Here's the press release that we have just received:
MUSIC Group has today announced the acquisition of TC Electronic, one of the largest group of companies in the professional audio industry. Headquartered in Denmark, and with offices all over the world, TC Electronic owns and manages some of the most acclaimed brands such as Tannoy, Lab Gruppen, Lake, TC Electronic, TC Helicon and TC Applied Technologies.
The addition of Tannoy, Lab Gruppen and Lake allows MUSIC Group to round out their professional install and touring sound offerings alongside Midas, Klark Teknik and Turbosound, while TC Electronic and TC Helicon represent the industry's leading brands in the guitar effects and voice processing sector, and perfectly complement MUSIC Group's Bugera guitar tube amplifier brand and highly successful Behringer prosumer division.
TC Electronic has also long been established as a leader in broadcast, studio, mastering and production processing, where it gained ultimate authority in loudness control and mastering. For decades now, Tannoy's HiFi products continue to win "Best in Class" Awards, and as a result the brand has developed a huge following of audio enthusiasts around the world.
TC Group's strong focus on product innovation and IP creation is further demonstrated by their TC Applied Technologies company, which is invested in cutting-edge semiconductor designs, networking and interface technology.
MUSIC Group founder and CEO Uli Behringer commented, "MUSIC Group stands for relentless focus on innovation, business transformation and overall IP creation. Since the acquisition of Midas, Klark Teknik and Turbosound, we have been continuously pursuing brands that complement the mixing console, processing and loudspeaker excellence offered by these historic brands. Throughout our search, TC Group has clearly stood out as the ideal match because of their world-class brands, impressive intellectual property, sterling reputation and first-class team of people. I am very proud to welcome the TC Group team into our family."
Tannoy, Lab Gruppen and Lake will now join MUSIC Group's prestigious Midas, Klark Teknik and Turbosound anchor brands to further strengthen MUSIC Group's continued expansion into the professional A/V market. Aimed at delivering complete system solutions to Install and Touring customers, the combination of these brands represents an unprecedented range of choice for the most demanding of applications.
Uli Behringer continued, "We will invest heavily in positioning TC Group's brands at the very pinnacle of the industry, as we have done with Midas, Klark Teknik and Turbosound, where we have invested over $100 million in highly automated and integrated manufacturing facilities, quality control systems and engineering resources, including a new Center of Engineering Excellence in Manchester, UK.
TC Group will now equally have full access to MUSIC Group's extensive resources and advanced automated system platforms in such areas as product development and lifecycle management, engineering, manufacturing, supply chain and finance."
TC Group's CEO Anders Fauerskov responded, "We are very honored that during the acquisition process, some of the largest industry players were bidding for TC Group; however we have selected MUSIC Group as they represent the perfect fit in terms of strategic direction, overall synergies and company culture. Our team is thrilled to join MUSIC Group and open a new chapter for TC Group and its prestigious brands. With the incredibly talented people and massive resources of the MUSIC Group behind us, the team is excited to enter a new era of unprecedented innovation and growth."
About MUSIC Group
The Music Group is one of the world's largest pro audio and music products companies. As the corporate parent for world-recognized brands such as Midas, Klark Teknik, Turbosound, Behringer and Bugera, the Music Group owns and manages some of the finest brands in the industry. With a solid platform of technical innovation, Intellectual Property and unparalleled brand equity, MUSIC Group companies and brands lead the market in over 130 countries across the globe.
MUSIC Group products are designed and developed by over 300 dedicated members of the industry's most accomplished engineering team, spanning three continents. Our products are built and thoroughly quality tested in our own state-of-the-art factory MUSIC Group City where we control every aspect of the supply chain and manufacturing process. The result of this intensive commitment to quality is that MUSIC Group products are trusted by millions of users every day to produce and perform to exacting specifications and tolerances.
MUSIC Group products can be found in professional and project recording studios, video and broadcast suites, post-production facilities, sound reinforcement applications including houses of worship, stadiums, nightclubs, retail locations and on major musical concert tours.
About TC Group
TC Group is the corporate parent of leading sound & audio technology brands, each with their own individual expertise and market share across Install & Touring, Broadcast & Production as well as Musician & Performance applications.
With operations spanning 4 continents, TC Group is a global leader in producing innovative professional and consumer audio products, drawing on the rich expertise of its brand companies, which include Tannoy, Lab Gruppen, Lake, TC Electronic, TC Helicon, TC Applied Technologies and White Acoustics.