Music Group acquires TC Group
WORLD: Following widespread speculation, the Music Group has officially announced its purchase of TC Group, including Tannoy, Lab Gruppen, Lake, TC Electronics, TC Helicon and TC Applied Technologies. So far, no details have been announced regarding the new owner’s plans for TC’s Aarhus home or Tannoy’s Coatbridge headquarters.
‘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,’ commented Music Group founder and CEO Uli Behringer. ‘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.’
He 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 US$100million in highly automated and integrated manufacturing facilities, quality control systems and engineering resources, including a new centre 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.’
Since Pro Audio Central broke the news that TC Group was for sale, industry rumours have circulated concerning potential purchasers, and in the official statement, TC Group CEO Anders Fauerskov – who at the time declared that he wished to sell the group as whole rather than split its constituent brands – confirmed that a number of parties were initially interested in the acquisition. ‘We are very honoured that during the acquisition process, some of the largest industry players were bidding for TC Group,’ he explained, ‘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.’