The sale of Midas and Klark Teknik is part of an asset deal that was signed yesterday, on 8 December 2009, and is subject to regulatory approval. The terms have not been disclosed.
The Music Group plans to retain all 106 employees currently working at Midas and Klark Teknik. These brands will continue to operate independently with the added resources of the Music Group.
Following the announcement, Midas and Klark Teknik have stressed that their current worldwide distribution arrangements will remain in place, and that the brands will not be available through any other channels.
"Over the last five years we have secured the industry's leading professional audio distribution channels to ensure that Midas and Klark Teknik customers in each territory get the same standard of support that our award-winning team provides in the UK", says David Cooper, sales and marketing director for Midas. "It's a great time to be a Midas customer. This deal ensures that our long term distribution partnerships will get stronger and the investment of Midas' customers is not only protected but enhanced."
Cooper has been instrumental in forging many new partnerships with the absolute best distributors to support Midas' customer base worldwide. Both Midas and Klark Teknik and new owners The Music Group are confident the present, carefully established distribution channels are the best possible to represent and support the brands in this new era.
Robert Mulatz, senior vice-president of Bosch Communications Systems, said: "Midas and Klark Teknik have always epitomised the highest possible performance and reliability in the mixing console and signal processing markets. Within the professional audio business of Bosch, this niche market has not been defined as a core business area due to its size and specific requirements. With the Music Group, we believe we have found both the passion and the financial ability needed to grow Midas and Klark Teknik. Of all potential buyers that were screened, we have selected the MusicGroup as the best fit."
Uli Behringer, chairman of the Music Group, said: "I am thrilled and honoured to join with John Oakley and his team in taking these legendary brands forward. I have immense respect for the dedication to quality, performance and customer service that this team has shown consistently over the years. While we plan to invest considerable resources and support in these brands, we also look forward to learning from the achievements of their engineers and working with them to take Behringer and all of the Music Group brands to a new level."
Music Group CEO Michael Deeb stated: "Midas and Klark teknik are at the very pinnacle of their market segment. They address a very unique client base and have a different sales channel from our current core business. The brands will continue to operate autonomously under the leadership of John Oakley while benefiting from the synergies of our combined efforts. All brands will take advantage of the Music Group's extensive resources and industry-leading competencies including product development, lifecycle management, supply chain and logistics."
Alex Cooper, Midas' director of console engineering, commented: "For over 20 years I have devoted my life to designing the finest quality audio products possible. It has always been our goal to achieve the very best performance while continuing to broaden our market presence and expand our customer base. I am convinced that working with the Music Group will provide us with advantages that will help us maintain our high standards and grow the business for the long term."
(Jim Evans)
