TC Group to be sold ‘in its entirety’
WORLD: The TC Group has publicly announced that it is for sale, with CEO Anders Fauerskov telling Pro Audio Asia that he expects the group – including TC Electronic, Lab.gruppen and Tannoy – to be sold in its entirety by Spring 2015. At the time of writing no information was available regarding a potential purchaser, though Mr Fauerskov reported that the Group is ‘open to a sale both to an industrial buyer as well as equity firms’, and that ‘it is still very early days, but at the moment there seems to be an overwhelming interest’.
The news follows the 2013 rebranding of TC Group, which was intended to raise the company’s visibility in the market to meet its brands’ already high profile. Accordingly, Mr Fauerskov was quick to dismiss the idea that brands might be sold individually, including TC Electronics’ lucrative MI division. ‘The MI side is one of the larger business areas within TC Group, and is expected to play a large part of the future as well,’ he confirmed.
Regarding the timing of the sale, he explained, ‘The timing is based on shareholders’ interest, combined with an analysis of business prospects, showing that the potential for TC Group is much larger than what can be achieved under the current ownership’.
Asked about the potential effect on jobs, he responded, ‘Management believes that a sale is the right move for TC Group, leading to even higher growth. That again will lead to better career prospects and higher job security generally for the employees within TC Group.’
‘We believe we have a very strong entrepreneurial, innovative, open and team-oriented culture, that any buyer will wish to maintain,’ he concluded.