Fender Announces New Ownership
Fender Musical Instruments Corporation will be getting a new change in ownership. A press release from Fender announced that longtime investor Servco Pacific, Inc. will be securing a majority stake in a purchase agreement with TPG Growth. The acquisition will take place in February.
Servco has been a Fender dealer since the 1950s and was part of the investor group that backed Bill Schultz in the company’s buyout from CBS in 1985. TPG Growth and Servco joined forces in 2012 to take the majority of shares from Weston Presidio. Fender Musical Instrument Corporation CEO Andy Mooney weighed in on the deal, saying things will continue to operate as normal.
“Fender has enjoyed nearly a decade of sustained growth under the joint ownership of Servco and TPG Growth. We thank TPG Growth for their contribution on multiple levels, both strategic and tactical, and for their support to expand into digital products and services,” Mooney wrote. “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 has a 100-year track record that includes stewarding iconic brands through committed, long-term partnerships that span multiple generations,” added Servco CEO Mark Fukunaga. “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.”
Fender’s latest releases include the American Acoustasonic series and the American Ultra Series, which includes several Jazz and Precision Bass models. We’ll keep you updated with any further details as they become available.