Fender Musical Instruments Corporation (FMIC) today announced Servco Pacific Inc. (Servco) and TPG Growth have entered into a sale and purchase agreement in which Servco will acquire TPG’s shares in the company. The acquisition is targeted to close in February 2020, subject to certain closing conditions.
On an operational level, all will remain the same; Fender will continue with the same exceptional management team who all have been instrumental in our recent growth. We look forward to extending FMIC’s long term relationship with Servco who share our core mission to support artists and players at every stage in their musical journey.”
“Servco is proud of what Fender has accomplished,” added Mark Fukunaga, Chairman and CEO of Servco.
Servco has been involved in the musical instruments industry since 1937, and its relationship with Fender began as a dealer of its products in the 1950’s. In 1985, Servco was part of the small investor group that backed industry icon, Bill Schultz, in the buyout of Fender from CBS. Over 25 years later, Servco increased its ownership with the purchase of Weston Presidio’s stake in Fender. Through this acquisition, Servco sought to optimize the potential of this iconic music brand and selected TPG Growth as an equal partner in this journey. Fukunaga added "Servco has a 100-year track record that includes stewarding iconic brands through committed, long-term partnerships that span multiple generations. We look forward to deepening our relationship with Andy and the Fender team that will prove beneficial to our community of artists around the world.”
Over the last years, Fender has achieved several brand milestones including direct to consumer e-commerce, channeled product innovation (showcased in the most recent launches of the American Acoustasonic and American Ultra series), streamlining manufacturing capabilities, digital innovation with the creation of a newly branched arm and digital products including its hero app, Fender Play. In addition, research and deeper analysis brought data to the brand, enhancing Fender’s offerings and improving the service it provides to customers.
For the last 73 years, Fender has revolutionized music and culture as one of the world’s leading musical instrument manufacturers, marketers and distributors. The legacy brand is dedicated to supporting artists, from beginners to history-making legends, on every step of their musical journey, taking a player-centric approach to crafting the highest-quality instruments and digital experiences across genres. In 2015, Fender introduced its digital arm with Fender Play and most recently launched Fender Songs to continue to unlock the power of musical expression for all players.
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