, analysis, and import/export numbers for musical instruments and products.